2011 Fiscal Year Final Research Report
Studies of Corporate R & D Investment in Japan
| Project/Area Number |
22730238
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Single-year Grants |
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| Research Field |
Economic policy
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| Research Institution | Waseda University |
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Principal Investigator |
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| Project Period (FY) |
2010 – 2011
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| Keywords | R & D投資 / 企業金融 / 資金制約 |
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| Research Abstract |
How Japanese firms financed R & D in the 2000s is studied. By estimating R & D investment function of listed firms in the R & D intensive industries, following results are obtained. Financing constraints are observed only among young small firms mainly listed on stock markets for emerging companies. However, R & D were not financed by new share issues among these firms, which implies that the stock markets did not play a role as suppliers of R & D fund. We also find that firms hard pressed for paying debts faced financing constraints and their R & D investments might be stuck at suboptimal levels.
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[Remarks] ワーキングペーパー
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[Remarks] (1) Arikawa, Y., T. Kawanishi, and H. Miyajima,"Debt, Ownership Structure, and R & D Investment : Evidence from Japan," RIETI Discussion Paper Series 11-E-013, March 2010, 31頁,査読無
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[Remarks] (2)河西卓弥、齋藤隆志、川本真哉「買収プレミアムの源泉は何か?: MBOとステークホルダーからの富の移転に関する実証分析」WIAS Discussion Paper No.2010-007、2010年3月、20頁、査読無
