Empirical analysis of firm's financial constraints and their real effects

2015 Fiscal Year Final Research Report

• Project/Area Number: 25780202
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Money/ Finance
• Research Institution: The University of Tokyo
• Principal Investigator: SUZUKI Michio 東京大学, 経済学研究科(研究院), 講師 (40580717)
• Project Period (FY): 2013-04-01 – 2016-03-31
• Keywords: 企業金融 / 公的資本注入 / 設備投資 / 研究開発減税

Outline of Final Research Achievements

This research project consists of two parts. The first part examines the effect of government capital injections into financially troubled banks on loan growth and corporate investment during the late 1990s Japanese banking crisis. The estimation results suggest that the capital injections help banks to increase their supply of loans and the improvement of bank’s capital ratio increases firm’s investment to a larger extent when firms are more productive. The second part examines the effect of tax credit on firm’s R&D expenditure. The estimation results suggest that the effect of tax credit is significantly larger for firms with relatively large outstanding debts.

Free Research Field

マクロ経済学