作　　者： ; (刘星）;

机构地区： 重庆大学经济与工商管理学院

出　　处： 《当代会计评论》 2020年第2期11-34,共24页

摘　　要： 我国实体经济"脱实向虚"问题近年来备受关注。本文使用上市公司1998~2017年微观层面数据研究发现,自2012年以来,我国制造业上市公司资本投资出现了普遍的、大幅度的下降,下降幅度平均达到40%左右。与现有文献和媒体观点不同的是,没有证据表明,业绩下滑、融资约束、公司金融化等"脱实向虚"观点能够从总体上解释资本投资的持续下降。进一步研究发现,近年来制造业上市公司的销售和管理(selling,general,and administrative expense,SG&A)费用及研发支出持续上升,同时销售成本率却持续下降。并且,SG&A费用和研发支出同公司价值呈正相关关系,而近年来资本投资的价值效应并不明显。综合上述证据,本文认为,我国制造业投资结构正在呈现"轻实物资产投资、重无形资产投资"的特征,这可能是新经济环境下公司转型升级的需要,是公司投资模式适应经济环境的一种体现。我们对华帝股份有限公司(简称华帝股份)的简要案例分析契合这一解释。 The recent capital flow from real economy to virtual economy in China has received much attention.Using firm-level data from 1998 to 2017,this study shows that the capital investments of listed manufacturing firms in China have substantially declined since 2012,and the average decline is about 40%.Contrary to the views from the existing literature and media reporting,we find no evidence that the capital investment decline can be attributed to operating performance deterioration,financing constraints,or transformation from real business to financial business.Further investigations reveal that sales,general,and administration(SG&A)and research and development(R&D)expenses of these manufacturing firm have been on the rise,whereas the cost to sales ratio has been on the decline.Moreover,in recent years both SG&A and R&D expenses are positively related to firm value,but no relation is found between capital investments and firm value.The evidence suggests that manufacturing firms have experienced a shift in the composition of the investments from real assets to intangible assets,and the shift may be the result of business transformation intended to adapt to the new economic environment and to enter the upscale market.The brief case of Vatti supports this view.

关 键 词： 资本投资 脱实向虚 无形资产 转型升级

领　　域： [经济管理—金融学]