Exchange Rate, Marginal q and Investment Behavior of Small and Medium-Sized Enterprises in Japan: Time Series Evidence of Manufacturing Industries
Exchange Rate, Marginal q and Investment Behavior of Small and Medium-Sized Enterprises in Japan: Time Series Evidence of Manufacturing Industries
复制标题
汇率、边际q与日本中小企业投资行为：制造业的时间序列证据
DOI：
10.1080/13504851.2015.1064073
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发表时间：
2016
影响因子：
1.6
通讯作者：
Masafumi
中科院分区：
文献类型：
--
作者：
Kozuka;Masafumi
在本文中，我们利用日本中小企业 (SME) 企业的季度数据研究了汇率、托宾边际 q 和投资资本比率之间的格兰杰因果关系。我们利用以下行业的数据：化工、钢铁、生产机械、电气机械和设备、汽车及配件和所有制造业。我们获得的实证结果表明，汇率与其他变量（投资和边际q）不存在格兰杰因果关系的零假设在所有行业中都被接受。原因是中小企业出口比例较低。因此，认为安倍经济学对中小企业的影响有限，需要采取其他类型的针对中小企业的通货再膨胀措施。
In this article, we investigate Granger’s causality among the exchange rate, Tobin’s marginal q and investment-capital ratio with quarterly data on firms categorized as small and medium-sized enterprises (SMEs) in Japan. We utilize the data of the following industries: chemical, iron and steel, production machinery, electric machinery and equipment, automobile and accessories and all manufacturing. The empirical results we obtain show that the null hypotheses of no Granger’s causality from the exchange rate to other variables, investment and marginal q, are accepted in all industries. The reason is the lower percentage of export by SMEs. Thus, it is considered that the effects of Abenomics on SMEs are limited, and that other kinds of reflation measures for SMEs are needed.