The efficient design of debt covenants in Japan
| Project/Area Number |
18K01930
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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 07100:Accounting-related
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| Research Institution | University of Tsukuba |
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Principal Investigator |
Nakamura Ryosuke 筑波大学, ビジネスサイエンス系, 准教授 (40549713)
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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: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2019: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2018: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
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| Keywords | 財務制限条項 / コベナンツ / 抵触 / 債務契約 / 利益維持条項 / 純資産維持条項 / クレジット・リスク / 報酬契約 / デザイン |
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| Outline of Final Research Achievements |
The purpose of this study is to elucidate the role of each of the financial covenants attached to debt contracts, which represent “promises / pledges” based on the financial statements or accounting information of the borrower.
As a result, we show that the financial covenants in Japan tend to be granted to secure the bargaining power in the event of financial difficulties of the borrower. We also find that ordinary profit, which is often used in Japan, is used to ensure that the role does not overlap with other provisions. We conclude that ordinary profit is being used as an "intensive indicator" to play the role that other provisions (especially negative covenants) should play.
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| Academic Significance and Societal Importance of the Research Achievements |
日本の財務制限条項は，抵触時に明示的な罰則が科せられることが少ないが，条項を設定している金融機関は主に借り手の財政困難時の交渉力の確保のために条項を付与していることが明らかになり，条項自体の存在意義を示すことになる。また，その内容に画一性が認められ，特に利益維持条項には経常利益が用いられることが多いが，他の条項と役割が重複しないよう配慮するために用いられていることが判明したことから，個別の条項の経済的合理性を示すこととなった。以上の証拠が，金融機関および借り手企業の間で財務制限条項を設定する際の意思決定をサポートすることが期待される。
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Report
(5 results)
Research Products
(34 results)
