| Project/Area Number |
18K12816
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| Research Category |
Grant-in-Aid for Early-Career Scientists
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| Allocation Type | Multi-year Fund |
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| Review Section |
Basic Section 07060:Money and finance-related
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| Research Institution | Sophia University |
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Principal Investigator |
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| Project Period (FY) |
2018-04-01 – 2024-03-31
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| Project Status |
Completed (Fiscal Year 2023)
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| Budget Amount *help |
¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Fiscal Year 2020: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2019: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2018: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
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| Keywords | シンジケートローン / 情報の非対称性 / メインバンク / コーポレートファイナンス / 銀行 / リレーションシップバンキング |
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| Outline of Final Research Achievements |
Using Japanese syndicated loan data and corporate financial statement data, we explored the formation process of banking groups and changes in covenants for syndicated loans, as well as lending relationships and financial conditions between banks and firms outside of syndicated loans. Comparing before and after the start of syndicated loans, we found that borrowing terms and conditions, including interest rates, improved and past banking relationship ties became more gradual. In addition, we also found that financial conditions often improved after syndicated loans were initiated.
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| Academic Significance and Societal Importance of the Research Achievements |
政府の方針の一つである金融市場での伝統的な日本型の系列関係が解消に関連する研究を行った。日本の金融市場では、シンジケートローンなど市場にまかせた金融手法をとることによって、日本独自の系列関係の利点は有効に市場で生かされつつも、貸し出しは競争的になり、系列関係は解消するケースが増えてきたことがわかった。本研究は日本の金融市場が系列関係を脱し、競争的な市場に発展するのに示唆を与えているという側面から重要な意義を持つ。
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