{"created":"2023-05-15T09:03:38.887922+00:00","id":4572,"links":{},"metadata":{"_buckets":{"deposit":"215824b4-0a71-41e9-9d8e-042bad5d117b"},"_deposit":{"created_by":3,"id":"4572","owners":[3],"pid":{"revision_id":0,"type":"depid","value":"4572"},"status":"published"},"_oai":{"id":"oai:hirosaki.repo.nii.ac.jp:00004572","sets":["732:928:742"]},"author_link":["936","935","934"],"item_5_alternative_title_21":{"attribute_name":"その他のタイトル","attribute_value_mlt":[{"subitem_alternative_title":"Uncertainty and Investment"}]},"item_5_alternative_title_22":{"attribute_name":"タイトル（ヨミ）","attribute_value_mlt":[{"subitem_alternative_title":"フカジツセイ ト セツビ トウシ"}]},"item_5_biblio_info_8":{"attribute_name":"書誌情報","attribute_value_mlt":[{"bibliographicIssueDates":{"bibliographicIssueDate":"2010-12-28","bibliographicIssueDateType":"Issued"},"bibliographicIssueNumber":"7","bibliographicPageEnd":"94","bibliographicPageStart":"83","bibliographic_titles":[{"bibliographic_title":"弘前大学大学院地域社会研究科年報"}]}]},"item_5_description_5":{"attribute_name":"抄録","attribute_value_mlt":[{"subitem_description":"投資のサンクコストと収益の不確実性とにより設備投資の延期にオプション価値が生じる場合、投資を行うqの下限は1にオプション価値を加えたものとなる。このことは、従来のNPV基準についても変更をもたらし、NPVがゼロを上回る投資プロジェクトについても、それがオプション価値を上回らない限り投資は行われないことを導く。以上をフローレベルで見た場合、設備投資の実施はハードルレートと呼ばれる投資収益の下限と密接な関係を持つ。すなわち、資本の限界収益が資本コストを遥かに上回る水準、すなわちハードルレートを超えない限り投資は行われないことが知られている。投資延期のオプション価値を用いれば、資本コストとハードルレートとの乖離をそのプレミアムとして説明することができる。\n本稿は以上の観点に着目し、不確実性が設備投資に及ぼす影響に関する考察を行った。結果は以下のように要約できる。第一に、資本コストにリスクプレミアムを導入すれば、不確実性がqに及ぼす影響はU字型となる。第二に、投資の不可逆性の下における投資延期オプションを考慮した場合、NPVやqなどの投資基準はオプション価値の上積みにより修正され、従来よりも高い下限が適用される。また、不確実性と投資基準である投資収益の下限との関係は非単調である。第三に、不確実性はハードルレートに対して単調増加を示す。最後に、投資延期オプションモデルに基づく設備投資の実施確率と不確実性との間には複雑な非線形性が見られる。","subitem_description_type":"Abstract"}]},"item_5_description_7":{"attribute_name":"引用","attribute_value_mlt":[{"subitem_description":"弘前大学大学院地域社会研究科年報. 7, 2010, p.83-94","subitem_description_type":"Other"}]},"item_5_full_name_2":{"attribute_name":"著者(ヨミ)","attribute_value_mlt":[{"nameIdentifiers":[{"nameIdentifier":"935","nameIdentifierScheme":"WEKO"}],"names":[{"name":"シマ, ケイイチ"}]}]},"item_5_full_name_3":{"attribute_name":"著者別名","attribute_value_mlt":[{"nameIdentifiers":[{"nameIdentifier":"936","nameIdentifierScheme":"WEKO"}],"names":[{"name":"Shima, 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University"}]},"item_5_version_type_18":{"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":"嶋, 恵一"}],"nameIdentifiers":[{"nameIdentifier":"934","nameIdentifierScheme":"WEKO"}]}]},"item_files":{"attribute_name":"ファイル情報","attribute_type":"file","attribute_value_mlt":[{"accessrole":"open_date","date":[{"dateType":"Available","dateValue":"2018-03-13"}],"displaytype":"detail","filename":"RegionalStudies_7_83.pdf","filesize":[{"value":"21.5 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