Relational Banking in Post Bubble Japan: Co-Existence of Soft and Hard-Budget Constraint
Relational Banking in Post Bubble Japan: Co-Existence of Soft and Hard-Budget Constraint
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后泡沫日本的关系银行业务：软预算约束与硬预算约束并存
DOI：
10.1093/acprof:oso/9780199284511.003.0002
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发表时间：
2005
期刊：
影响因子：
--
通讯作者：
Yasuhiro Arikawa
中科院分区：
文献类型：
--
作者：
H. Miyajima;Yasuhiro Arikawa
本文的目的是概述 20 世纪 90 年代日本的关系银行业务。我们发现，尽管 20 世纪 90 年代中期债券市场放松了对债务构成的管制，但对银行借款的依赖仍在增加，并且我们确认，在银行借款较高的公司中，来自主要银行的贷款也有所增加。然后，我们研究这些事实对借款公司行为的影响。通过对就业调节函数的估计，我们发现主银行并未对需要进行企业重组的企业进行有效约束，而对业绩相对较好的企业进行了鼓励重组。
The purpose of this paper is to provide an overview of the relationship banking in Japan in the 1990s. We show the increasing dependence on bank borrowing in spite of the deregulation of bond market in the mid 1990s in terms of the debt composition, and we confirm the loan from main-bank also increases among the firms with higher bank borrowing. Then, we examine the effects of these facts on borrowing firm behavior. By estimating the employment adjustment function, we present that main bank did not discipline effectively firms that were required the corporate restructuring, while it encouraged the restructuring of the firm with relatively better performance.