مدیریت عوامل موثر بر سرمایه گذاری بخش خصوصی در ایران
محورهای موضوعی : مدیریت بازرگانیسید علی پایتختی اسکویی 1 , حسن طاهری 2 , فلور ابقایی 3
1 - عضو هیأت علمی (استادیار) گروه اقتصاد ،واحد تبریز،دانشگاه آزاد اسلامی،، تبریز، ایران
2 - عضو هیأت علمی (مربی) گروه اقتصاد ،واحد تبریز،دانشگاه آزاد اسلامی،، تبریز، ایران
3 - مدرس دانشگاه آزاد اسلامی واحد تبریز
کلید واژه: نااطمینانی, هم انباشتگی, سرمایه گذاری بخش خصوصی, سرمایه گذاری بخش دولتی, نرخ واقعی ارز,
چکیده مقاله :
در این مطالعه، مدیریت عوامل موثر بر سرمایه گذاری بخش خصوصی در ایران از طریق تعیین عوامل تاثیرگذار بر رفتار سرمایه گذاری بخش خصوصی مورد بررسی قرار می گیرد. سرمایه گذاری از طریق ایجاد فرصتهای شغلی و منابع درآمدی جدید، از جایگاه خاصی در رشد وتوسعه اقتصادی برخوردار است. براساس مرور مبانی نظری عوامل موثر بر سرمایه گذاری بخش خصوصی ، نتایج حاصل از بردار هم انباشتگی که از روش آزمون همگرائی جوهانسن بدست آمده ، بیانگر آن است که طی دوره زمانی مورد بررسی، تغییرات نرخ واقعی ارز تأثیر مثبت بر مخارج سرمایه گذاری بخش خصوصی دارد و سیاستهای پولی (اعتبارات اعطایی بانکها به بخش خصوصی) و مالی (سرمایه گذاری دولتی) نقش مهم و اساسی در تعیین رفتار سرمایه گذاری بخش خصوصی در ایران، ایفا می نمایند.
In this study, management of determinant factors on private investment in Iran have been investigated. Investment plays a special role in economic growth and development through creating new job opportunities. Based on the theoretical examination, the results of the Cointegration vectors derived from the Johansen method indicate that the Real Exchange Rate has positive effects on the private investment expenditures. Also, monetary and financial policies have fundamental and important roles in private sector’s investment in Iran.
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Chirinko, Robert S (1993), Investment, Tobin's Q, and Multiple Capital Inputs, NBER Working Papers , Vol. 17, 5/6 , 907-928.
Green, J and Villanueva, D (1997), Private Investment in Developing countries, An Empirical Analysis, IMF staff Papers, Vol 38 , 315 – 328.
Hadjimichael, M and Dhaneshwar, G, (1995), Public Policies and Private Saving and Investment in Sub-Sahran Africa: An Emprical Investingation, IMF, Working Papers, Vol 19.
Jafari, M. (1999). Effect of Real Exchange Rate on Economic Growth, Mazandaran University, (In Persian).
Khalili Iraqi, M. (1997). An Examination of the Compulsory Substitution phenomenon in Iran. Journal of Economic Research, 51, 33-64, (In Persian).
Khan, M and Reinhart, C, (1990), Private Investment and Economic Growth in Developing Countries, World Development, Vol 18, 19-27.
Khavari Nezhad, A. (1995). Survey of Real Exchange Rate in Iranian economy, Allameh Tabatabaie University, (In Persian).
Keshavarziyan Peyvasti, A. (2004). The Role of Banking Facility in Private Investment. Economic Journal, 21, 229-262, (In Persian).
Lartey, Emmanuel K, (2007), Capital inflows and the real exchange rate: An empirical study of sub-Saharan Africa , The Journal of International Trade & Economic Development , vol 16 , 337-357.
Lanyi, A and Rusdu, S, (1983), Interest Rate, Policies in developing Countries, IMF Occasional, Vol 22.
Laure Baldi , Anne (2004), The Impact of Exchange Rate Regimes on Real Exchange Rates in South America, 1990-2002 , OECD Economics Department Working Papers , vol 396.
Lizal, L and Svejnar, J (2002), Investment Credit Rationing and Soft Budget Constraint: Evidence From Czeeh Panel Data, Working Paper, vol , 363, 80 – 110.
Pejutan, A. (2002). Analysis of the Factors Affecting on the Private Sector Investment in Iran. Hamedan: Buali Sina University, (In Persian).
Ramirez, Miguel (2008), What explains Latin America's poor investment performance during the 1980-2001 period?: a panel unit root analysis , International Review of Applied Economics , vol 22 , 1 – 15.
Salimifar, M. (2002). Banking Facility and Private Investment. Quarterly Journal of Economic Research. 13, 135-170, (In Persian).
Serven, Luis, (2003), Real-Exchange-Rate Uncertainty and Private Investment in LDCS , Review of Economics and Statistics , vol 85, 212-218.
Shakeri, A. (1997). Theory and Policy of Macroeconomics. Tehran: Nayan Rey, (In Persian).
Shaker, K, (1993), Determinate of Private in Pakistan, IMF Working Paper, Vol 30.
Solimano, Andres (1989), How Privat Investment Reacts to changing Macroeconomic conditions: The case of chile, PRE Working paper 212, World Bank.
Soreiz, Susanne, (2006), Government Expenditure, Capital Adjustment, and Economic Growth, Computing in Economics and Finance, Vol 362.
Sundaraja,V. and Thankur, S (1980), Public Investment, Crowding out, and Growth: a Dynamic Model Applied to India and Korea, IMF staff papers, vol 27, 814 - 855 .
Tabibian, M. (1970). Macroeconomics, Theoretical Principles and Application. Tehran: Planning and Budget Organization, (In Persian).
Talebi, H. R. (1999). Analysis of Nominal and Real Variables on Private Private Investment in Iran. Tehran: Tarbiat Modares University, (In Persian).
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Blejer, M , and Khan, M. (1984), Government Policy and Private Investment in Developing countries, IMF staff Papers, vol 3, 379 – 400.
Chirinko, Robert S (1993), Investment, Tobin's Q, and Multiple Capital Inputs, NBER Working Papers , Vol. 17, 5/6 , 907-928.
Green, J and Villanueva, D (1997), Private Investment in Developing countries, An Empirical Analysis, IMF staff Papers, Vol 38 , 315 – 328.
Hadjimichael, M and Dhaneshwar, G, (1995), Public Policies and Private Saving and Investment in Sub-Sahran Africa: An Emprical Investingation, IMF, Working Papers, Vol 19.
Jafari, M. (1999). Effect of Real Exchange Rate on Economic Growth, Mazandaran University, (In Persian).
Khalili Iraqi, M. (1997). An Examination of the Compulsory Substitution phenomenon in Iran. Journal of Economic Research, 51, 33-64, (In Persian).
Khan, M and Reinhart, C, (1990), Private Investment and Economic Growth in Developing Countries, World Development, Vol 18, 19-27.
Khavari Nezhad, A. (1995). Survey of Real Exchange Rate in Iranian economy, Allameh Tabatabaie University, (In Persian).
Keshavarziyan Peyvasti, A. (2004). The Role of Banking Facility in Private Investment. Economic Journal, 21, 229-262, (In Persian).
Lartey, Emmanuel K, (2007), Capital inflows and the real exchange rate: An empirical study of sub-Saharan Africa , The Journal of International Trade & Economic Development , vol 16 , 337-357.
Lanyi, A and Rusdu, S, (1983), Interest Rate, Policies in developing Countries, IMF Occasional, Vol 22.
Laure Baldi , Anne (2004), The Impact of Exchange Rate Regimes on Real Exchange Rates in South America, 1990-2002 , OECD Economics Department Working Papers , vol 396.
Lizal, L and Svejnar, J (2002), Investment Credit Rationing and Soft Budget Constraint: Evidence From Czeeh Panel Data, Working Paper, vol , 363, 80 – 110.
Pejutan, A. (2002). Analysis of the Factors Affecting on the Private Sector Investment in Iran. Hamedan: Buali Sina University, (In Persian).
Ramirez, Miguel (2008), What explains Latin America's poor investment performance during the 1980-2001 period?: a panel unit root analysis , International Review of Applied Economics , vol 22 , 1 – 15.
Salimifar, M. (2002). Banking Facility and Private Investment. Quarterly Journal of Economic Research. 13, 135-170, (In Persian).
Serven, Luis, (2003), Real-Exchange-Rate Uncertainty and Private Investment in LDCS , Review of Economics and Statistics , vol 85, 212-218.
Shakeri, A. (1997). Theory and Policy of Macroeconomics. Tehran: Nayan Rey, (In Persian).
Shaker, K, (1993), Determinate of Private in Pakistan, IMF Working Paper, Vol 30.
Solimano, Andres (1989), How Privat Investment Reacts to changing Macroeconomic conditions: The case of chile, PRE Working paper 212, World Bank.
Soreiz, Susanne, (2006), Government Expenditure, Capital Adjustment, and Economic Growth, Computing in Economics and Finance, Vol 362.
Sundaraja,V. and Thankur, S (1980), Public Investment, Crowding out, and Growth: a Dynamic Model Applied to India and Korea, IMF staff papers, vol 27, 814 - 855 .
Tabibian, M. (1970). Macroeconomics, Theoretical Principles and Application. Tehran: Planning and Budget Organization, (In Persian).
Talebi, H. R. (1999). Analysis of Nominal and Real Variables on Private Private Investment in Iran. Tehran: Tarbiat Modares University, (In Persian).
