資本費用과 投資의 Q模型

• 영문명: Cost of Capital and Q Model of Investment
• 발행기관: 한국재정학회(구 한국재정·공공경제학회)
• 저자명: 金峻永(Jun-Young Kim)
• 간행물 정보: 『재정논집』재정논집 제10권, 193~207쪽, 전체 15쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 1996.03.31

영문 초록

This work incorporates the cost of capital into the marginal Q model of investment. The model described above features joint movements of the tax-adjusted marginal Q and investment in which firms’ profit and the cost of capital have an important role. In the model, firms maximize the present value of net profit, and we introduce the extensive tax policies in deriving marginal Q. The tax-adjusted marginal q is derived as the ratio of the marginal profit to the cost of capital. In this context, this marhinal q approach is distinctive from the average q approaches used in other works. In Korea marginal q had been widely distributed across industries because of different cost of caputal and tax incentives. Marginal q in the majority of industries had been less uhan one under the extensive tax incentives to investment, while the construction industry showed highest marginal q values. grsater than one. In this paper we find evidences that the tax-adjusted marginal q is significant variable in determining invetment, and the cost of capital is also an important signal in making a decision of capital stock. Hence, these results are cantrast to ones introduced from an accelerator model of investment.

목차

1. 本論文의 意義

2. 資本費用과 限界 Q

3. 韓國의 限界 Q 推計

4. 利潤函數의 線形性 檢定

5. 資本費用, 限界 Q 및 資本形成

6. 結論

〈參考文獻〉