| Project/Area Number |
17K03901
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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 |
Management
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| Research Institution | Rissho 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 |
¥4,680,000 (Direct Cost: ¥3,600,000、Indirect Cost: ¥1,080,000)
Fiscal Year 2020: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2019: ¥520,000 (Direct Cost: ¥400,000、Indirect Cost: ¥120,000)
Fiscal Year 2018: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2017: ¥2,080,000 (Direct Cost: ¥1,600,000、Indirect Cost: ¥480,000)
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| Keywords | 日本型財務保守主義 / ゼロレバレッジ / 財務保守主義からの脱却 / 資金需要に対する感度 / 設備投資計画・実行額 / 新株発行 / 長期銀行借入金 / 設備投資計画・実施 / 財務保守主義 / 設備投資計画額 / 設備投資実施額 / 長期借入金調達実績 / 実質無借金 / 財務制約度 / 過去の長期借入実績 / 資金需要に関する感度 / 新株発行による資金調達 / IPO / PO / 第三者割当増資 / 需要供給均衡モデル / 企業価値 / 保守的財務戦略 / 投資機会ロス |
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| Outline of Final Research Achievements |
While many preceding studies are based on the definition that the financial conservatism is characterized on static zero or low leverage ratio on the balance sheets of firms, our study adopts the definition of dynamic, or marginal year by year change of the fund-raising amounts, including second issuing offerings of listed Japanese firms. That is, our study recognizes Japanese financial protectionism as the inertia aspects of fund-raising policy. Funding raising, in our view, are motivated by not only the change of market environments, but the relations with stakeholders, stockholders or banks. Firms, inclined to conservatism, intended to keep stress-less or decent relations, tend to inhibit new fund raising, including SEO or new long-term loans. Also, as far as we investigated, physical investment policy of conservative firms are precedent or bureaucratic oriented of firms, which connotes those firms are likely to lose chances of changing market environments.
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| Academic Significance and Societal Importance of the Research Achievements |
財務保守主義をゼロレバレッジや低D/Eレシオの静態レベルでとらえた先行研究は多くあるが、本来財務保守主義とは、資金調達額を現状維持に据え置くこと、変化しないことを意味すると考える。すなわち、環境変化に感度が鈍く、資金調達額を増やさないことは、企業価値の減少につながる。このような独自の問題意識に立脚し、本研究では新株発行と長期銀行借入金のデータ、と設備投資計画・実行額データを用い分析した。同様のデータを用いた実証研究は多くみられるが、本研究のように財務保守主義企業を資金調達ポジションの変化でとらえて、資金提供者との関係維持を決定要因と結論づけた点にオリジナリティがある。
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