Inefficiency of Corporate Investment and Distortion of Savings Behavior in Japan
Inefficiency of Corporate Investment and Distortion of Savings Behavior in Japan
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日本企业投资效率低下和储蓄行为扭曲
DOI：
10.7208/chicago/9780226060231.003.0007
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发表时间：
2003
期刊：
影响因子：
--
通讯作者：
Tsutomu Miyagawa
中科院分区：
文献类型：
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作者：
A. Ando;Dimitris Christelis;Tsutomu Miyagawa
在日本，公司权益的价值远远小于累积投资的再生产成本与公司拥有的土地的市场价值之和所隐含的价值(也就是，托宾的平均Q远远小于1)。这种差异似乎是由于企业投资的回报率非常低，也是因为股息支付异常少和停滞不前。它至少从1965年起就存在了，随着时间的推移，它的规模逐渐变得更大。如果公司权益的价值足够高，以缩小差异，那么家庭部门的净值在1998年将比其实际价值高出约395万亿日元。这样增加家庭净资产将产生至少15万亿日元的额外消费需求。本文追溯了这种估值差异随时间的发展，并探讨了其可能的原因。在这个过程中，我们准备了对资本存量及其折旧的替代估计，而不是国民账户中提供的估计。基本的区别是，我们计算的折旧率大大低于日本国民账户中使用的折旧率，更接近美国的普遍价值。然而，我们结果的定性特征仍然不受这些替代估计之间的选择的影响。
The value of corporate equity in Japan is dramatically smaller than that implied by the sum of the reproduction cost of accumulated investment and the market value of land owned by corporations (that is, the Tobin's average 'q' is much smaller than unity). This discrepancy appears to result from the very low rate of return earned on corporate investment and also from the extraordinarily small and stagnant dividend payments. It has persisted at least since l965, and its size has become progressively larger over time. If the value of corporate equity were sufficiently high to close the discrepancy, the net worth of the household sector would have been larger than its actual value by some 395 trillion yen in l998. Such an addition to household net worth would have generated additional consumption demand of at least 15 trillion yen. This paper traces the development of this valuation discrepancy over time, and explores its possible causes. In the process, we prepare an alternative estimate of the capital stock and its depreciation to those offered in the National Accounts. The basic difference is that the depreciation rates underlying our calculations are substantially lower than those used in the Japanese National Accounts, and closer to values prevailing in the United States. The qualitative characteristics of our results, however, remain unaffected by the choice between these alternative estimates.