2019 Fiscal Year Final Research Report
The Dynamism of Cash holdings and the Behavior of Cash-rich Firms
| Project/Area Number |
16K17187
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Management
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| Research Institution | Kindai University |
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Principal Investigator |
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| Project Period (FY) |
2016-04-01 – 2020-03-31
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| Keywords | 現金保有の決定要因 / テールリスク / 量的緩和政策 / 現金保有の経済的帰結 / 中小企業の現金保有 |
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| Outline of Final Research Achievements |
In this study, the cash holding behavior of Japanese companies and their economic outcomes were examined using the econometrics and the non-parametric statistical analysis. First, we estimated the Earnings at Risk by Monte Carlo simulation for listed companies in Japan, and verified how much capital loss would occur if such a tail risk were to emerge. Second, we examined the impact of cash and deposits (including the BOJ current accounts) of the banking industry on the productivity change of the industry due to the quantitative easing policy. As a result, it was shown that the increase in cash and deposits accompanying the quantitative easing policy improves productivity through lending and purchase of securities, but its effect is limited.
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| Free Research Field |
企業金融
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| Academic Significance and Societal Importance of the Research Achievements |
歴史的にみて，企業の現金保有額は継続的に増加しており，その決定要因と経済的な帰結に高い学術的な関心が寄せられている．さらに，昨今の新型コロナウィルスの感染拡大に直面している状況下で，現金保有による保守的なバランスシートの形成は，メディア等で度々取り上げられており，社会の注目を浴びている．本研究は，我が国企業の現金保有行動とその経済的帰結を検証しており，やや限定的であるが一定の研究結果を得ている．特に，我が国銀行業における量的緩和政策に伴う現金・預け金（日銀当座預金を含む）が生産性変化に限定的な効果しか及ぼさないという結果は，近年の社会的な関心に対して有益な情報を提供していると考えている．
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