宏觀經(jīng)濟(jì)學(xué)investment(編輯修改稿)
2025-09-25 19:55 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 ffecting investment: 1. Corporate ine tax公司所得稅 2. Investment tax credit 投資稅減免 slide 17 CHAPTER 17 Investment Corporate Ine Tax: A tax on profits Impact on investment depends on definition of “profit” ? 在我們的定義中 (rental price minus cost of capital), 折舊成本是按照資本品的現(xiàn)期價(jià)格來(lái)進(jìn)行折舊的，這樣， the CIT would not affect investment ? 但是，法律規(guī)定折舊是以資本品的歷史價(jià)格為基礎(chǔ)。 ? If PK 隨著時(shí)間上漲，這樣按照法律定義的折舊會(huì)低估投資成本，并高估利潤(rùn)。 ? 即使企業(yè)的真實(shí)經(jīng)濟(jì)為零，企業(yè)也必須交稅。 ? Thus, corporate ine tax discourages investment. slide 18 CHAPTER 17 Investment The Investment Tax Credit (ITC) ? The ITC reduces a firm’s taxes by a certain amount for each dollar it spends on capital. ? Hence, the ITC effectively reduces PK which increases the profit rate and the incentive to invest. slide 19 CHAPTER 17 Investment 案例： 選舉年，經(jīng)濟(jì)處于衰退，反對(duì)黨的總統(tǒng)候選人以投資稅扣除作為競(jìng)選綱領(lǐng)，如果當(dāng)選，該計(jì)劃在他當(dāng)選的下一年執(zhí)行。這種競(jìng)選承諾對(duì)當(dāng)年的經(jīng)濟(jì)狀況有什么影響？ slide 20 CHAPTER 17 Investment Tobin’s q ? numerator: 經(jīng)濟(jì)中資本存量的股市價(jià)值 . ? denominator: 現(xiàn)有資本品的重置成本 ? If q 1, 企業(yè)購(gòu)買更多的資本品來(lái)提高企業(yè)的市場(chǎng)價(jià)值。 ? If q 1, 企業(yè)不會(huì)去替換損耗的資本品 M ar k et v al ue o f i ns ta l l ed c ap i ta lR ep l ac em en t c os t o f i ns ta l l ed c ap i ta lq ?slide 21 CHAPTER 17 Investment Relation between q theory and neoclassical theory described above ? 資本品股票市場(chǎng)價(jià)值取決于資本品在現(xiàn)期和未來(lái)時(shí)期獲得的利潤(rùn)。 ? If MPK cost of capital, 利潤(rùn)高，該企業(yè)的股票市場(chǎng)價(jià)值上升，意味著 a high value of q. ? If MPK cost of capital, 企業(yè)正在經(jīng)歷虧損，資本品市場(chǎng)價(jià)值下降 , so q is low. M ar k et v al ue o f i ns ta l l ed c ap i ta lR ep l ac em en t c os t o f i ns ta l l ed c ap i ta lq ?slide 22 CHAPTER 17 Investment The stock market and GDP Reasons for a relationship between the stock market and GDP: 1. 關(guān)于資本品未來(lái)可獲利性的悲觀情緒將 ? 股市價(jià)格下跌。 cause Tobin’s q to fall ? 投資函數(shù)向下移動(dòng)。 ? 產(chǎn)生負(fù)面的總需求沖擊 slide 23 CHAPTER 17 Investment The stock market and GDP Reasons for a relationship between the stock market and GDP: 2. A fall in stock prices would ? reduce household wealth減少家庭財(cái)富 ? shift the consumption function down將消費(fèi)函數(shù)向下移動(dòng) ? cause a negative aggregate demand shock產(chǎn)生負(fù)面的總需求沖擊。 slide 24 CHAPTER 17 Investment The stock market and GDP Reasons for a relationship between the stock market and GDP: 3. A fall in stock prices might reflect bad news about technological progress and longrun economic growth. 股票價(jià)格下降反應(yīng)了技術(shù)進(jìn)步和長(zhǎng)期經(jīng)濟(jì)增長(zhǎng)的壞消息 slide 25 CHAPTER 17 Investment The stock market and GDP Percent change from 1 year earlier Percent change from 1 year earlier 30 20 10 0 10 20 30 40 50 1970 1975 1980 1985
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