企业投资策略研究

【作者】 徐鸭江；

【导师】 田江海；

【作者基本信息】 中国社会科学院研究生院 ， 国民经济学， 2001， 博士

【摘要】 本文是关于企业投资策略的研究。其主要内容是：企业投资策略理论和制定企业投资策略的方式。全文共分四个部分：导论、理论篇、分析篇和实务篇。 在导论中，本文首先界定并论证了企业投资和企业投资策略这两个基本概念，其次阐明了企业投资策略的内容、地位和作用，然后阐明了当前企业投资面临的主要矛盾、矛盾的主要方面及其与企业投资策略之间的关系，最后阐明了计划经济对当前企业投资理论研究的负面影响。 在理论篇中，本文通过对新古典的企业投资理论、现代企业理论、产业组织理论和战略管理理论的逐个考察，从中提炼出了关于企业投资策略的主要观点，并运用这些观点构建了企业投资策略理论的框架。本文提出的企业投资策略理论的框架是：企业投资策略及其定位的理论、制定企业投资策略的理论，其中又包含若干个不同的理论和观点。这一企业投资策略理论的框架可以作为一个企业投资策略理论的“工具箱”。 在分析篇中，本文运用系统论对影响企业投资策略的因素及其影响机理进行了分析，得出了影响企业投资策略的三大因素——需求因素、供给因素和目标因素，而环境对企业战略系统的影响分别体现在这三大因素上，环境是通过三大因素而不是直接影响企业投资策略的重要结论；揭示了三大因素对企业投资策略的影响的作用点是企业投资策略的战略职能；确定了三大因素与过程要素的对应关系是：组织形式和委托代理关系是通过形式要素影响企业投资策略的；需求因素、供给因素和目标因素中的其它部分是通过方法要素影响企业投资策略的；进而找出了制定企业投资策略的形式和方法这两个关键问题。 在实务篇中，本文直接引用分析篇得出的结论，提出并论证了解决制定企业投资策略的形式和方法这两个关键问题的对策。针对形式问题，本文提出了在我国企业中的采用基于经济增加值的企业管理层长期激励机制（EVAs）,藉此改善企业的委托代理关系以改善企业投资策略的观点；针对方法问题，本文根据经济学的基本原理提出了一种制定企业投资策略的新方法：“需求-供给法”。更多还原

【Abstract】 This paper is the research about the enterprise investment strategy. The major content is the theory of the enterprise investment strategy and the way of laying down it. The paper is divided into 4 parts: Introduction, theories, analyses and practicalities.In the section of introduction, this paper firstly confirms the definitions of the two basicconcepts - the enterprise investment and the enterprise investment strategy, secondly, provesthe role, the position and the content of the enterprise investment strategy, thirdly, explains the main contradiction and its aspect of current enterprise investment, the relation between the major aspect of the contradiction and the enterprise investment strategy, finally, critics the negative influence of the planning economics on the enterprise investment theory.In the section of theories, through the research about The New Classical Enterprise Investment Theory, The Modern Enterprise Theory, The Industrial Organization Theory and The Strategy Management Theory one by one, this paper has refined the major viewpoints about the enterprise investment strategy, and with which set up the frame of enterprise investment strategy theories. The frame of enterprise investment strategy theories set up in this paper consists of two parts, one is the theories of the enterprise investment strategy and its positioning, and the another is the theories of laying down an enterprise investment strategy, each of these parts contains different sub-theories and viewpoints. The frame of enterprise investment strategy theories can be used as a tool kit of enterprise investment strategy practice.In section of analyses, this paper focuses on the factors of affecting enterprise investment strategy and the mechanism of the factors that affect enterprise investment strategy with The System Theory, some important conclusions are found as following: there are three main factorsthat affects enterprise investment strategy - demand factor, supply factor and goal facto; theinfluence on enterprise investment strategy from environment that enterprise exist in respectively embodies on the three main factors; the environment affects enterprise investment strategy through the three main factors instead of directly; the point that the three main factors act on enterprise investment strategy at is the strategic function of the enterprise investment strategy; the corresponding relation between the three main factors and essential factors of the course in which an enterprise investment strategy is laid down is: the Organization Form and the Relation of the Agency By Agreement affects an enterprise investment strategy through the form of essential factors of the course, the demand factor, the supply factor and the other parts of the goal factor affects enterprise investment strategy through the method of essential factors of the course, Andthen finds out two issues of laying down an enterprise investment strategy - the form and themethod.In the section of practicalities, by using directly the conclusions reached in the last section, this paper develops the solution for the two issues of laying down enterprise investment strategy--the form and the method. To counter the form, the solution is to adopt EVAs to the enterprise in our country so as to improve the enterprise investment strategy by reasoning the Relation of the Agency By Agreement; to counter the method, according to the basic principle of economics, this paper creates a kind of new method of laying down an enterprise investment strategy:" demand--supply method".更多还原