Torzulások a pénzügyi piacok által vezérelt beruházási rendszerben
DOI:
https://doi.org/10.35551/PFQ_2024_2_1Kulcsszavak:
befektetés, pénzügyi piacok, részvényesi érték maximalizáció, beruházási magatartás, E38, G12, G21, G35, N20, P10Absztrakt
Az elmúlt néhány évtized során mélyreható változások következtek be a fejlett gazdaságok pénzügyi szektorában, és ez különösen vonatkozik az amerikai pénzgazdaságra. A tanulmány e fejlődési folyamat azon aspektusaival foglalkozik, amelyek szorosan kötődnek a beruházási rendszerben kialakuló torzulásokhoz. A gondolatmenet a részvénytulajdonosi érték maximalizációjából indul ki, ami ideológiai alapja volt a reálgazdaság és a pénzügyi szektor közötti szakadásnak. A tanulmány sokoldalúan elemzi a pénzügyi piacok hatását a befektetési magatartásra, a reáltőke beruházások visszaszorulására, az értékkivonás hátrányos következményeire, s a részvény-visszavásárlás káros hatásaira. Mindaddig, amíg a vállalati tőkeköltség és a minimálisan elvárt megtérülés közötti rés nem szűkül, addig a reáltőke beruházások pozíciója nem fog javulni.
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