金融危機後の東南アジアの投資環境 : 金融危機後のインドネシア、マレーシア、フィリピン、タイの投資関数の推計

本稿では、金融危機後の東南アジア４か国上場企業のパネル・データを用いて、トービンQを用いた投資関数を推計し、各国の投資環境を分析した。本稿の分析結果は、資金調達手段が投資水準に強く影響を与えていること、大企業の投資行動が抑制されていること、各国のそれらの効果に相違があることを示唆している。, This study investigates the investment behavior of the listed companies in four ASEAN countries, namely: Indonesia, Malaysia, Philippines, and Thailand. For these purposes, the investment functions using the Tobin's Q are estimated based on the panel-data of the listed companies after the Asian financial crisis. The estimated results reveal three features: Firstly, the financial structures of the firms affect their investment behaviors in the same way as in developed countries. Secondly, large firms, as opposed to ones in developed countries, have a tendency to curb their investment. Thirdly, the extents of those effects vary between countries. These findings suggest that firms can neither borrow enough money from financial institution to realize their investment opportunities completely nor issue enough securities to investors, though the governments have reformed their financial sectors and the private saving rates are higher than the private investment rates in ASEAN countries. The capital markets have not significantly grown in past ten years, while the commercial banks have shrunk their corporate loans relatively. Although financial sector reforms in these countries have achieved financial stability, firms have still difficulty in financing investments.