How financial consevatisms affect the value of firms in Japan

2020 Fiscal Year Final Research Report

• Project/Area Number: 17K03901
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Management
• Research Institution: Rissho University
• Principal Investigator: Takami Shigeo 立正大学, 経営学部, 教授 (50345550)
• Project Period (FY): 2017-04-01 – 2021-03-31
• Keywords: 日本型財務保守主義 / ゼロレバレッジ / 財務保守主義からの脱却 / 資金需要に対する感度 / 設備投資計画・実行額

Outline of Final Research Achievements

While many preceding studies are based on the definition that the financial conservatism is characterized on static zero or low leverage ratio on the balance sheets of firms, our study adopts the definition of dynamic, or marginal year by year change of the fund-raising amounts, including second issuing offerings of listed Japanese firms. That is, our study recognizes Japanese financial protectionism as the inertia aspects of fund-raising policy. Funding raising, in our view, are motivated by not only the change of market environments, but the relations with stakeholders, stockholders or banks. Firms, inclined to conservatism, intended to keep stress-less or decent relations, tend to inhibit new fund raising, including SEO or new long-term loans. Also, as far as we investigated, physical investment policy of conservative firms are precedent or bureaucratic oriented of firms, which connotes those firms are likely to lose chances of changing market environments.

Free Research Field

経営財務

Academic Significance and Societal Importance of the Research Achievements

財務保守主義をゼロレバレッジや低D/Eレシオの静態レベルでとらえた先行研究は多くあるが、本来財務保守主義とは、資金調達額を現状維持に据え置くこと、変化しないことを意味すると考える。すなわち、環境変化に感度が鈍く、資金調達額を増やさないことは、企業価値の減少につながる。このような独自の問題意識に立脚し、本研究では新株発行と長期銀行借入金のデータ、と設備投資計画・実行額データを用い分析した。同様のデータを用いた実証研究は多くみられるが、本研究のように財務保守主義企業を資金調達ポジションの変化でとらえて、資金提供者との関係維持を決定要因と結論づけた点にオリジナリティがある。