| Project/Area Number |
18K01677
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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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| Review Section |
Basic Section 07060:Money and finance-related
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| Research Institution | Hitotsubashi University |
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Principal Investigator |
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| Project Period (FY) |
2018-04-01 – 2022-03-31
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| Project Status |
Completed (Fiscal Year 2021)
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| Budget Amount *help |
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2020: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2019: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2018: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
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| Keywords | 信用保証 / 政府系金融機関 / 政府介入 / 中小企業金融 / 個人保証 / 民業圧迫 / コベナンツ / 金利 / 民間金融機関 / 資金配分の効率性 / 銀行貸出チャネル / 担保チャネル / 企業金融 / 銀行 / 貸出市場 |
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| Outline of Final Research Achievements |
I examined the role of the government in Japan's SME financing by using a variety of data such as those at the loan, firm, and bank level. More specifically, there were three major research issues: effects of loans provided by the government financial institutions and those of credit guaranteed loans; effects of non-collateral and non-guaranteed loans; and the impact of the government intervention on the extent of competition in the SME loan market. As a result of the research project, I obtained several novel findings on the following issues: a comparison between government loans and credit guarantees in their effectiveness; the role of covenants in preventing firms from causing moral hazard; and the substitution of loans by private financial institutions for government loans.
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| Academic Significance and Societal Importance of the Research Achievements |
金融危機やコロナ禍といった非常時のみならず平常時においても、政府による中小企業金融による介入により企業にどのような影響が生じているのかという点についての関心は高い。この点を網羅的かつ実証的に明らかにした研究は存在していなかった。特に、信用保証と政府系金融機関による直接貸出の効果を客観的な指標で比較したこと、個人保証を代替できる可能性のあるツール（コベナンツ）を具体的に示したこと、政府系金融機関が民業圧迫を必ずしもしていないと示したことは学術的のみならず政策立案上も重要な知見である。
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