Inter-firm transaction network and bank lending

• Project/Area Number: 26590051
• Research Category: Grant-in-Aid for Challenging Exploratory Research
• Allocation Type: Multi-year Fund
• Research Field: Money/ Finance
• Research Institution: Waseda University
• Principal Investigator: Ogura Yoshiaki 早稲田大学, 政治経済学術院, 教授 (70423043)
• Co-Investigator(Kenkyū-buntansha): 奥井 亮 京都大学, 経済研究所, 准教授 (20563480) ; 齊藤 有希子 (梅野有希子 / 齊藤 有希子(梅野有希子)) 独立行政法人経済産業研究所, 研究グループ, 上席研究員 (50543815)
• Project Period (FY): 2014-04-01 – 2017-03-31
• Project Status: Completed (Fiscal Year 2016)
• Budget Amount: ¥3,640,000 (Direct Cost: ¥2,800,000、Indirect Cost: ¥840,000); Fiscal Year 2016: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000); Fiscal Year 2015: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000); Fiscal Year 2014: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
• Keywords: 企業間取引 / ネットワーク / 影響力指数 / 追い貸し / 救済融資 / 中心性 / 企業救済

Outline of Final Research Achievements

This study demonstrates theoretically and empirically that a firm with a higher influence as a procurer in a supply network is more likely to obtain a rescue loan at a lower interest rate when it is under a financial distress. A bank will evaluate not only the standalone performance of the firm but the propagation effect through the supply network. 　Consequently, the lending cost is relatively smaller for those with a higher influence coefficient in a financial distress. This effect is larger for regional banks that often have a stronger market power in the regional financial market.

Research Products

• [Presentation] Network-Motivated Lending Decisions (2016)
  • Author(s): Ryo Okui
  • Organizer: 2016 Financial Intermediation Research Society Conference
  • Place of Presentation: ポルトガル リスボン
  • Year and Date: 2016-06-02
  • Int'l Joint Research
• [Presentation] Network-Motivated Lending Decisions (2016)
  • Author(s): Yoshiaki Ogura, Ryo Okui, Yukiko Umeno Saito
  • Organizer: Financial Intermediation Research Society 2016 Meeting
  • Place of Presentation: リスボン、ポルトガル
  • Year and Date: 2016-06-02
  • Int'l Joint Research
• [Presentation] Network-Motivated Lending Decisions (2016)
  • Author(s): Yoshiaki Ogura, Ryo Okui, Yukiko Umeno Saito
  • Organizer: American Economic Association 2016 Annual Meeting
  • Place of Presentation: サンフランシスコ、米国
  • Year and Date: 2016-01-04
  • Int'l Joint Research
• [Presentation] Network-Motivated Lending Decisions (2015)
  • Author(s): Yoshiaki Ogura, Ryo Okui, Yukiko Umeno Saito
  • Organizer: 日本経済学会2016年度秋季大会
  • Place of Presentation: 上智大学、東京、日本
  • Year and Date: 2015-10-11
• [Presentation] Network-Motivated Lending Decision (2014)
  • Author(s): Yoshiaki Ogura
  • Organizer: Reforming Financial and Employment Systems in Japan, East Asia, and Europe, International Workshop
  • Place of Presentation: University of British Columbia
  • Year and Date: 2014-11-01