Empirical Analysis on the determinants of bank lending to unlisted firms

• Project/Area Number: 19330069
• Research Category: Grant-in-Aid for Scientific Research (B)
• Allocation Type: Single-year Grants
• Section: 一般
• Research Field: Public finance/Monetary economics
• Research Institution: Kobe University
• Principal Investigator: KUTSUNA Kenji Kobe University, 大学院・経営学研究科, 教授 (00275273)
• Project Period (FY): 2007 – 2010
• Project Status: Completed (Fiscal Year 2010)
• Budget Amount: ¥17,160,000 (Direct Cost: ¥13,200,000、Indirect Cost: ¥3,960,000); Fiscal Year 2010: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000); Fiscal Year 2009: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000); Fiscal Year 2008: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000); Fiscal Year 2007: ¥14,690,000 (Direct Cost: ¥11,300,000、Indirect Cost: ¥3,390,000)
• Keywords: 中小企業 / 銀行融資 / 金融危機 / 未公開企業 / 追い貸し / 末公開企業 / 中小企業金融 / 株式公開 / リレーションシップ / 利益調整

Research Abstract

This research project examines the determinants of bank lending to listed and unlisted firms by using 1993-2005 panel data. A phenomenon of increased bank lending to listed firms with unhealthy finances was observed (Unnatural selection). On the other hand, for unlisted firms, increased bank lending to firms with healthy finances was observed (Natural selection).