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装备制造业位居工业的核心地位,担负着为国民经济发展和国防建设提供技术装备的重任,是工业化国家的主导产业。文章借鉴Richardson(2006)的投资模型,利用我国装备制造业上市公司的数据,实证分析我国装备制造业是否存在过度投资行为,研究发现我国装备制造业存在过度投资行为。
The equipment manufacturing industry occupies the core position of industry and shoulders the heavy responsibility of providing technical equipment for the national economic development and national defense construction. It is the leading industry in the industrialized countries. This article draws lessons from the investment model of Richardson (2006), makes use of the data of China’s equipment manufacturing listed companies to make an empirical analysis of whether there is over-investment in equipment manufacturing industry in our country and finds out that there is over-investment in equipment manufacturing industry in our country.