Finance and firm dynamics
| Project/Area Number |
26380394
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Money/ Finance
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| Research Institution | Nagasaki University |
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Principal Investigator |
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| Project Period (FY) |
2014-04-01 – 2018-03-31
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| Project Status |
Completed (Fiscal Year 2017)
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| Budget Amount *help |
¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000)
Fiscal Year 2016: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2015: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2014: ¥3,120,000 (Direct Cost: ¥2,400,000、Indirect Cost: ¥720,000)
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| Keywords | 企業ダイナミクス / 企業金融 / 情報の非対称性 / 資金制約 / 企業・銀行間関係 / 銀行間競争 / 銀行の資金再配分機能 / 企業・銀行関係 / 銀行の市場支配力 / 資金の再配分 / 企業成長 / 金融契約 |
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| Outline of Final Research Achievements |
We first investigate the effect of bank concentration and misallocation of credit on firm start-up and exit. We find that bank concentration negatively affects start-up and exit rates in informational opaque industries. We also find the effect of bank concentration on start-up and exit rates is weakened by the presence of financially unhealthy firms. Firm entry in informational opaque industries is encouraged in a market where government capital injected banks operate, offsetting the negative effects of bank concentration.
Next, we investigate how firm-bank relationships affect corporate cash-holdings. We find that emerging firms (smaller firms) with concentrated bank loan structures and long-term main bank relationships hold lower (higher) level of cash. Our findings suggest that concentrated bank relationships affect cash holdings driven by precautionary motives, but such relationships entail hold-up problems among smaller firms without alternative sources of liquidity.
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Report
(5 results)
Research Products
(18 results)
