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本文采用我国2005~2010年上市公司的经验数据,对税收优惠、市场机遇和企业投资决策之间的关系进行了实证分析。研究结果表明:企业的外部投资规模与享受的税收优惠程度成正比,企业的内部投资规模与企业享受的税收优惠程度在统计上不相关;托宾Q值大于1的企业具有较高的内部投资规模,也具有较低的外部投资规模。因此,我国上市公司基本上能够有效利用税收优惠政策、抓住内部或外部投资机遇,做出有利于自身价值提高的投资决策。
Based on the empirical data of listed companies in China from 2005 to 2010, this paper empirically analyzes the relationship between tax incentives, market opportunities and corporate investment decisions. The results show that the scale of external investment is proportional to the tax preference, the internal investment scale of enterprises is not statistically related to the tax preference enjoyed by enterprises, and the enterprises with Tobin Q greater than 1 have higher internal investment Scale, but also have a lower external investment scale. Therefore, the listed companies in our country can basically use tax preferential policies effectively, seize the internal or external investment opportunities, and make investment decisions conducive to their own value enhancement.