Banking Relationship Numbers and New Business Bankruptcies
Banking Relationship Numbers and New Business Bankruptcies
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银行关系号码和新企业破产
DOI：
10.1007/s11187-015-9688-3
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发表时间：
2016
影响因子：
6.4
通讯作者：
Yuta Ogane
中科院分区：
文献类型：
--
作者：
Yuta Ogane;Yuta Ogane
本文利用生存模型考察了中小企业首次结算时的代理金融机构数量对后续企业破产风险的影响。我们使用的是2003年4月至2009年12月期间在日本注册的2667家未上市中小企业的独特企业级数据集。此外，在分析的性质，我们专注于与至少一家金融机构进行交易，并在第一次结算时披露利润信息的公司。我们发现，更多的代理金融机构为中小企业在第一次结算增加随后的企业破产风险。此外，我们检查了这一结果的鲁棒性与工具变量的方法（IV方法），并获得类似的结果，换句话说，企业破产的风险随着相应的金融机构的数量增加。
This paper examines the effect of the number of correspondent financial institutions for small and medium-sized enterprises (SMEs) at the first settlement of accounts on subsequent firm bankruptcy risk using survival models. We use a unique firm-level data set of 2667 unlisted SMEs incorporated in Japan between April 2003 and December 2009. Moreover, in the nature of the analysis, we focus on firms that transact with at least one financial institution and disclose information about profit at the first settlement. We find that more correspondent financial institutions for SMEs at the first settlement increase subsequent firm bankruptcy risk. Furthermore, we check the robustness of this result with the method of instrumental variables (IV methods) and obtain similar results; in other words, the risk of firm bankruptcy increases with the number of correspondent financial institutions.