| Project/Area Number |
17K03819
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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 |
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| Project Period (FY) |
2017-04-01 – 2021-03-31
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| Project Status |
Completed (Fiscal Year 2020)
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| Budget Amount *help |
¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000)
Fiscal Year 2020: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2019: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2018: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2017: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
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| Keywords | 負債構成 / 負債の満期構成 / パネルデータ分析 / 金融緩和政策 / 正規化を伴う分析 / Lasso回帰 / 企業の負債構成 / 金利メカニズム |
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| Outline of Final Research Achievements |
We conducted an empirical analysis of the debt and maturity structure of non-financial Japanese firms listed on the Tokyo Stock Exchange as of March 31, 2017, using 18 years of data from fiscal year 2001.
About two-thirds of the firms have no straight bonds (SBs) or convertible bonds (CBs), and the ratio of borrowing to total debt is higher than in the U.S., where 65% of the firms use SBs. Firm size, ratio of tangibles to total assets, excess return on equity, and growth rate of full-time employees are statistically significantly correlated with SB and CB use. Debt maturity is longer for firms with larger cash and cash-equivalent assets, higher capital expenditures/sales ratio, and larger total assets per full-time employee. The Bank of Japan's new phase of the QQE (the quantitative and qualitative monetary easing introduced in April 2013) has an impact on the maturity structure of the listed firms.
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| Academic Significance and Societal Importance of the Research Achievements |
本研究の分析結果は、コーポレート・ファイナンスで重要な負債構成とその満期構成の選択に、マクロ金融政策が影響を及ぼすことを示している。いわゆる日本版金融ビッグバンを経て市場型金融制度に移行した日本で、企業の資金調達に市場価格(金利)以外の情報を利用するなど、独自対応がとられてきたことも示唆される。公社債残存額のうち約８割が国債で事業債は5～6％しかないなかで、日本銀行が異次元金融緩和政策をとってきたことからすると、日本の金融環境はやや独特ともいえる。こうした環境下にある非金融企業の負債構成とその満期構成の決定要因に関する知見は、欧米が対象の既存研究にはみられない独自性をもつ。
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