The empirical studies to examine how the changes of the institutional structure have affected corporate governance structures of Japanese firms.

2018 Fiscal Year Final Research Report

• Project/Area Number: 16K03739
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Money/ Finance
• Research Institution: Shinshu University
• Principal Investigator: HIROSE Sumio 信州大学, 学術研究院社会科学系, 教授 (60377611)
• Project Period (FY): 2016-04-01 – 2019-03-31
• Keywords: 新株発行 / 情報の非対称性 / 銀行 / スイッチングコスト / 第三者割当増資 / 割当先数

Outline of Final Research Achievements

We study some topics relating corporate governance those the changes of the institutional environment have affected over the last few decades. Firstly, we confirm that bank managers’ moral hazard would force borrowers from their banks to buy their newly issued stocks. During the financial crisis from late 1990s to early 2000s, Japanese local banks issued stocks in order to solve their non-performing loan problems. The borrowers bought these stocks fearing switching cost problem. From the point of view of relationship banking, it is not easy to for small firms to switch to new lenders because of information asymmetry problems.
The existence of switching costs enabled the banks managers issue new stock despite the issuances would not improve their banks’ firm value.In fact, the stock prices of their banks have significantly declined over two or three years when we evaluate stock price change using the Fama-French 3 factor-model.

Free Research Field

企業金融

Academic Significance and Societal Importance of the Research Achievements

本研究では，1990年代以降，特に地域金融機関の存在意義として重視されてきたリレーションシップバンキングの考え方に基づき，地方銀行による自己資本調達について，分析を行った．その問題意識は，借入先金融機関を変更するスイッチングコストが高い場合，銀行側の交渉力が高くなり，銀行経営者側のモラルハザードに基づく取引を，貸出先に強要する恐れがあるという点である．実際に，1990年代後半から2000年代初めの金融危機の時期に実施された第三者割当増資で，非効率な増資実施の可能性を確認できたことは，今後の，金融機関による第三者割当増資のあり方を考える上で，重要な示唆を与えるものである．