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設備投資研究の展開とMultiple q

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  • 浅子, 和美
  • 外木, 好美
  • 中村, 純一
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    Abstract

    本論文の前段では,この四半世紀の設備投資研究の展開を理論・実証の両面から振り返った.この間の成果に注目すれば,凸型(二次)の調整費用関数を前提とし,線形の投資関数を導く「q 理論」が実証研究上の限界に直面したこと,事業所レベルの個票データの分析から「一括・断続的投資行動(lumpy and intermittent /infrequent investment)」の存在が確認されたことなどを受けて,非凸型の調整費用関数を前提とし,非線形の投資関数を導く分析枠組みが花開いた25年間であったと総括できる.しかしながら,こうしたモデルも,単一で満足な推定精度を獲得するものは現れておらず,その背景には,資本財別の投資行動の違いと,設備の新規取得行動(正の投資)と売却・除却行動(負の投資)の違い,という2つの「異質性」の解明が,新たな課題として浮き彫りになってきている.そこで本論文の後段では,これらの課題に対する挑戦の方向性の1つとして,浅子・外木(2010)によって提案された,Multiple q による投資関数の非線形モデルへの拡張について改めて検討を加え,本邦上場企業の個票データを用いて詳細な実証分析を試みた.Wildasin(1984)に始まるオリジナルなMultiple q モデルに対し,われわれのモデルは資本財の異質性のみならず,正負の投資行動の違いや,投資率の一定の領域において固定費の存在等から線形投資関数が当てはまらない可能性を許容するよう一層の工夫が加えられている.推定結果からは,非線形性を考慮することで説明力が向上し,非線形となる投資率の領域は資本財の種類や時期によって大きく異なることなどが示唆されており,この方向でさらに当てはまりのよいモデルを探索していくことの意義が確認された.

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    File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/25630/1/DP584.pdf
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    Bibliographic Info

    Paper provided by Institute of Economic Research, Hitotsubashi University in its series Discussion Paper Series with number 584.

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    Length: 49p
    Date of creation: Apr 2013
    Date of revision:
    Handle: RePEc:hit:hituec:584

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