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本文首先明确了股权投资增加的定义,梳理了购置土地行为和股权投资增加的研究成果,分析了政府以地招商、企业购置土地和企业股权投资的逻辑关系,以及企业购地行为和设立子公司等大规模权益性投资的经济后果。研究结果显示:为了获取超额回报,企业会为了获取土地资源而增加投资;为了获取土地资源,企业增加的投资会引发股权投资增加;企业土地资源投资行为和长期股权投资行为与子公司的利润相关性很弱,过度的价值投资将会加剧企业的投资过度问题。
This article first defines the definition of increasing equity investment, sorts out the research results on the acquisition of land acquisition and equity investment, and analyzes the logical relationship between the government’s land acquisition, the purchase of land by enterprises, and the equity investment of enterprises, and the purchase of land by enterprises and establishment of subsidiaries. The economic consequences of large-scale equity investments. The results of the study show that in order to obtain excess returns, companies will increase investment in order to obtain land resources; in order to obtain land resources, increased investment by enterprises will lead to an increase in equity investment; corporate land resources investment behavior and long-term equity investment behavior are related to the profits of subsidiaries. Sex is weak. Excessive value investing will exacerbate the over-investment problem of companies.