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Gross fixed capital formation (GFCF) is a macroeconomic concept used in official national accounts such as the United Nations System of National Accounts (UNSNA), National Income and Product Accounts (NIPA) and the European System of Accounts (ESA). The concept dates back to the National Bureau of Economic Research (NBER) studies of Simon Kuznets of capital formation in the 1930s, and standard measures for it were adopted in the 1950s. Statistically it measures the value of acquisitions of new or existing fixed assets by the business sector, governments and "pure" households (excluding their unincorporated enterprises) ''less'' disposals of fixed assets. GFCF is a component of the expenditure on gross domestic product (GDP), and thus shows something about how much of the new value added in the economy is invested rather than consumed. GFCF is called "gross" because the measure does not make any adjustments to deduct the consumption of fixed capital (depreciation of fixed assets) from the investment figures. For the analysis of the development of the productive capital stock, it is important to measure the value of the acquisitions less disposals of fixed assets beyond replacement for obsolescence of existing assets due to normal wear and tear. ''"Net fixed investment"'' includes the depreciation of existing assets from the figures for new fixed investment, and is called ''net fixed capital formation''.〔(【引用サイトリンク】url=http://stats.oecd.org/glossary/detail.asp?ID=1755 )〕 GFCF is ''not'' a measure of ''total'' investment, because only the value of net additions to fixed assets is measured, and all kinds of ''financial'' assets are excluded, as well as stocks of inventories and other operating costs (the latter included in intermediate consumption). If, for example, one examines a company balance sheet, it is easy to see that fixed assets are only one component of the total annual capital outlay. The most important exclusion from GFCF is ''land sales and purchases''. The original reason, leaving aside complex valuation problems involved in estimating the value of land in a standard way, was that if a piece of land is sold, the total amount of land already in existence, is not regarded as being increased thereby; all that happens is that the ''ownership'' of the same land changes. Therefore, only the value of land improvement is included in the GFCF measure as a net addition to wealth. In special cases, such as land reclamation from the sea, a river or a lake (e.g. a polder), new land can indeed be created and sold where it did not exist before, adding to fixed assets. The GFCF measure always applies to the resident enterprises of a national territory, and thus if e.g. oil exploration occurs in the open seas, the associated new fixed investment is allocated to the national territory in which the relevant enterprises are resident. Data is usually provided by statistical agencies annually and quarterly, but only within a certain time-lag. Fluctuations in this indicator are often considered to show something about future business activity, business confidence and the pattern of economic growth. In times of economic uncertainty or recession, typically business investment in fixed assets will be reduced, since it ties up additional capital for a longer interval of time, with a risk that it will not pay itself off (and fixed assets may therefore also be scrapped faster). Conversely, in times of robust economic growth, fixed investment will increase across the board, because the observed market expansion makes it likely that such investment will be profitable in the future. ==Definition== Detailed (standard definitions of gross fixed capital formation (GFCF) ) are provided by the United Nations System of National Accounts (UNSNA) and the IMF Balance of Payments system. The definitions used by the US Bureau for Economic Analysis for the National Income & Product Accounts (NIPA's) and in the (European System of Accounts (ESA) ) are very similar. GFCF is a flow value. It is measured by the total value of a producer's acquisitions, less disposals of fixed assets during the accounting period plus certain additions to the value of non-produced assets (such as subsoil assets or major improvements in the quantity, quality or productivity of land) realised by the productive activity of institutional units. In this way GFCF is a measure of ''gross net investment'' (acquisitions less disposals) in (fixed capital ) assets by enterprises, government and households within the domestic economy, during an accounting period such as a quarter or a year: * Fixed assets are acquired through purchases, barter trade, capital transfers in kind, financial lease, improvement of fixed assets and natural growth of those natural assets that yield repeat products. The acquisition value includes acquisition taxes and fees and measures "all-up" costs of fixed investment. * Fixed assets are disposed of by sales, barter trade and capital transfers in kind. Disposal of fixed assets excludes (consumption of fixed capital ) and exceptional losses due to natural disasters. It is worth noting that (fixed assets in national accounts ) have a broader coverage than fixed assets in business accounts. Fixed assets are produced assets that are used repeatedly or continuously in production processes for more than one year. The stock of produced fixed assets consists of tangible assets (''e.g. residential and non-residential building, roads, bridges, airports, railway, machinery, transport equipment, office equipment, vineyards and orchards, breeding livestock, dairy livestock, draught animals, sheep and other animals reared for their wool''). The (European System of Accounts (ESA95) ) explicitly includes produced intangible assets (e.g. mineral exploration, computer software, copyright protected entertainment, literary and artistics originals) within the definition of fixed assets. The range of fixed assets included in statistical measurement is defined by the purpose in using them. A vehicle for example is a fixed asset, but vehicles are included in GFCF only if they are actually used in work activities, i.e. if they fall within the scope of "production". A car for personal use only is not normally included. The boundaries are not always easy to define however, since vehicles may be used both for personal purposes and for work purposes; a conventional rule is usually applied in that case. Non-produced assets (''e.g. land except the value of land improvements, subsoil assets, mineral reserves, natural resources such as water, primary forests'') are excluded from the official measure of GFCF. Also ordinary repair work, purchases of durable household equipment (''e.g. private cars and furniture'') and animals reared for their meat are not part of GFCF. In the 1993 version of the UNSNA (2003 SNA) the acquisition of armaments is not recorded as GFCF but as final consumption expenditure and intermediate consumption. The definition of fixed assets was reviewed with the (update of the SNA ) that led to the System of National Accounts 2008 (2008 SNA). Expenditure on weapons that meet the general definition of assets have been reclassified as GFCF. It is sometimes difficult to draw an exact statistical boundary between GFCF and (intermediate consumption ), insofar as the expenditure concerns alterations to fixed assets owned. In some cases, this expenditure can refer to new fixed investment, in others only to operating costs relating to the maintenance or repair of fixed assets. Some countries include the insurance of fixed assets as part of GFCF. An important change in the GFCF boundary in the 2008 SNA relates to the treatment of expenditure on research and development (R&D). R&D which is measured by the value of expenditures on creative work undertaken on a systematic basis in order to increase the stock of knowledge, and the use of this stock to devise new applications, it is argued, should be recognized as part of GFCF. This means that R&D expenditure is recorded as the production of an asset instead of intermediate consumption, which has the effect of increasing GDP. It should be noted that this output measure focuses on the direct effect of R&D only; external benefits of R&D are not considered in this output measurement. Also, the 2008 SNA still explicitly excludes human capital as assets. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Gross fixed capital formation」の詳細全文を読む スポンサード リンク
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