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A Study of Financing Behavior of Japanese Firms with Firm-Level Data from Corporate Enterprise Quarterly Statistics 1994~2009 : Introduction and Summary
http://hdl.handle.net/2261/43062
http://hdl.handle.net/2261/430622f6004ee-5be7-4898-8507-cfb028602585
Item type | テクニカルレポート / Technical Report(1) | |||||
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公開日 | 2017-01-17 | |||||
タイトル | ||||||
タイトル | A Study of Financing Behavior of Japanese Firms with Firm-Level Data from Corporate Enterprise Quarterly Statistics 1994~2009 : Introduction and Summary | |||||
言語 | ||||||
言語 | eng | |||||
資源タイプ | ||||||
資源 | http://purl.org/coar/resource_type/c_18gh | |||||
タイプ | technical report | |||||
アクセス権 | ||||||
アクセス権 | metadata only access | |||||
アクセス権URI | http://purl.org/coar/access_right/c_14cb | |||||
著者 |
Miwa, Yoshiro
× Miwa, Yoshiro |
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著者所属 | ||||||
著者所属 | Department of Economics, University of Tokyo | |||||
抄録 | ||||||
内容記述タイプ | Abstract | |||||
内容記述 | From early spring to late summer in 2010 I investigated the financing behavior of Japanese firms with over \10 million in paid-in capital, using firm-level financial data from Hojin Kigyo Tokei Kiho (Corporate Enterprise Quarterly Statistics) of the Ministry of Finance. "A Study of Financing Behavior of Japanese Firms with Firm-Level Data from Corporate Enterprise Quarterly Statistics ? 1994~2009", divided into five discussion papers, constitutes the report. This Introduction and Summary forms the first of the five papers. The other four papers are:<改行> [I]. The Low "Bank-Dependence Ratio" and the Further Increase in the "Independence of Firms from Banks".<改行> [II]. The Reality of Short-term Shocks like the "Credit Crunch" of 1997-1999 and the "Financial Crisis" of 2007, and the Effectiveness of "Emergency" Economic Measures ? A Follow-up to Miwa [2008].<改行> [III]. The Reality of Trade Credit and its Link to Bank Borrowing and Inventory: (1) Overall Discussion and Preliminary Investigation.<改行> [IV]. The Reality of Trade Credit and its Link to Bank Borrowing and Inventory: (2) Correlation Coefficients and Multiple Regressions.2<改行> This Statistics collects quarterly financial data from about 20,000 randomly sampled non-financial firms in 5 size-categories, most of which are unlisted small businesses. Using firm-level data in 1994-2009, I investigate the financing behavior of the firms in Japan during "the Lost Two Decades." I explore the reality of the "Credit Crunch" of 1997-1999 and the "Financial Crisis" of 2007, the effectiveness of the policy measures adopted, and the effect of the "zero-interest-rate, quantity easing" monetary policy.<改行> The most surprising finding is that the ratio of zero-short-term-borrowing was the highest, 50% in 1998 and two-thirds in 2008, among the smallest firms. The average (short-term bank borrowing)/(total asset) ratio was also lowest among this group. This "Independence from Banks" is a fundamental challenge to the basic premise of the conventional wisdom about the Japanese financial market and corporate finance<改行> | |||||
内容記述 | ||||||
内容記述タイプ | Other | |||||
内容記述 | in Japanese with the same title (CIRJE-J-222, Miwa [2010c] | |||||
内容記述 | ||||||
内容記述タイプ | Other | |||||
内容記述 | 本文フィルはリンク先を参照のこと | |||||
書誌情報 |
Discussion paper series. CIRJE-F 巻 CIRJE-F-785, 発行日 2011-01 |
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書誌レコードID | ||||||
収録物識別子タイプ | NCID | |||||
収録物識別子 | AA11450569 | |||||
フォーマット | ||||||
内容記述タイプ | Other | |||||
内容記述 | application/pdf | |||||
日本十進分類法 | ||||||
主題 | 335 | |||||
主題Scheme | NDC | |||||
出版者 | ||||||
出版者 | 日本経済国際共同センター | |||||
出版者別名 | ||||||
Center for International Research on the Japanese Economy | ||||||
関係URI | ||||||
識別子タイプ | URI | |||||
関連識別子 | http://www.cirje.e.u-tokyo.ac.jp/research/dp/2011/2011cf785ab.html |