| Project/Area Number |
21730248
|
|---|
| Research Category |
Grant-in-Aid for Young Scientists (B)
|
| Allocation Type | Single-year Grants |
|---|
| Research Field |
Public finance/Monetary economics
|
|---|
| Research Institution | Nihon University (2010-2011)
National Graduate Institute for Policy Studies (2009) |
|---|
Principal Investigator |
|
|---|
| Project Period (FY) |
2009 – 2011
|
| Project Status |
Completed (Fiscal Year 2011)
|
| Budget Amount *help |
¥3,510,000 (Direct Cost: ¥2,700,000、Indirect Cost: ¥810,000)
Fiscal Year 2011: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2010: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2009: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
|
|---|
| Keywords | 金融論 / 企業金融論 |
|---|
| Research Abstract |
In this study, we investigate how small businesses in Japan finance their growth or investment opportunities during the recession period in the late 90's and the recovery period in the early 00's. We show the following results ; 1) small businesses do not face the serious problem of credit squeeze the financial crises during the late 90's, 2) In the recovery period, small business increase trade payables to finance their inventory investment, 3) small businesses cut back on their trade receivables when they face financial tightening. Also, financially distressed firms are more likely to use high interest nonbank loans, 4) financially distressed firms with profitable investment opportunities use less bank loans and trade payables. Instead, they convert notes receivables to cash and use factoring to finance their financial demand.
|
