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Campanies' Capital Structure in A Dollarized Economy: Analysis of Large Sized Surbey in Cambodia

Research Project

Project/Area Number 16K03737
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Money/ Finance
Research InstitutionHitotsubashi University

Principal Investigator

Okuda Hidenobu  一橋大学, 大学院経済学研究科, 特任教授 (00233461)

Project Period (FY) 2016-04-01 – 2020-03-31
Project Status Completed (Fiscal Year 2019)
Budget Amount *help
¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
Fiscal Year 2018: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2017: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2016: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Keywordsドル化 / 企業金融 / カンボジア / アンケート調査 / 土地登記制度 / 借入通貨制約 / 金融発展 / 家計の資産選択 / 金融機関の経営効率性 / マイクロファイナンス / 資本構成 / 銀行 / マイクロ・ファイナンス / 経営効率性 / マイクロ金融機関 / 経済政策 / 金融論 / 経済事情
Outline of Final Research Achievements

This study investigates the determinants of the capital structure of Cambodian companies by using the data set collected by the nation-wide NBC - JICA joint survey in 2014 and 2016. This study is a pioneering econometric analysis to elucidate the characteristics and determinants of companies’capital structure in Cambodia. In addition, this paper is unique in analyzing the specific Cambodian feature that Cambodian companies have no other choice but to borrow in dollars.
The results of econometric analysis support the standard corporate financing hypothesis in Cambodia. However, companies with no margin in terms of financing tend to use dollar-denominated borrowing without paying attention to the accompanying currency risk. These results give evidence to several policy tasks: in addition to grading up the bank screening ability and improving the accounting and information system, it is strongly desired to develop the land registration system and disseminate the insurance system.

Academic Significance and Societal Importance of the Research Achievements

本研究の第1の意義はカンボジア全県から収集したNBC-JICA共同調査の個票データを利用して企業の資本構成の計量経済分析を行い、カンボジア企業金融の構造を初めて体系的に検討したことである。第2は、企業が自国通貨とドルから借入通貨を選択するという通常のドル化事例とは異なり、自国通貨を使用している企業でも借入通貨がドルしか利用できないというカンボジア特有の企業金融行動を計量経済学の手法で明らかにしたことである。
本研究からは、情報の非対称性を改善するには銀行審査能力や会計・財務情報の整備と並んで、土地登記制度の整備や保険制度の普及が重要であることについて経済学的なエビデンスを得ることができた。

Report

(5 results)
  • 2019 Annual Research Report   Final Research Report ( PDF )
  • 2018 Research-status Report
  • 2017 Research-status Report
  • 2016 Research-status Report
  • Research Products

    (17 results)

All 2020 2019 2018 2017 2016 Other

All Int'l Joint Research (1 results) Journal Article (6 results) (of which Open Access: 3 results,  Peer Reviewed: 4 results) Presentation (8 results) (of which Int'l Joint Research: 3 results) Book (1 results) Funded Workshop (1 results)

  • [Int'l Joint Research] National bank of Cambodia/Cambodia Microfinance Association(Cambodia)

    • Related Report
      2017 Research-status Report
  • [Journal Article] The Cost Efficiency of Cambodian Commercial Banks:A Stochastic Frontier Analysis2020

    • Author(s)
      Aiba Daiju and Okuda Hidenobu
    • Journal Title

      Working Paper = Working Paper

      Volume: 208 Issue: 208 Pages: 1-28

    • DOI

      10.18884/00001027

    • NAID

      120006824926

    • URL

      https://jicari.repo.nii.ac.jp/records/1047

    • Year and Date
      2020-04-06
    • Related Report
      2019 Annual Research Report
    • Open Access
  • [Journal Article] Are the Operations of Microfinance Institutions Different Across Countries? A Comparative Analysis of Cambodia and the Philippines Using DEA and PCA2020

    • Author(s)
      Aiba Daiju and Okuda Hidenobu
    • Journal Title

      Working Paper = Working Paper

      Volume: 212 Pages: 1-43

    • DOI

      10.18884/00001031

    • NAID

      120006824930

    • URL

      http://hdl.handle.net/10685/00001031

    • Year and Date
      2020-04-06
    • Related Report
      2019 Annual Research Report
    • Open Access
  • [Journal Article] カンボジアのドル化の全体像―ドル化に一体化した金融発展2019

    • Author(s)
      奥田英信
    • Journal Title

      アジア研究

      Volume: 65 Pages: 96-111

    • NAID

      130007626115

    • Related Report
      2018 Research-status Report
    • Peer Reviewed
  • [Journal Article] Capital structure decisions in a highly dollarized economy: Evidence fromm Cambodian firms2018

    • Author(s)
      Hidenobu Okuda, Daiju Aiba
    • Journal Title

      Journal of Asian Economics

      Volume: 58 Pages: 1-18

    • Related Report
      2018 Research-status Report
    • Peer Reviewed / Open Access
  • [Journal Article] ドル化経済における企業の資金調達行動:カンボジア大規模アンケート調査による分析2018

    • Author(s)
      奥田英信、相場大樹
    • Journal Title

      アジア研究

      Volume: 64 Pages: 1-20

    • Related Report
      2017 Research-status Report
    • Peer Reviewed
  • [Journal Article] Determinants of the Capital Structure of Cambodian Firms: Firms’ Fund Raising Behavior in Highly Dollarized Emerging Markets2018

    • Author(s)
      Hidenobu Okuda、Daiju Aiba
    • Journal Title

      JICA-RI Working Paper

      Volume: 160 Pages: 1-46

    • Related Report
      2017 Research-status Report
    • Peer Reviewed
  • [Presentation] The Determinants of Banks’ Cost Efficiency in a Highly Dollarized Economy: Stochastic Frontier Analysis of Cambodian Commercial Banks2019

    • Author(s)
      Okuda Hidenobu and Aiba Daiju
    • Organizer
      Singapore Economic Review Conference 2019
    • Related Report
      2019 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Management efficiency of Cambodian banks: Stochastic frontier analysis2018

    • Author(s)
      Hidenobu Okuda, Daiju Aiba
    • Organizer
      East Asian Economic Association
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Presentation] マイクロ金融機関の経営特性の国際比較:DEAと主成分分析を利用したカンボジアとフィリピンの事例2017

    • Author(s)
      奥田英信・外山雄介
    • Organizer
      日本金融学会
    • Related Report
      2017 Research-status Report
  • [Presentation] カンボジア商業銀行の経営効率性:決定要因と政策的意味2017

    • Author(s)
      奥田英信・相場大樹
    • Organizer
      アジア政経学会
    • Related Report
      2017 Research-status Report
  • [Presentation] Determinants of the Capital Structure of Cambodian Firms: Firms’ Fund Raising Behavior in Highly Dollarized Emerging Markets2017

    • Author(s)
      Hidenobu Okuda、Daiju Aiba
    • Organizer
      The Singapore Economic Review Conference
    • Related Report
      2017 Research-status Report
  • [Presentation] Management Characteristics of Cambodian Microfinance Institutions:Operational Efficiency and Management Objectives2016

    • Author(s)
      Hidenobu Okuda
    • Organizer
      The 3rd Annual National Bank of Cambodia Macroeconomic Conference
    • Place of Presentation
      Phnom Penh, Cambodia
    • Year and Date
      2016-11-25
    • Related Report
      2016 Research-status Report
  • [Presentation] Determinants of the Capital Structure of Cambodian Firms: Firms’ Fund Raising Behavior in highly Dollarized Emerging Markets2016

    • Author(s)
      Hidenobu Okuda and Daiju Aiba
    • Organizer
      The 15th International Convention of the East Asian Economic Association
    • Place of Presentation
      Bandung, Indonesia
    • Year and Date
      2016-11-05
    • Related Report
      2016 Research-status Report
    • Int'l Joint Research
  • [Presentation] カンボジアとフィリピンのマイクロ金融機関の経営特性: DEAによる経営効率性の計測とその主成分分析2016

    • Author(s)
      奥田英信,姚一鳴,外山雄介
    • Organizer
      国際開発学会
    • Place of Presentation
      立命館大学
    • Year and Date
      2016-06-11
    • Related Report
      2016 Research-status Report
  • [Book] Dollarization and De-dollarization in Transitional Economies of Southeast Asia2017

    • Author(s)
      Hidenobu Okuda
    • Total Pages
      243
    • Publisher
      Springer International Publishing AG
    • Related Report
      2017 Research-status Report
  • [Funded Workshop] 国際シンポジウム「カンボジア:ドル化から見える政治・経済の実相」2017

    • Related Report
      2017 Research-status Report

URL: 

Published: 2016-04-21   Modified: 2021-02-19  

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