IDEAS home Printed from https://ideas.repec.org/p/hit/rcesrs/dp17-1.html
   My bibliography  Save this paper

企業別R&D投資の計測とMultiple q ―日本の上場企業に関する資本財別投資行動の分析―

Author

Listed:
  • 外木, 暁幸
  • 外木, 好美

Abstract

本稿では，日本の上場個別企業のR&D投資とストック系列を作成し，様々な有形固定産と伴に, その投資行動をTobinのq理論に基づいて分析した．資本財の多様性を考慮したMultiple qの投資関数を推計し，R&Dを新たな投資財として加えることで，投資関数の推計のパフォーマンスが改善するのかを検証した．R&Dストックのシェアは約4分の1以上を占めており，理論分析の結果通り, R&D投資を資本財として取り上げることで平均qの上方バイアスが改善された．また，Multiple qの投資関数パフォーマンスも，調整コストのパラメータが正値で有意に推計される資本財の数が増え, さらに決定係数も大きくなり，改善していることがわかった．一方, R&D投資を考慮してもなお，redundantな変数（キャッシュフロー比率と有利子負債）が有意に説明力を持っていた．調整コストのパラメータγの推計値を資本財別に見ると，特にR&D投資がその他無形産蓄積と大きな関わりを持っていることがわかった. 成長会計の国際比較からは，日本経済成には，有形固定資産よりも, 無形資産の蓄積を重視した政策の実行が望ましい．少なくともR&Dに関しては，財務諸表上で捕捉が可能となっており投資減税等の促進政策を打てる素地がある．R&D投資を促進する経済政策は，R&Dだけを実行ターゲットとしているが，無形資産全般の蓄積を重視した政策へとつながっている可能性が示唆された.

Suggested Citation

  • 外木, 暁幸 & 外木, 好美, 2017. "企業別R&D投資の計測とMultiple q ―日本の上場企業に関する資本財別投資行動の分析―," RCESR Discussion Paper Series DP17-1, Research Center for Economic and Social Risks, Institute of Economic Research, Hitotsubashi University.
    • Handle: RePEc:hit:rcesrs:dp17-1
    as

    Download full text from publisher

    File URL: https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/28467/dp17-1.pdf
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    設備投資; Tobin の q 理論; 資本財の多様性 ・異質性; Multiple q; R&D投資; 無形資産; 凸型の調整費用関数;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hit:rcesrs:dp17-1. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Digital Resources Section, Hitotsubashi University Library (email available below). General contact details of provider: https://edirc.repec.org/data/eshitjp.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.