Empirical Studies on the Effects of the Quality of Financial Institutions on Bank Lending to New Firms

2018 Fiscal Year Final Research Report

• Project/Area Number: 17H07226
• Research Category: Grant-in-Aid for Research Activity Start-up
• Allocation Type: Single-year Grants
• Research Field: Money/ Finance
• Research Institution: Nanzan University
• Principal Investigator: OGANE Yuta 南山大学, 経済学部, 講師 (70801968)
• Research Collaborator: NAIKI Eriko
• Project Period (FY): 2017-08-25 – 2019-03-31
• Keywords: 金融機関 / 新規開業企業 / 銀行貸出

Outline of Final Research Achievements

In this study, we empirically examined the effects of the soundness of financial institutions on bank lending to new firms. The major findings of this study are the following three points. First, sound financial institutions are less likely to provide financing to new firms. Second, this tendency increases during the financial crisis. Finally, in the case of focusing on small and medium-sized enterprises other than new firms, sound financial institutions are more likely to provide financing to firms during such crisis. These results suggest that lending activities of financial institutions change as the soundness of financial institutions, firm age, and economic conditions because we controlled for unobserved firms’demand for credit through firm*time fixed effects.

Free Research Field

金融論

Academic Significance and Societal Importance of the Research Achievements

本研究成果の学術的意義は、データの制約と推計上の問題により、これまで十分な実証的検証が行われてこなかった「金融機関の健全性が新規開業企業への貸出に与える影響」について実証的に分析し、今後の研究につながる「金融機関の健全性が中小企業への貸出に与える影響は企業年齢とともに変化する」という知見を得たことにある。また、この知見は新規開業企業の金融円滑化を実現するための重要な含意である可能性、および当該企業の金融円滑化が起業の促進につながる可能性を考えると、上記の知見を得たことには、本研究成果の社会的意義もあると思われる。