Japan’s Intangible Capital and Valuation of Corporations in a Neoclassical Framework

Material type: 文書・図像類

Author: Arato, Hirokiほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2011-11

Material Format: Paper

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Note (General)：: February 2010, Revised October 2010, Secondly Revised November 2011This paper estimates the economic value in the 1980s and 1990s of corporate assets ...

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Paper

Material Type: 文書・図像類
Title: Japan’s Intangible Capital and Valuation of Corporations in a Neoclassical Framework
Author/Editor: Arato, Hiroki
Yamada, Katsunori
Author Heading: Arato, Hiroki
https://nrid.nii.ac.jp/nrid/1000090583518
Yamada, Katsunori
https://nrid.nii.ac.jp/nrid/1000080533603
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2011-11
Publication Date (W3CDTF): 2011-11
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 772
Volume: 772
Pages: 1-34
Text Language Code: eng
Subject Heading: Intangible capital
Fundamental value of corporations
Accounting information
Target Audience: 一般
Note (General): February 2010, Revised October 2010, Secondly Revised November 2011
This paper estimates the economic value in the 1980s and 1990s of corporate assets in Japan, including both tangible and intangible assets, based on the neoclassical framework of McGrattan and Prescott (2005). Our estimates use a new micro-data set that comprises the accounting statements of all listed, non-financial companies in Japan. We find that in 1981-86, a period that immediately preceded Japan’s so-called “bubble economy”, our assessed value of corporate productive assets, net of the value of corporate debt, is approximately equal to the actual stock market value of Japanese corporate equity. The finding differs from previous results based on studies of aggregate data sets or based on studies of micro data sets that neglected intangible capital. We also show that the Japanese ratio of the amount of intangible capital stock to the amount of tangible capital stock is comparable to the analogous ratios for the U.S. and U.K.
References (URI): https://www.iser.osaka-u.ac.jp/library/dp/2010/DP0772RR.pdf
URI
https://www.iser.osaka-u.ac.jp/library/dp/2010/DP0772RR.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華