The Determinants of Banks' Capital Structure in A Dollarized Economy

2023 Fiscal Year Final Research Report

• Project/Area Number: 19K01732
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 07060:Money and finance-related
• Research Institution: Teikyo University (2020-2023); Hitotsubashi University (2019)
• Principal Investigator: Okuda Hidenobu 帝京大学, 経済学部, 教授 (00233461)
• Project Period (FY): 2019-04-01 – 2024-03-31
• Keywords: カンボジア / 商業銀行 / 資本構成 / COVIT19 / 危機対応政策

Outline of Final Research Achievements

This study conducted a regression analysis of the capital-to-asset ratio using annual balance panel data from 2011 to 2022 for 12 major commercial banks in Cambodia. According to the analysis results, significant changes were observed in the capital structure of the Cambodian banking sector before and after the outbreak of the pandemic in 2020.
Before 2019, banks aiming for aggressive business expansion tended to underestimate management risks, and there were serious problems with microprudential policies. From 2020 onwards, corporate finance theory has become more applicable to banks' capital structures, and it has been observed that each bank has increased its awareness of risk and changed its management to emphasize management risk. This change deserves recognition as a success story in banking administration.

Free Research Field

開発金融論

Academic Significance and Societal Importance of the Research Achievements

本研究は、2011年から2021年まで拡張し、バランスパネルデータの利用可能な主要商業銀行12行のデータを利用し、カンボジア商業銀行の資本総資産比率の回帰分析を行った。推計結果によれば、2019年までの期間において、（1）カンボジア商業銀行の資本構成には企業金融理論の仮説が当てはまる部分もあるが、（2）積極的な経営拡大を目指す銀行は経営リスクを低く評価している傾向が観察された。
この結果は、ドル化した銀行市場を持つ途上国の金融当局にとって、危機時の銀行経営の安定性を維持できた成功例であり、他の類似経済にとって有効な示唆を与えるものと言える。