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首页> 外文期刊>Cambridge journal of economics >Is net stock issuance relevant to capital formation? Comparing heterodox models of firm-level capital expenditures across the advanced and largest developing economies
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Is net stock issuance relevant to capital formation? Comparing heterodox models of firm-level capital expenditures across the advanced and largest developing economies

机译：净股票发行与资本形成有关吗？比较发达和最大发展中经济体公司层面资本支出的异质模式

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Smith, Ricardo, Marx and Keynes never claimed that stock markets were critical funding conduits for a firm's capital expenditures. While Adam Smith had a rather poor opinion of the joint-stock form of business organisation, classical economists generally saw accumulated profits as the primary source of funding for capital investment. Keynes famously remarked in the General Theory that the 'capital investment needs of a nation' would likely be 'ill served' by stock markets. Prior empirical studies of financialisation found a deleterious impact from stock buybacks on capital investment; however, they did not match buybacks against new stock issuances. Using an unbalanced panel of firms located in China, France, Germany, Great Britain, India, Japan and the USA from 1998 to 2008, classical, post-Keynesian and financialisation models of firm-level investment were specified and estimated across the seven economies as well as individual countries. Net stock issuance is found to have a positive impact on real investment when estimated across all models and observations. Between the classical and post-Keynesian models, profitability, internal and external finance, macroeconomic demand as well as net stock issuance were positively related to capital expenditures; capital intensity in the classical model exhibited a negative association across all countries. For the financialisation model, interest and dividend payments were inversely associated with capital expenditures but not consistently so for individual countries. Macroeconomic growth had a consistently positive impact for most advanced economies, affirming the critical role played by aggregate demand in heterodox theories of business investment.
机译：史密斯，里卡多，马克思和凯恩斯从未宣称股票市场是企业资本支出的关键融资渠道。尽管亚当·斯密（Adam Smith）对股份制商业组织的看法很差，但古典经济学家普遍将积累的利润视为资本投资的主要资金来源。凯恩斯在《通论》中著名地指出，“一个国家的资本投资需求”很可能会被股票市场“满足”。先前的金融化经验研究发现，股票回购对资本投资产生了不利影响。但是，它们没有将回购与新股发行相匹配。使用1998年至2008年间分布在中国，法国，德国，英国，印度，日本和美国的不平衡公司小组，确定并估算了七个经济体的公司级投资的经典，凯恩斯主义和金融化模型。以及各个国家。通过对所有模型和观察结果进行估计，发现净库存发行对实际投资产生积极影响。在经典和后凯恩斯主义模型之间，获利能力，内部和外部融资，宏观经济需求以及净股票发行与资本支出成正比；古典模型中的资本强度在所有国家都表现出负相关性。对于金融化模型，利息和股利支付与资本支出成反比，但对于单个国家而言并不一致。宏观经济增长对大多数发达经济体产生了持续的积极影响，肯定了总需求在商业投资异质理论中所起的关键作用。

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