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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―


  • 外木, 暁幸
  • 外木, 好美


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

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    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

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