【摘要】 基于产能治理研究和财务学投资理论,立足于提高公司财务决策的科学性和投资收益率的需求,将政策的导向性、资本的趋利性、投资的盲目性以及调整的滞后性纳入研究视野。经济结构、要素配置等内生性因素以及外生性因素的共同作用导致宏观层面的产能过剩。产能治理需要综合考虑企业的效率与效益、社会与市场的关系等问题。公司投资应充分考虑市场需求和产能治理政策,重视实物期权,合理控制投资风险,增加研发和新兴要素投资以促进自主创新,形成理性投资策略。更多还原

【Abstract】 Based on the production capacity management research and financial investment theory,in view of the needs to make the corporate financial decision-making more scientific and increase the investment return rate,this paper studies the orientation of policy,the profitability of capital,the blindness of investment,and the lagging of adjustment. The joint effect of intrinsic factors including economic structure,factor allocation and extrinsic factors leads to production capacity surplus at the macro level. Production capacity management needs to take into overall account the profit and efficiency of enterprises as well as the relationship between society and market. The corporate investment should fully consider the market needs and production capacity management policy,including attaching great importance to real option,reasonably controlling the investment risk,increasing investment in R&D and emerging factors to improve autonomous innovation,so as to form rational investment strategies.更多还原