This study investigates the relationship between snow conditions and snowmaking investments for over 100 French Alps ski resorts. Investment trends represent a critical issue in capital-intensive sectors such as the ski industry. The data are based on snow reliability indicators and snowmaking investments covering 1997–2014. Descriptive statistics reveal that snowmaking has been the second investment item for ski resorts regardless of the elevation or ski resort size. The study finds that snowmaking investments are highly negatively correlated to snow conditions of the prior year for small and medium-sized ski resorts. Other factors are also likely to play a significant role in driving snowmaking investment dynamics.

中文翻译：

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雪况变化对法国阿尔卑斯滑雪胜地的造雪投资有影响吗？

本研究调查了 100 多个法国阿尔卑斯山滑雪胜地的雪况与造雪投资之间的关系。投资趋势是滑雪业等资本密集型行业的关键问题。数据基于 1997-2014 年的雪可靠性指标和造雪投资。描述性统计表明，无论海拔或滑雪场大小，造雪一直是滑雪场的第二项投资项目。研究发现，中小型滑雪场的造雪投资与上一年的雪况呈高度负相关。其他因素也可能在推动造雪投资动态方面发挥重要作用。