第1-1-2(11)表 qを用いた設備投資関数のパネル推計(上場企業) |
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○推計式 |
:I/K=Ci+αq |
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:I/K=Ci+αq+βCFS |
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(I:設備投資、K:資本ストック、CFS:キャッシュフロー/売上高比) |
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・全産業(1,121社) |
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期間 |
q |
CFS |
R2 |
D.W. |
期間 |
q |
CFS |
R2 |
D.W. |
80-98 |
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0.0020 |
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0.15 |
1.30 |
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(9.45) |
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88-93 |
0.0037 |
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0.22 |
1.62 |
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(5.70) |
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0.0037 |
0.0011 |
0.22 |
1.62 |
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(5.71) |
(1.15) |
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0.0020 |
0.0010 |
0.15 |
1.30 |
93-98 |
0.0001 |
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0.21 |
1.59 |
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(9.43) |
(2.16) |
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(0.28) |
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0.0001 |
0.0011 |
0.21 |
1.59 |
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(0.27) |
(1.99) |
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・製造業(813社) |
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期間 |
q |
CFS |
R2 |
D.W. |
期間 |
q |
CFS |
R2 |
D.W. |
80-98 |
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0.0019 |
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0.13 |
1.26 |
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(8.12) |
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88-93 |
0.0050 |
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0.19 |
1.54 |
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(6.08) |
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0.0042 |
0.3703 |
0.22 |
1.58 |
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(5.22) |
(11.47) |
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0.0018 |
0.2565 |
0.15 |
1.29 |
93-98 |
0.0001 |
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0.25 |
1.61 |
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(7.63) |
(17.36) |
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(0.54) |
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0.0001 |
0.0406 |
0.25 |
1.62 |
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(0.52) |
(2.90) |
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・非製造業(308社) |
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期間 |
q |
CFS |
R2 |
D.W. |
期間 |
q |
CFS |
R2 |
D.W. |
80-98 |
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0.0025 |
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0.17 |
1.38 |
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(4.99) |
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88-93 |
0.0020 |
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0.13 |
1.32 |
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(1.81) |
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0.0021 |
0.0910 |
0.25 |
1.76 |
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(1.91) |
(2.85) |
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0.0026 |
0.1205 |
0.17 |
1.39 |
93-98 |
-0.0006 |
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0.14 |
1.55 |
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(5.04) |
(5.15) |
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(-0.68) |
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-0.0005 |
0.0775 |
0.14 |
1.56 |
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(-0.48) |
(1.92) |
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(備考) |
1.推計方法等については付注1-1-2(2)参照。 |
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2.店頭企業、業種別の推計結果は付表1-1-2(2)参照。 |
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