Does Discarding of Equipment Create New Investments? * : Dynamic Panel Analysis, and Surveys by Questionnaire and Interviews

本研究的主要目的是从理论和实证两个方面探讨设备报废对资本投资的影响。本文主要进行了以下三个方面的研究：(1)实证研究：对日本上市公司的面板数据进行动态面板分析，揭示设备报废、资本投入、就业调整、现金流等因素之间的因果关系。问卷调查和访谈：对日本上市公司的资本投入、设备报废、生产外包等决策机制进行了问卷调查和访谈。理论分析：在这一年里，我们将机构改革机制的研究扩展到了政府机构改革机制的研究，除了对民营企业的机构改革机制的研究。

Main purpose of this research is to inquire the effects of discarding of equipment on the capital investments, theoretically and empirically. In this year, we conducted the following three studies mainly:(1) Empirical Studies : We analyzed the panel data of Japanese listed companies by dynamic panel analysis, to reveal the causality among discarding of equipment, capital investment, adjustment of employment, cash flow, and so on. And we started to extend it to international comparative studies.(2) Questionnaire and Interviews : We conducted questionnaire and interviews to Japanese listed companies about the decision making system of capital investment, discarding of equipment, and outsourcing of production. We continued to analyze the data of it.(3) Theoretical Analysis : In this year, we extended the study of the mechanism of organizational reform into the one of the government, in addition to private companies.