Technology and Capital Adjustment Costs : A Micro evidence of automobile electronics in the auto-parts suppliers.

为了对资本调整成本的性质进行定量评估，在面对技术变革时，我们估计了凸、非凸和不可逆的资本调整成本函数（库珀和Haltiwanger，2006）。在日本汽车零部件供应商（Census of Manufactures）的企业层面上，将模拟矩量法应用于Bellman方程，其中经历了汽车电子的技术变革，通用技术的应用（大卫，1990 ;约万诺维奇和卢梭，2005）。我们使用专利获取数据和工厂的产品项目来确定汽车零部件供应商何时何地采用了汽车电子技术：电子控制燃油喷射、电动助力转向、防抱死制动、安全气囊、导航、线束和锂离子电池。对于整体汽车零部件供应商来说，不存在任何形式的调整成本，既不凸、不凸，也不可逆。对于以有形资本为载体的汽车电子行业，我们可以清楚地发现凸形调整成本的显著存在。反常的是，汽车电子也使投资决策可逆。此外，工厂结构调整、工人再培训或组织结构调整的固定成本出现了，特别是以与工厂规模成比例的成本形式出现，而不是投资的机会成本。调整成本的性质意味着在通用技术出现时，需要采取经济政策措施来补偿资本调整成本造成的产出损失。

In order to make quantitative evaluations on the nature of capital adjustment costs, in the face of technological changes, we estimate capital adjustment cost functions, either convex, non-convex, or irreversible(Cooper and Haltiwanger, 2006). A simulated method of moments is applied to the Bellman equations at an establishment level of the Japanese auto parts suppliers(Census of Manufactures), where experiencing a technological change of automobile electronics, an application of general purpose technology(David, 1990 ; Jovanovic and Rousseau, 2005). Identifying when and where auto-electronics technologies have been embodied in the auto parts suppliers, we use patent acquisition data and plants' products items : electronically-controlled fuel injection ; electric power steering ; anti-lock brakes ; airbags ; navigation ; wire harnesses ; and lithium-ion batteries. For the overall auto parts suppliers, there are no adjustment costs in any form, neither convex, non-convex, nor irreversible. As for the sectoral plants with the automobile electronics embodied in the tangible capitals, we clearly detect a significant existence of the convex adjustment costs. Anomalously, auto-electronics also makes investment decisions reversible. Moreover, the fixed costs of plant restructuring, worker retraining, or organizational restructuring emerge, especially in a form of costs proportional to plant size rather than the opportunity cost of investment. The nature of adjustment costs implies economic policy measures to compensate for the output losses from the capital adjustment costs in the face of general purpose technologies.