Empirical studies on the future prospects of new firms and the assessment abilities of financial institutions

2022 Fiscal Year Final Research Report

• Project/Area Number: 19K13746
• Research Category: Grant-in-Aid for Early-Career Scientists
• Allocation Type: Multi-year Fund
• Review Section: Basic Section 07060:Money and finance-related
• Research Institution: Nanzan University
• Principal Investigator: Ogane Yuta 南山大学, 経済学部, 准教授 (70801968)
• Project Period (FY): 2019-04-01 – 2023-03-31
• Keywords: 新規開業企業 / 資金調達 / 金融機関

Outline of Final Research Achievements

In this study, we empirically examined the financing of new firms. The major findings of this study are as follows. First, entrepreneurs' human capital greatly affects these firms' financing. Second, financial institutions use the firms' number of bank relationships in making decisions on loans. These results suggest that human capital and the number of bank relationships serve as a signal of new firms' future prospects, which in turn facilitates lending to them.

Free Research Field

金融・ファイナンス

Academic Significance and Societal Importance of the Research Achievements

本研究の学術的意義は、「将来性の高い新規開業企業の特徴」と「金融機関の新規開業企業向け貸出における融資決定のプロセス」について実証的に分析し、その一端を明らかにしたことである。本研究で得られた知見は、新規開業企業には資金調達の成功確率を高める方法を、金融機関には将来性の高い新規開業企業を見抜く方法を、それぞれ提供したという点で、本研究には社会的意義もあると思われる。