Supply Network Formation and Resource Allocation by the Financial Market
| Project/Area Number |
17K03818
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Money/ Finance
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| Research Institution | Waseda University |
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Principal Investigator |
Ogura Yoshiaki 早稲田大学, 政治経済学術院, 教授 (70423043)
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| Project Period (FY) |
2017-04-01 – 2020-03-31
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| Project Status |
Completed (Fiscal Year 2019)
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| Budget Amount *help |
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2019: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2018: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2017: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
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| Keywords | 企業間ネットワーク / 影響力係数 / 銀行融資市場 / 追い貸し / リレーションシップバンキング / 情報生産 / 銀行融資 / 企業間取引ネットワーク |
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| Outline of Final Research Achievements |
We obtained the following empirical findings about the interaction between an inter-firm demand network and a bank relationship. First, we found that an influential core company as a buyer in an inter-firm network was more likely to obtain forbearance lending in a recession, and that this tendency was more significant in a more concentrated loan market. Second, we found that a bank uses more private information in their loan pricing for borrowers whose suppliers and customers also use the bank as their main bank. Third, banks take more credit risk in a more competitive market where local loan demand is weak due to the population aging.
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| Academic Significance and Societal Importance of the Research Achievements |
不振企業への継続融資は「ゾンビー融資」とも呼ばれ批判されることが多いが、企業間取引ネットワークを通じた他社への需要波及効果を考慮すれば、むしろ銀行利益に貢献する可能性があることを明らかにした。この実証研究の過程で、そのような中核的企業を見分ける手法の改善を提案した。また、融資市場の集中度が金融機関の上記行動に与える影響を明らかにしたほか、このような企業間ネットワークを意識した金融機関の融資判断に対応した企業戦略が金融機関の抱えるリスクに与える影響について、研究の端緒となる知見を提示した。
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Report
(4 results)
Research Products
(5 results)
