基于托宾Q模型和销售加速模型,建立了时间序列/截面数据模型,利用中国制造业上市公司的部分交易数据和财务数据,采用可行的广义最小二乘法对模型进行了回归分析,得出结论认为总体不确定性和市场不确定性都对公司固定资产投资具有显著的负影响,不可逆程度与公司固定资产投资呈显著的负相关关系。
Based on Tobin's Q model and sales accelerator model, this paper firstly establishes the Panel - Data model ; Then, using the business and financial data of Chinese manufacturing listed companies, it estimates the regression models by Generalized Least Squares method. Results show that both uncertainty and market have great negative effect on fixed assets investment, irreversibility has great negative effect on fixed assets investment.