The demand and supply factors in the stability and dynamics of leverage

Research Project

Project/Area Number	18K01680
Research Category	Grant-in-Aid for Scientific Research (C)
Allocation Type	Multi-year Fund
Section	一般
Review Section	Basic Section 07060:Money and finance-related
Research Institution	Hitotsubashi University
Principal Investigator	ITO Akitoshi 一橋大学, 大学院経営管理研究科, 教授 (80307371)
Project Period (FY)	2018-04-01 – 2021-03-31
Project Status	Completed (Fiscal Year 2020)
Budget Amount *help	¥3,640,000 (Direct Cost: ¥2,800,000、Indirect Cost: ¥840,000) Fiscal Year 2020: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000) Fiscal Year 2019: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000) Fiscal Year 2018: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Keywords	レバレッジ / 財務的柔軟性 / IPO / 配当政策 / レバレッジの安定性 / 資金配分 / ダイナミクス / 需要要因 / 供給要因
Outline of Final Research Achievements	First, regarding the measurement of leverage stability, this study showed that in Japan, where banks play an important role in the financial system, leverage stability is high. Second, in the analysis of the relationship between leverage volatility and demand and supply factors, the study found that firms significantly changed the composition of bank borrowings and corporate debt and the composition within bank borrowings after IPOs, but the main bank before IPOs continued to be involved as a lender. Third, regarding the relationship between leverage and corporate behavior, the study found that the amount of leverage affects the trade-off between dividends and investment behavior, and that leverage is reduced to ensure financial flexibility before large-scale investments.
Academic Significance and Societal Importance of the Research Achievements	本研究は、資金需要要因と資金供給要因を明示的に区別することで、レバレッジの安定性・ダイナミクスの特徴をより包括的に理解することに貢献した。また本研究は、企業のレバレッジの変動性や機動性に関して、銀行優位の経済と資本市場優位の経済との間の違いについて重要な示唆を提供した。最後に、本研究は、レバレッジ変動性に対する銀行要因の関係を長期にわたり計測することで、銀行借が企業の投資行動や事業ポートフォリオの再構築活動に与える影響、また銀行優位の経済における企業の財務政策についていくつかの重要なインプリケーションを提供した。