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資本財の異質性と取得形態別投資行動－新設，中古，大規模修繕－

Author

Listed:
  • 外木, 好美
  • 中村, 純一
  • 浅子, 和美

Abstract

本論文は，内閣府の『民間企業投資・除却調査』と日本政策投資銀行の『企業財務データバンク』のマイクロデータを相互接続することで，資本財による異質性に加えて，取得形態別の投資行動の異質性も含めて検証したものである．建物・構築物，機械装置，輸送機械，土地の4種類の資本財それぞれについて，新設，中古，大規模修繕の3種類の取得形態による，計12セグメントの投資率を計測し，Tobinのq理論が想定する凸型の調整費用関数を前提としたMultiple qの投資関数の推定と，非凸型の調整費用関数の可能性も想定した因子分析の２つのアプローチで分析を行った．因子分析の結果，資本財の種類に関わらず，新設，中古，大規模修繕といった取得形態が共通するセグメントの中で因子負荷が近く，投資の調整費用のパラメータの値は資本財の種類よりも，取得形態の違いに左右される部分が大きいことがわかった．この結果とMultiple qによる投資関数の推計結果を総合すると，新設の投資行動はTobinのq理論が想定する凸型の調整費用関数である程度説明できるが，中古と大規模修繕については非凸型の調整費用関数の存在が示唆された．また，更新投資割合（あるいは企業成長）と深い関係を持つのは新設の因子であることが示唆された．

Suggested Citation

  • 外木, 好美 & 中村, 純一 & 浅子, 和美, 2017. "資本財の異質性と取得形態別投資行動－新設，中古，大規模修繕－," Discussion Paper Series 660, Institute of Economic Research, Hitotsubashi University.
    • Handle: RePEc:hit:hituec:660
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    More about this item

    Keywords

    設備投資; 資本財の異質性; Multiple q;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • 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
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies

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