{"created":"2023-05-15T12:18:37.797177+00:00","id":8610,"links":{},"metadata":{"_buckets":{"deposit":"952784f2-70da-4b95-b3b0-3613ce9b3bc4"},"_deposit":{"created_by":1,"id":"8610","owners":[1],"pid":{"revision_id":0,"type":"depid","value":"8610"},"status":"published"},"_oai":{"id":"oai:kansai-u.repo.nii.ac.jp:00008610","sets":["528:933:953:1275"]},"author_link":["17070","17071"],"item_10_biblio_info_7":{"attribute_name":"書誌情報","attribute_value_mlt":[{"bibliographicIssueDates":{"bibliographicIssueDate":"2016-06-20","bibliographicIssueDateType":"Issued"},"bibliographicIssueNumber":"1","bibliographicPageEnd":"18","bibliographicPageStart":"1","bibliographicVolumeNumber":"66","bibliographic_titles":[{"bibliographic_title":"關西大學經済論集"}]}]},"item_10_description_4":{"attribute_name":"概要","attribute_value_mlt":[{"subitem_description":"新古典派投資理論では企業の設備投資はqで説明できるとしているのに対し、実証分析ではqよりもキャッシュフローの方が設備投資に対して強く影響を与えるとの結果が多い。この違いを説明するのが、投資家と経営者との間の情報の非対称性（asymmetric information）やエージェンシー問題（agency problems）である。しかしながら、近年では、企業活動や資本市場のグローバル化が進んだことで、企業は国内外の投資家に対して経営・財務情報をより積極的に開示する必要に迫られている。こうした変化は情報の非対称性（asymmetric information）やエージェンシー問題（agency problems）を緩和し、設備投資とキャッシュフローの強い相関を弱める方向に働いているのではないだろうか。\nそこで本論文では、グローバル化による株主構成の変化に注目し、それが設備投資のキャッシュフロー感応度にどのような影響を与えているのかについて分析を試みた。具体的には、日本の上場企業の財務データを利用し、設備投資のキャッシュフロー感応度が海外法人等株式保有比率によって変化しているのかどうかを分析した。その結果、海外投資家の株式保有比率の高い企業では、設備投資のキャッシュフロー感応度は統計的にゼロとなり、qが設備投資に対して強く有意な影響を持つことが明らかとなった。","subitem_description_type":"Other"}]},"item_10_full_name_3":{"attribute_name":"著者別名","attribute_value_mlt":[{"nameIdentifiers":[{"nameIdentifier":"17071","nameIdentifierScheme":"WEKO"}],"names":[{"name":"Maekawa, Satoko"}]}]},"item_10_publisher_34":{"attribute_name":"出版者","attribute_value_mlt":[{"subitem_publisher":"關西大学經済學會"}]},"item_10_relation_43":{"attribute_name":"シリーズ","attribute_value_mlt":[{"subitem_relation_name":[{"subitem_relation_name_text":"経済学文献季報分類番号;02-27; 09-13"}]}]},"item_10_source_id_10":{"attribute_name":"書誌レコードID","attribute_value_mlt":[{"subitem_source_identifier":"AN00046869","subitem_source_identifier_type":"NCID"}]},"item_10_source_id_8":{"attribute_name":"ISSN","attribute_value_mlt":[{"subitem_source_identifier":"04497554","subitem_source_identifier_type":"ISSN"}]},"item_10_version_type_17":{"attribute_name":"著者版フラグ","attribute_value_mlt":[{"subitem_version_resource":"http://purl.org/coar/version/c_970fb48d4fbd8a85","subitem_version_type":"VoR"}]},"item_creator":{"attribute_name":"著者","attribute_type":"creator","attribute_value_mlt":[{"creatorNames":[{"creatorName":"前川, 聡子"}],"nameIdentifiers":[{},{}]}]},"item_files":{"attribute_name":"ファイル情報","attribute_type":"file","attribute_value_mlt":[{"accessrole":"open_date","date":[{"dateType":"Available","dateValue":"2019-05-22"}],"displaytype":"detail","filename":"KU-1100-20170620-01.pdf","filesize":[{"value":"8.6 MB"}],"format":"application/pdf","licensetype":"license_note","mimetype":"application/pdf","url":{"label":"KU-1100-20170620-01.pdf","url":"https://kansai-u.repo.nii.ac.jp/record/8610/files/KU-1100-20170620-01.pdf"},"version_id":"486445c1-35c1-48ff-8e05-a286a00f49cd"}]},"item_keyword":{"attribute_name":"キーワード","attribute_value_mlt":[{"subitem_subject":"investment","subitem_subject_scheme":"Other"},{"subitem_subject":"asymmetric information","subitem_subject_scheme":"Other"},{"subitem_subject":"agency problem","subitem_subject_scheme":"Other"},{"subitem_subject":"q","subitem_subject_scheme":"Other"},{"subitem_subject":"free cash-flow","subitem_subject_scheme":"Other"},{"subitem_subject":"関西大学","subitem_subject_scheme":"Other"},{"subitem_subject":"Kansai University","subitem_subject_scheme":"Other"},{"subitem_subject":"関西大学経済論集","subitem_subject_scheme":"Other"}]},"item_language":{"attribute_name":"言語","attribute_value_mlt":[{"subitem_language":"jpn"}]},"item_resource_type":{"attribute_name":"資源タイプ","attribute_value_mlt":[{"resourcetype":"departmental bulletin paper","resourceuri":"http://purl.org/coar/resource_type/c_6501"}]},"item_title":"株主構成と設備投資のキャッシュフロー感応度 : 日本の製造業財務データに基づく分析","item_titles":{"attribute_name":"タイトル","attribute_value_mlt":[{"subitem_title":"株主構成と設備投資のキャッシュフロー感応度 : 日本の製造業財務データに基づく分析"}]},"item_type_id":"10","owner":"1","path":["1275"],"pubdate":{"attribute_name":"公開日","attribute_value":"2017-08-30"},"publish_date":"2017-08-30","publish_status":"0","recid":"8610","relation_version_is_last":true,"title":["株主構成と設備投資のキャッシュフロー感応度 : 日本の製造業財務データに基づく分析"],"weko_creator_id":"1","weko_shared_id":1},"updated":"2023-05-15T15:07:04.718625+00:00"}