Introduction
Investment refers to expenditure increasing or replacing capital assets (including plant, residential, mechanical equipment and stock) (represented by alphabetics). Investment is capital traffic in capital stocks in a certain period of time, and capital stock is the total capital of economic society at a certain time. Assuming a country in 2003 was $ 90 billion, the country's capital stock may be $ 500 billion in 2003. Because the machine building will continue to worn, it is assumed that it is 40 billion US dollars to consume 50 billion US dollars, the above-mentioned $ 40 billion in investment is required to compensate for capital consumption, net increase investment is only 50 billion US dollars, 40 billion The dollar is used to reset the capital device, and the investment is called.
Definition
The total investment is divided into two parts: reset investment and net investment.
Reset investment is also known as depreciation investment, refers to investment in compensates for fixed asset loss. Its basic function is to maintain a simple reproduction of society. Fixed assets reset investment There are two basic forms: reset investment for compensating for fixed assets and reset investments for compensating for fixed assets intangible loss.
The source of funding for reset investment is depreciated. From a social perspective, reset investment is equal to the depreciation amount. It is worth pointing out that in reality, fixed assets may either renew their regeneration costs due to technological progress, or may increase their regeneration costs due to inflation, but as long as the reset value is reduced, the total social reset investment is still Will equalize the depreciation of the year.
Reset investment is the condition necessary to ensure regeneration. As a machine device for fixed capital, the normal production level is affected due to wear due to wear (due to value loss caused by using an asset), and has been influenced by the natural force (decay and corrosion) and the gradual obsolete. Therefore, it is necessary to gradually accumulate in the currency form, and the currency form is gradually accumulated in the currency form.
Reset investment determines the number, composition and use of capital equipment. For example, assuming techniques and other conditions are unchanged, and the average of $ 3 million in average of $ 3 million, if the use of the machine equipment is 10 years, the annual loss equipment is 1/10, then reset investment 30 annually Ten thousand U.S. dollars. Reset investment and net investment (or new investment) and constitute total investment.
and economic growth
It is generally believed that the role of reset investment is only to compensate for capital has been scrapped. Retreating investments do not increase capital stocks without promoting economic growth without promoting economic growth without promoting economic growth without promoting economic growth. However, this is not the case.
1, the inconsistency of reset fees and depreciation fees will make reset investment to the net investment.
In the real economy, it needs to be reset each year before a few years ago. The capital formed by investment, and the extraction cost is calculated according to all capital. In an increased economy, due to the increase in investment, the new capital has a large proportion of new capital, so the depreciation fees for all capital extraction are usually greater than the need to reset, and some of the reset investment can act as a net Investment is used to use to effect on economic growth. Even if there is inflation in the economy, it is often not enough to reset the capital price to the extent to which reset investment is equal to the depreciation cost. Since the annual capital value is less than the depreciation fee extracted by the year, this part of the depreciation fee that is considered to reset investment as a reset fee is greater than the difference in reset, or completely It can serve as a net investment, expand the economic capacity in the economy.
2, the increase in reset investment efficiency will also promote economic growth
Since capital from formation to scrap usually takes a long time, technical progress during this period will reset investment The efficiency has a great impact; on the one hand, technology progress will make capital products to be cheaper, so that more production capacity can be formed in the economy in the case of reset investment; on the other hand, Technological progress will increase the efficiency of new capital products used to reset investments, so that new capital can effectively use raw materials, fuel and power, or save labor, thus forming quality and better production with established reset investment fees. ability. Regardless of which is taken, the result is the same, that is, it is to make the established number of unit reset investments bring more output quantities or higher output quality, so that the reset investment efficiency is improved, thus promoting the economy. increase.
Important Policy
In order to use the economic growth effect of reset investment, the government needs to pay attention to the following three aspects of policies:
Accelerated depreciation policy
< P> Western government usually allows companies to accelerate depreciation, mainly to encourage corporate investment to promote economic growth. Because as long as the company's investment continues to grow, acceleration depreciation will not only pay taxes, but also can lead to a permanent decline in business effective tax rates. my country should also take policies to encourage investment, but because my country's investment rate is higher and the tax vulnerability is more, the acceleration depreciation has little effect on investment. But in any case, with the increase in the investment of the private sector and the reform of the tax system, the impact of accelerated depreciation for corporate investment tax is undoubtedly larger. In this case, the government allows or encourages enterprises to accelerate depreciation, not only provides possible use of new devices in time to replace the old equipment, but also to increase the capital stock of the economy, there will be great role in promoting economic growth. .Purchase policy
In the early days of the national economic growth, economic growth mainly rely on basic construction investment, but with economic growth, the capital stocks in the economy continue to increase More and more fixed capitals have to be updated, so they must gradually pay attention to renovation investment. Otherwise, there will be an aging, technological old, and the backward problem. In order to promote economic growth, the government should first deal with the relationship between basic investment investment and renewal investment.
In fact, the fixed assets in the economy can make an update, which is an indispensable basis for economic growth, and is an important economic growth source. Because the renovation of the timely fixed asset can not only restore the production capacity in the economy, but also can reduce the energy, raw materials, reduce consumption, reduce production costs, change the product structure, improve product quality, and better Adapt to the needs of the market, thus enhance the efficiency of the economy in the economy, which is conducive to the sustained growth of the economy.
Technical progress policy
With the establishment of market economy, the government must formulate some technical progress policies that promote reset investment efficiency, including the following aspects:
1) Technology Development Policy
Due to technical development usually requires a lot of investment, the results of development often are often used by other companies, so some companies are unable to carry out this Activity. Therefore, the government should systematically, large-scale research and development of some major industries in the national economy, promote systemic, large-scale research and development in some major industries in the national economy, and promote the improvement of these industrial technology.
2) Technical introduction policy
The government encourages foreign advanced and applicable technologies, not only provides possible domestic enterprises, but also put pressure on domestic enterprises. It will promote the production and use of capital products with high quality, good performance, cheap price, improve the efficiency of reset investment.
3) Technical Support Policy
In order to encourage companies to actively adopt new technologies when carrying out their investments in fixed capital, the Government can support appropriate support. Government support has a variety of forms, such as companies that use advanced technologies to reset investments, or provide partial bill of loans, can also reduce a certain amount of corporate income tax.
4) Technical Service Policy
The government may provide a lot of technical services, information is an important part. If the government can provide information on information in a timely manner, it will undoubtedly help companies use the most appropriate technologies when fixed capital updates, thereby increasing the efficiency of reset investment, and also helps growth throughout the economy. In addition to specific technical policies, the government creates and maintains a competitive environment, enabling companies to actively develop and actively use advanced technology, so that companies "copy antiques" cannot survive, and those who use advanced equipment Capital reset investment companies can also effectively promote the growing national economy while they are constantly growing.
Heavy investment portfolio Reset
The so-called portfolio reset, essentially, is the initial setting of people's investment, let all the proportion of all assets and the initial hope Compliance. In actual operation, this means that people must find those leaders, cut their proportion, then put the resulting lague, let go of the total weight of all assets in their accounts, let their own portfolios Really reflect your goals and actual situation, not let them only know with the market fluctuations.
It can now be assumed that one investor has established a $ 20 million investment portfolio three years ago, and $ 10,000 is configured in emerging market stocks and large growth shares. In the past three years, large-scale growth annual average returns only more than 8%, so this part of investment is now worth $ 26.3 million, and at the same time, the annual average return rate of emerging market funds is 34.6 %, Which makes this part of the value of $ 2,4385 today.
At the beginning, the investor is half a half of the two stocks, but now, the proportion of the two is close to 2 to 1. If the investor wants to return the configuration of the entire portfolio to the initial setting, he must sell an emerging market fund investment worth about $ 6,000, and then put it into a large growth fund.
If he does not make such a adjustment, it must bear the corresponding risks, that is, the excessive focus on the portfolio is currently a hot asset category, but the investment of the cold door is insufficient. Once the market environment changes, such configuration will inevitably bring problems. In the peak of Niu City in 1990, investors violently eat into technology stocks, but they ignored non-production stocks. However, the climate of the market quickly changed, and the technology stocks were greatly lost, and real estate investment has become a few years. Hot and hot roles.
Special target
Sell some leaders, and put the lague of the income, which is actually helping investors to establish a discipline, let them "buy more expensive" .
However, many times, reset is deprived of the opportunity to further expand the winner. There are some experts in the market that investors have reset them once a month, but overall, the approach to resetting once a year is obviously more mainstream. However, another part of the comments believe that the reset of the portfolio should not be treated with time measurement, but should see the specific changes composed of the portfolio, such as a part of the asset specific gravity deviation initially set 5 to 10 percentage points. Two studies have found that in a long time, it is actually the last opinion that can really bring the biggest return.
Thejournaloffinancial Planning published an article with GobindDaryanani, which has been promoted by GobindDaryanani, which is recommended to "more attention" in investors, but "less reset". Danananyi pointed out that all investors have a "tolerance" that allows their portfolio to have a certain degree of freedom before market environment changes. For example, a common fund accounts for 20% of the investment portfolio, and investors' tolerance is 20% for this part of investment, and the proportion of investment changes more than 4 percentage points (20% 20%). He can not reset it. Danani also said that the investment portfolio resended only as long as the proportion of investment has returned to the tolerance, and it is not necessarily necessary to act in accordance with the target configuration.
The "Investment Committee" of the return of the return is "Investing Committee", which is still far away, they think that the winner and the losers continue to advance according to the established track, portfolio reset It is most likely to make investors' rewards to be lower - premise is not resetting portfolio Do not encounter significant market changes, otherwise investors may make the most unsuitable time because of fear Sales selection.
This investment communication has studied a series of possibilities, which will compare the portfolio of the reset, and the daily and annual reset portfolios. They found that in addition to the most conservative portfolio, in most cases, it is a victory in the investment portfolio. This means that the annual reset practice can create the most ideal return for the conservative portfolio, but in other fields, each month and annual reset practice, its effect is not ideal. "To some extent, these results seem to be in suggesting that people don't have to reset, but people tolerate the reset is a useful concept." The editor of consumerreportsmoneyAdviser said, "This can help people build discipline." In the right price to buy some investment, and locally lock some profits in the right time, therefore people can avoid some sudden disasters. However, people should not be reset over, and should not feel that they can't be ignorant. Offset from the initial plan unless you don't have a higher requirement for the return. "
Reset action
finally, the so-called reset, actually the equilibrium needs. If your portfolio looks no problem, there is no essential difference with your settings. The slight difference will not make you fear, then you can continue to observe it, wait until you have been "tolerant intervals" Take action again.
, if you determine that you need to reset your portfolio, this now makes you feel high, then you should be reset, at least this can you sleep at night. Peace of mind.