Empirical Analyses of Capital and Inventory Investment and the Business Cycle---Theory of Multiple Q and Inclusive Approach to Capital Removal

2016 Fiscal Year Final Research Report

• Project/Area Number: 25285062
• Research Category: Grant-in-Aid for Scientific Research (B)
• Allocation Type: Partial Multi-year Fund
• Section: 一般
• Research Field: Economic theory
• Research Institution: Rissho University (2016); Hitotsubashi University (2013-2015)
• Principal Investigator: Asako Kazumi 立正大学, 経済学部, 教授 (60134194)
• Co-Investigator(Kenkyū-buntansha): 外木 好美 神奈川大学, 経済学部, 助教 (10621964) ; 中村 純一 一橋大学, 経済研究所, 准教授 (80627969)
• Project Period (FY): 2013-04-01 – 2017-03-31
• Keywords: 設備投資 / Multiple Q 理論 / Tobin の Q / 投資の調整費用 / 資本ストックの異質性 / 設備除却 / 財務データ / 景気循環

Outline of Final Research Achievements

This research projects attempts to examine both theoretically and empirically into firm's capital and inventory investment behaviors including their financial decisions, and finds its implication toward understanding and stabilizing macroeconomic business cycles. More concretely, focusing on two heterogeneous investing behaviors such as one with respect to different capital goods and the other with respect to the asymmetry between positive investment (new acquisition) and negative investment (selling or removal), we test several key null hypotheses and seek for new fact findings and policy implications hidden behind the Japanese lost two decades and the stagnant productivity growth.

Free Research Field

マクロ経済学