What determines the Japanese firm investments: real or financial?
What determines the Japanese firm investments: real or financial?
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是什么决定了日本公司的投资：实物投资还是金融投资？
DOI：
10.1080/00036846.2013.839867
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发表时间：
2014
影响因子：
2.2
通讯作者：
Hirokazu Mizobata
中科院分区：
文献类型：
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作者：
Hirokazu Mizobata
本文运用结构分析方法对日本企业投资中的实际摩擦和金融摩擦进行了检验。real表示非凸资本调整成本，financial表示融资约束。这两个因素已经研究了很长时间，但很少同时分析。通过这个分析，我发现了以下结果。首先，这两个因素都会影响日本企业的投资。其次，在很小的水平上估计凸调整成本参数。第三，这种小的凸调整成本导致了Wang和Wen（2012）提出的模型，该模型认为企业投资是由借贷约束的上界决定的。
In this article, I test both the real and the financial frictions in the Japanese firm investments using structural approach. The real represents the nonconvex capital adjustment costs, and the financial means the financing constraints. These two factors have been studied for a long time, but rarely analysed simultaneously. Through this analysis, I find the following results. First, both these two factors affect Japanese firm investments. Second, convex adjustment costs parameter is estimated at a very small level. Third, this small convex adjustment costs lead to the model introduced in Wang and Wen (2012), which insists that the firm investments are determined by the upper bound of the borrowing constraints.