Empirical analysis of firm's financial constraints and their real effects

• Project/Area Number: 25780202
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Money/ Finance
• Research Institution: The University of Tokyo
• Principal Investigator: SUZUKI Michio 東京大学, 経済学研究科(研究院), 講師 (40580717)
• Project Period (FY): 2013-04-01 – 2016-03-31
• Project Status: Completed (Fiscal Year 2015)
• Budget Amount: ¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000); Fiscal Year 2015: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000); Fiscal Year 2014: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000); Fiscal Year 2013: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
• Keywords: 企業金融 / 公的資本注入 / 設備投資 / 研究開発減税 / 自己資本比率規制 / 銀行危機 / 生産性 / 生産関数

Outline of Final Research Achievements

This research project consists of two parts. The first part examines the effect of government capital injections into financially troubled banks on loan growth and corporate investment during the late 1990s Japanese banking crisis. The estimation results suggest that the capital injections help banks to increase their supply of loans and the improvement of bank’s capital ratio increases firm’s investment to a larger extent when firms are more productive. The second part examines the effect of tax credit on firm’s R&D expenditure. The estimation results suggest that the effect of tax credit is significantly larger for firms with relatively large outstanding debts.

Research Products

• [Int'l Joint Research] ブリティッシュコロンビア大学(カナダ)
• [Journal Article] Does an R&D tax credit affect R&D expenditure? The Japanese R&D tax credit reform in 2003 (2014)
  • Author(s): Hiroyuki Kasahara, Katsumi Shimotsu, Michio Suzuki
  • Journal Title: Journal of the Japanese and International Economies Volume: 31 Pages: 72-97
  • DOI: 10.1016/j.jjie.2013.10.005
  • NAID: 210000178505
  • Peer Reviewed
• [Presentation] The Effect of Bank Recapitalization Policy on Corporate Investment: Evidence from a Banking Crisis in Japan (2015)
  • Author(s): Michio Suzuki
  • Organizer: Midwest Macroeconomics Meetings
  • Place of Presentation: University of Rochester （ロチェスター・アメリカ合衆国）
  • Year and Date: 2015-11-06
  • Int'l Joint Research
• [Presentation] Identification and Estimation of Production Function with Unobserved Heterogeneity (2015)
  • Author(s): Michio Suzuki
  • Organizer: Society for Economic Dynamics, Annual Meeting
  • Place of Presentation: University of Warsaw （ワルシャワ・ポーランド）
  • Year and Date: 2015-06-27
  • Int'l Joint Research
• [Presentation] Identification and Estimation of Production Function with Unobserved Heterogeneity (2015)
  • Author(s): 鈴木通雄
  • Organizer: Society for Economic Dynamics, Annual Meeting
  • Place of Presentation: Warsaw (Poland)
  • Year and Date: 2015-06-25 – 2015-06-27
• [Presentation] Identification and Estimation of Production Function with Unobserved Heterogeneity (2015)
  • Author(s): 鈴木通雄
  • Organizer: 日本経済学会、春季大会
  • Place of Presentation: 新潟大学 （新潟県新潟市）
  • Year and Date: 2015-05-24
• [Presentation] Identification and Estimation of Production Function with Unobserved Heterogeneity (2015)
  • Author(s): 笠原博幸
  • Organizer: The 13th Annual International Industrial Organization Conference
  • Place of Presentation: Boston (USA)
  • Year and Date: 2015-04-25
• [Presentation] The effect of bank recapitalization policy on corporate investment: evidence from a banking crisis in Japan (2014)
  • Author(s): 鈴木通雄
  • Organizer: EEA ESEM 2014
  • Place of Presentation: Toulouse (France)
  • Year and Date: 2014-08-26
• [Presentation] The effect of bank recapitalization policy on corporate investment: evidence from a banking crisis in Japan (2014)
  • Author(s): 笠原博幸
  • Organizer: Stanford Summer Juku
  • Place of Presentation: Stanford (USA)
  • Year and Date: 2014-08-14
• [Presentation] The effect of bank recapitalization policy on corporate investment: evidence from a banking crisis in Japan (2014)
  • Author(s): 鈴木通雄
  • Organizer: Common Challenges in Asia and Europe
  • Place of Presentation: Eltville (Germany)
  • Year and Date: 2014-05-01
• [Presentation] The Effect of Bank Recapitalization Policy on Corporate Investment: Evidence from a Banking Crisis in Japan (2014)
  • Author(s): Michio Suzuki
  • Organizer: The 68th European Meeting of the Econometric Society
  • Place of Presentation: Toulouse, France
• [Presentation] The Effect of Bank Recapitalization Policy on Corporate Investment: Evidence from a Banking Crisis in Japan
  • Author(s): Michio Suzuki
  • Organizer: Common Challenges in Asia and Europe
  • Place of Presentation: Eltville, Germany