On the asset substitution problem and the industrial structure
| Project/Area Number |
15K21418
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Economic policy
Money/ Finance
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| Research Institution | Hosei University |
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Principal Investigator |
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| Project Period (FY) |
2015-04-01 – 2020-03-31
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| Project Status |
Completed (Fiscal Year 2019)
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| Budget Amount *help |
¥3,120,000 (Direct Cost: ¥2,400,000、Indirect Cost: ¥720,000)
Fiscal Year 2018: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2017: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2016: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2015: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
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| Keywords | 契約理論 / 寡占理論 / 資金調達 / 資産代替 / 寡占 / 産業構造 / 企業金融論 / 産業組織論 |
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| Outline of Final Research Achievements |
The investment behavior and the industrial structure of companies are analyzed by an optimal debt contracting model. Decrease of initial capital reduces total investment when the level of initial capital is relatively high, but increases total investment when the level is considerably low. In any case, the investment amount in a risk-free project is reduced and the investment amount in a risky project is increased. This result suggests that individual companies may have an incentive to reduce their own capital strategically and such a strategic behavior can increase the expected value of total surplus. It also suggests that capital restructuring support for companies whose financial condition has deteriorated may be undesirable for both the company and society as a whole.
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| Academic Significance and Societal Importance of the Research Achievements |
本研究の成果は，既存研究では考えてこられなかった資金調達局面における最適契約問題を考えることで，企業の資本構成と市場競争の関係に関する理論を精緻化したとともに，これまでは理論と整合的ではないとみられていた実証研究の結果を説明できるようにしたという学術的意義を持つ。また，本研究の成果は，ライバル企業が存在する企業の再建支援のあり方を検討するための理論的枠組みを提供したという社会的意義を持つ。
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Report
(6 results)
Research Products
(4 results)
