This study empirically verifies that the form of the adjustment cost function serves as an important mechanism in investment decision-making after confirming that the investment dispersion of Korean companies is pro-cyclical and can affect economic fluctuations. Specifically, it is revealed through empirical analysis using corporate financial data rather than a macroeconomic model that the investment adjustment cost function generally assumed in macroeconomics is asymmetric and irreversible in the Korean economy. In particular, since the substitution effect of the marginal value-to-cost of a one-unit investment in inter-temporal investment decision-making is affected by the additional adjustment cost from the sale of equipment assets, and not the investment in equipment assets, it is empirically proven to lead to an expansion of investment dispersion. This ultimately shows, albeit indirectly, that investment dispersion can affect economic fluctuations as the investment adjustment cost function influences the decision-making in investment. What is implied here is that the adjustment cost function is not merely a deep parameter that fits the dynamics of economic fluctuations in a macroeconomic model, but it could be a macro policy variable that can be endogenized through economic policy.

발간사
요 약

제1장 서 론

제2장 기업의 투자와 경기변동의 관계
　제1절 기업투자의 의사결정
　제2절 기업의 투자조정비용함수
　제3절 기업투자와 경기변동
　제4절 한국의 기업투자와 경기변동

제3장 기업의 투자모형 및 실증분석 방법론
　제1절 기업의 투자결정모형
　제2절 실증분석 자료
　제3절 실증분석 방법론: Generalized Method of Moments

제4장 실증분석 결과: 투자와 경기변동
　제1절 투자조정비용함수의 추정
　제2절 투자조정비용함수와 경기변동
　제3절 실증분석과 Simulation의 비교
　제4절 Digression: 산업별 투자조정비용함수 및 Q이론

제5장 결론 및 정책적 시사점
　제1절 결론 및 한계점
　제2절 정책적 시사점

참고문헌
부 록
ABSTRACT