Supply Network Formation and Resource Allocation by the Financial Market

2019 Fiscal Year Final Research Report

• Project/Area Number: 17K03818
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• 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)
• Project Period (FY): 2017-04-01 – 2020-03-31
• Keywords: 企業間ネットワーク / 影響力係数 / 銀行融資市場 / 追い貸し

Outline of Final Research Achievements

We obtained the following empirical findings about the interaction between an inter-firm demand network and a bank relationship. First, we found that an influential core company as a buyer in an inter-firm network was more likely to obtain forbearance lending in a recession, and that this tendency was more significant in a more concentrated loan market. Second, we found that a bank uses more private information in their loan pricing for borrowers whose suppliers and customers also use the bank as their main bank. Third, banks take more credit risk in a more competitive market where local loan demand is weak due to the population aging.

Free Research Field

銀行行動・企業金融

Academic Significance and Societal Importance of the Research Achievements

不振企業への継続融資は「ゾンビー融資」とも呼ばれ批判されることが多いが、企業間取引ネットワークを通じた他社への需要波及効果を考慮すれば、むしろ銀行利益に貢献する可能性があることを明らかにした。この実証研究の過程で、そのような中核的企業を見分ける手法の改善を提案した。また、融資市場の集中度が金融機関の上記行動に与える影響を明らかにしたほか、このような企業間ネットワークを意識した金融機関の融資判断に対応した企業戦略が金融機関の抱えるリスクに与える影響について、研究の端緒となる知見を提示した。