| Budget Amount *help |
¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Fiscal Year 2015: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2014: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
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)
|
|---|
| Outline of Final Research Achievements |
Focusing on the financial crisis in Japan, we investigate how small businesses finance their credit demand. We also investigate the empirical relationships between financial activities and firm performance. Using firm and bank level data of Japan, we show following results. 1) The empirical relationships between leverage and firm performance of small businesses are positive. The leverage has positive effects on the variance of firm performance. These results suggest that small businesses invest high-risk high-return project when they are highly leveraged. 2) During the global financial shock, trade credit is mainly determined by real activities, 3) Lending relationships with small businesses are finished when credit demand of borrowers is low and credit risk of borrowers is high. These imply that the lending relationships are finished effectively. 4) During the global financial shock, firms that end relationships with banks finance credit demand by using internal cash.
|
