| 研究課題/領域番号 |
16J09830
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| 研究機関 | 早稲田大学 |
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研究代表者 |
傅 江涛 早稲田大学, 政治経済学術院, 特別研究員(DC2)
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| 研究期間 (年度) |
2016-04-22 – 2018-03-31
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| キーワード | credit allocation / banking / supply chain network |
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| 研究実績の概要 |
This year I wrote mainly two papers focusing on how supplier chain network affects the interaction between the financial market and resource allocation efficiency.
The first one is titled “Product Network Connectivity and Information for Loan Pricing”, collaborated with Professor Ogura. We investigate the research question that whether a firm’s local network connectivity with bank will affect the information production and loan pricing of banks. The dataset contains a comprehensive information on firm’s financial information and supply chain network in Japan. This allows us to investigate not only the relationship between connectivity and loan pricing of public firms, but also its impact on the small and medium enterprises in Japan. We find that loan pricing is less sensitive to public information when a borrower is more connected with other borrowers of the lender through a supply network.
The second project is titled "Propagation of Financial Constraints in the Global Production Network: Evidence from Firm-Level Data for Asian Economies", collaborated with Professor Todo and Dr. Matous. This paper investigates the incentive problem from the vertical structure of supply chain network and firm’s trade credit in the global supply chain network.
From June 27 to July 1 in 2016, I took part in the summer school held by the Barcelona Graduate School of Economics. I took two courses: “Banking Theory” and "Empirical Banking and Application". From January 6th to 8th, I attended the annual meeting held American Economic Association in Chicago.
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| 現在までの達成度 (区分) |
現在までの達成度 (区分)
2: おおむね順調に進展している
理由
My research purpose is to investigate the relationship between financial market and credit resource allocation. I found that the network connection between firms is an important factor to consider for this problem. Based on this topic, I conducted two empirical research using different kinds of dataset. I have presented both of them in several conferences.
My first project uses comprehensive dataset on Japanese firms' supply chain links and their financial information. We have find that network connection can affect bank's loan pricing based on this dataset. We have published this paper as a discussion in RIETI. We will present this paper in the Annual Meeting of Nippon Financial Association and Annual Meeting of Japanese Economic Association.
In my second project, we use data of listed firms from 10 Asian-Pacific countries and find that firms with higher relative upstreamness hold higher trade credit because of the accumulation of incentive problem along the supply chain. We presented this paper twice at the Microdata workshop held by Economic Research Institute for ASEAN and East Asian Countries (ERIA) in December 9, 2016, and February 16, 2017. We also presented this paper at the 4th Tokyo Network Workshop held at the University of Sydney on March 11th, 2017. I will also present this paper in this year's INSNA.
I believe both of them have the potential to be published in a high-quality international journal. And the findings from these works will help my future research in this project.
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| 今後の研究の推進方策 |
The second year of this project will focus on the dynamics of network and credit resource allocation. Based on the research I had in the first year, I find that the connections among firms such as supplier chain network, and between firms and banks are important factors determining bank's loan pricing and loan allocation behaviors. The two papers I started are inspecting the static part of the network structure and its impact on loan pricing and trade credit behaviors. In contrast, my new research will analyze the network formation of supply chain network and how it affects bank's lending behavior.
For the theoretical part, I will try to incorporate economic models on supply chain networks and add banks as agents in the model. I will analyze bank's decision function when they have different amount of information of firm's network changes. Moreover, I will analyze how this function interacts with the local competition of banks. For the empirical part, I will incorporate techniques from spatial econometrics and structural estimations. The biggest challenge is to construct a consistent estimator on network measures. One advantage of using the spatial econometrics techniques is I can directly estimate the effects of the creation and destruction of links on bank's risk and interest rates.
This research will contribute to the exiting literature by investigating beyond the cross-sectional effects on bank's lending and risk management.
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