Roles of Mainbanks in Japan Revisited

2014 Fiscal Year Final Research Report

• Project/Area Number: 23330109
• Research Category: Grant-in-Aid for Scientific Research (B)
• Allocation Type: Single-year Grants
• Section: 一般
• Research Field: Public finance/Monetary economics
• Research Institution: Ritsumeikan University
• Principal Investigator: HORI Keiichi 立命館大学, 経済学部, 教授 (50273561)
• Co-Investigator(Kenkyū-buntansha): AKAHORI Jiro 立命館大学, 理工学部, 教授 (50309100) ; FUJISAKI Masatoshi 立命館大学, 理工学部, 非常勤講師 (20047492) ; OGURA Yoshiaki 早稲田大学, 政治経済学術院, 准教授 (70423043) ; HARIMAYA Kozo 立命館大学, 経営学部, 教授 (90347732)
• Project Period (FY): 2011-04-01 – 2015-03-31
• Keywords: メインバンク / 企業統治

Outline of Final Research Achievements

We revisit how finacial system in Japan enhance the value of Japanese firms, in particular, focus on the role of Main Banks. To this end, we developed some mathematical methods and dynamic principal-agent models in continuous-time framework. Based on our models, some empirical implications are derived. Our empirical analyses provide us with the following results. Firstly, lending competitions among banks enhance credit availability for new firms. Secondly, a probability of borrower's default is influenced by bank efficiencies measured by indexes of profit efficiency and cost efficiency. However, those may not be specific roles of the Main Banks. Thirdly, in fact, we cannot find statistically significant evidences that main banks can enhance the firm value better than the other banks.

Free Research Field

企業金融