)
In this empirical study, the lifetime of capital stock is
assumed to be 20 years
:
where 
is a lifetime of capital stock in equation(5-3-3).
So the depreciation(retirement) rate
of capital(
) in the equation(5-3-1) is 0.10875.
The result of estimating host firms' aggregated
capital stock(
) is as follows:
[Table(6-2)]: Foreign capital stock(unit:billion yen)
(Notice): is host firms' aggregated capital stock(unit:billion yen).