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The Role of Trade Credit and its Relation with Bank Loan and Inventory Investment: Study with Firm-level Data

Research Project

Project/Area Number 23530271
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Applied economics
Research InstitutionOsaka Gakuin University (2012-2013)
The University of Tokyo (2011)

Principal Investigator

MIWA Yoshiro  大阪学院大学, 経済学部, 教授 (90109158)

Project Period (FY) 2011 – 2013
Project Status Completed (Fiscal Year 2013)
Budget Amount *help
¥3,640,000 (Direct Cost: ¥2,800,000、Indirect Cost: ¥840,000)
Fiscal Year 2013: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2012: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2011: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Keywords在庫投資 / 企業間信用 / 銀行融資 / 景気変動 / 在庫調整 / 在庫投資行動 / 生産・出荷と在庫投資 / 製品在庫 / 仕掛品在庫 / 原材料在庫 / 流通在庫 / 銀行借入 / 金融危機 / 貸し渋り / 四半期SNA / 法人企業統計 / 在庫 / 不良債権処理 / バブル
Research Abstract

For more than half a century, inventory investment has attracted wide attention as a major cause of short-term macroeconomic fluctuations, and the mechanism involved have been the focus of many major studies. Yet microeconomists and business people familiar with corporate behavior frequently express misgivings about the enterprise.
Using Japanese quarterly GDP inventory investment statistics both by commodity and by category, 1994-2010, I investigate the nature of quarterly inventory statistics and inventory investment behavior, and draw two conclusions. First, statisticians estimate the quarterly statistics under severe constraints, and their resulting figures incorporate seasonal variations which dominate the quarterly fluctuations. This fluctuations mostly disappears in annual data. Secondly, when I examine the inventory variations after the Lehman Shock in the autumn of 2008, I find neither a notable increase in inventory stock nor a long-run stock adjustment process.

Report

(4 results)
  • 2013 Annual Research Report   Final Research Report ( PDF )
  • 2012 Research-status Report
  • 2011 Research-status Report
  • Research Products

    (16 results)

All 2014 2013 2012 2011 Other

All Journal Article (16 results)

  • [Journal Article] Do Wild Fluctuations in Quarterly Inventory Investment Data Matter?: A Study of Japanese GDP Statistics, 1994-20102014

    • Author(s)
      Yoshiro Miwa
    • Journal Title

      経済学論集(東京大学)

      Volume: 79巻第3号、第4号

    • Related Report
      2013 Annual Research Report
  • [Journal Article] How Strongly Do "Financing Constraints" Affect Firm Behavior?: Japanese Corporate Investment since the Mid-1980s2013

    • Author(s)
      Yoshiro Miwa
    • Journal Title

      Public Policy Review

      Volume: Vol.9, No.1 Pages: 203-255

    • Related Report
      2012 Research-status Report
  • [Journal Article] "Bubble"or"Boom"?:『法人企業統計年報』個表を通じた『失われた20年』研究準備のための1980年代後半期以降の日本経済の検討2012

    • Author(s)
      三輪芳朗
    • Journal Title

      経済学論集(東京大学)

      Volume: 第77巻第4号 Pages: 50-97

    • Related Report
      2013 Final Research Report
  • [Journal Article] 『金融制約』はどこまで日本企業の行動を条件づけているか?:『法人企業統計』個表を通じた1980年代後半期を中心とした『金融制約』下の企業行動の研究2012

    • Author(s)
      三輪芳朗
    • Journal Title

      フィナンシャル・レビュー

      Volume: 第107号 Pages: 123-164

    • Related Report
      2013 Final Research Report
  • [Journal Article] "Bubble" or "Boom"?: 『法人企業統計年報』個表を通じた、「失われた20年」研究準備のための1980年代後半期日本経済の検討2012

    • Author(s)
      三輪芳朗
    • Journal Title

      経済学論集(東京大学)

      Volume: 77巻4号 Pages: 50-97

    • NAID

      40019369613

    • Related Report
      2012 Research-status Report
  • [Journal Article] 「金融制約」はどこまで日本企業の行動を条件づけているか?:「法人企業統計」個表通じた、1980年代後半期を中心とした「金融制約」下の企業投資行動の研究2012

    • Author(s)
      三輪芳朗
    • Journal Title

      フィナンシャル・レビュー

      Volume: 110号 Pages: 123-164

    • Related Report
      2012 Research-status Report
  • [Journal Article] Are Japanese Firms Becdoming More Independent fropm Their Banks?: Evidence from the Firm-Leval Data of the "Corporate Enterprise Quarterly Statistics," 1994^20092012

    • Author(s)
      Yoshiro Miwa
    • Journal Title

      Public Policy Review

      Volume: Vol.8, No.4 Pages: 415-451

    • Related Report
      2012 Research-status Report
  • [Journal Article] 中小企業の資金調達と金融機関の中小企業向け融資(中小企業金融)2011

    • Author(s)
      三輪芳朗
    • Journal Title

      経済学論集(東京大学)

      Volume: 第77巻第1号 Pages: 20-84

    • NAID

      40018974094

    • Related Report
      2013 Final Research Report
  • [Journal Article] 『不良債権』『不良債権処理の遅れ』『追い貸し』と『失われた20年』:日本の経験からの教訓2011

    • Author(s)
      三輪芳朗
    • Journal Title

      経済学論集(東京大学)

      Volume: 第77巻第2号、第77巻第3号

    • Related Report
      2013 Final Research Report
  • [Journal Article] 『銀行ばなれ』と『金融危機』(騒動)の実相--『法人企業統計季報』個表を用いた日本企業の資金調達行動、1994~2009年度2011

    • Author(s)
      三輪芳朗
    • Journal Title

      フィナンシャル・レビュー

      Volume: 第107号 Pages: 121-145

    • Related Report
      2013 Final Research Report
  • [Journal Article] 「銀行ばなれ」と「金融危機」(騒動)の実相ーー「法人企業統計」個表を通じた日本企業の資金調達行動、1994~2009年度2011

    • Author(s)
      三輪芳朗
    • Journal Title

      フィナンシャル・レビュー

      Volume: 107号 Pages: 121-145

    • Related Report
      2011 Research-status Report
  • [Journal Article] 中小企業の資金調達と金融機関の中小企業向け融資(中小企業金融)2011

    • Author(s)
      三輪芳朗
    • Journal Title

      経済学論集(東京大学)

      Volume: 77巻1号 Pages: 20-84

    • NAID

      40018974094

    • Related Report
      2011 Research-status Report
  • [Journal Article] 「不良債権」「不良債権処理の遅れ」「追い貸し」と「失われた20年」:日本の経験からの教訓?2011

    • Author(s)
      三輪芳朗
    • Journal Title

      経済学論集(東京大学)

      Volume: 77巻2号、3号

    • Related Report
      2011 Research-status Report
  • [Journal Article] Are Japanese Firms Becoming More Independent from Their Banks?: Evidence from the Firm-Level Data of the'Corporate Enterprise Quarterly Statistics', 1994~2009

    • Author(s)
      Miwa, Yoshiro
    • Journal Title

      Public Policy Review

      Volume: Vol.8, No.4 Pages: 415-451

    • Related Report
      2013 Final Research Report
  • [Journal Article] How Strongly Do'Financial Constraints'Affect Firm Behavior?: Japanese Corporate Investment since the Mid-1980s

    • Author(s)
      Miwa, Yoshiro
    • Journal Title

      Public Policy Review

      Volume: Vol.9, No.1 Pages: 203-255

    • Related Report
      2013 Final Research Report
  • [Journal Article] Do Wild Fluctuations in Quarterly Inventory Investment Data Matter?: A Study of Japanese GDP Statistics, 1994-2010

    • Author(s)
      Miwa. Yoshiro
    • Journal Title

      経済学論集(東京大学)

      Volume: (印刷中)

    • Related Report
      2013 Final Research Report

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Published: 2011-08-05   Modified: 2019-07-29  

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