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資本ストックの異質性とMultiple q

Author

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  • 浅子, 和美
  • 外木, 好美

Abstract

本論文では,日本の上場企業のデータを用いて,資本財の多様性・異質性を前提としたMultiple q の枠組みによる投資関数の推計を通じて,日本の企業の投資行動が資本財別に異なった調整費用関数に従ったものであるかを検証する。この際に,設備の新規取得行動と売却・除却行動の違いを強調し,後者の扱いによって資本財別の設備投資系列と資本ストック系列を3通り構築し,比較する。その結果,資本財別の同質性・異質性は普遍的なものではなく,設備の売却・除却行動の想定の違いや時期によって異なった結論が得られ,また想定する調整費用関数の形状にも依存することが分かった。資本財別の Partial q も試算する。

Suggested Citation

  • 浅子, 和美 & 外木, 好美, 2010. "資本ストックの異質性とMultiple q," Discussion Paper Series a541, Institute of Economic Research, Hitotsubashi University.
  • Handle: RePEc:hit:hituec:a541
    Note: August 9, 2010
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    File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/18683/1/DP541.pdf
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    Cited by:

    1. Tausendfreund, Tim & Knot-Dickscheit, Jana & Post, Wendy J. & Knorth, Erik J. & Grietens, Hans, 2014. "Outcomes of a coaching program for families with multiple problems in the Netherlands: A prospective study," Children and Youth Services Review, Elsevier, vol. 46(C), pages 203-212.

    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; 資本の売却・除却; 凸型の調整費用; 非線型の調整費用; Partial q;

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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