金融市场效率、企业投资行为与经常账户失衡

经常账户的失衡在一定程度上是内部失衡,特别是内部结构失衡的外在表现,其源头是金融市场效率差异下的企业投资行为的不同。文章首先通过构建生产性投资与创新投资对产品市场均衡影响的理论模型得到:当融资约束导致生产性投资发生变化时,产品市场因受到生产投资边际产出以及R&D投资等影响而导致经常账户失衡;其次,通过门限面板模型进行实证分析得到:生产性投资与创新投资两种不同类型的投资对经常账户的影响不同,R&D投资要比生产性投资更具有持续性,因而一国政府应该合理分配生产性投资和R&D投资在总投资中的比重。

Financial Market Efficiency, Firm Investment Behavior and Current Account Imbalance

The imbalance of current account is internal to some degree,especially the external manifestation of internally structural imbalance,the origin of which is the difference among investment behavior of firms with the difference of financial market efficiency.By constructing the theoretical model of the effect of productive investment and R&D investment on the equilibrium of product market,we conclude that when financial constraints cause the changes in productive investment,product market will be influenced by its marginal output and R&D investment,leading to disequilibrium in current account.By the empirical analysis of panel threshold model,we conclude that productive investment and R&D investment have different influences on current account,and R&D investment is more persistent than productive investment.Therefore the government should allocate the investment in percentage of total investment optimally.