Can Bank Health Affect Investment? Evidence from Japan
Can Bank Health Affect Investment? Evidence from Japan
复制标题
银行健康状况会影响投资吗？
DOI：
10.1086/296666
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发表时间：
1995
期刊：
影响因子：
--
通讯作者：
Michael S. Gibson
中科院分区：
文献类型：
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作者：
Michael S. Gibson
银行业疲软是否会对实体经济产生不利影响？如果有的话，影响有多大？在本文中，作者为 1991-92 年的日本回答了这些问题。他测试一家公司的投资是否对其主要银行的财务状况敏感，控制股市估值和现金流。以评级最低的银行之一作为主要银行的公司的投资会降低 30%。由于最弱的银行与少数公司打交道，因此这一时期银行业问题对日本经济的估计影响很小。版权所有 1995 芝加哥大学出版社。
Does weakness in the banking sector adversely affect the real economy? If so, how large is the effect? In this article, the author answers these questions for Japan in 1991-92. He tests whether a firm's investment is sensitive to the financial health of its main bank, controlling for stock market valuation and cash flow. Investment is lower by 30 percent at firms that have one of the lowest-rated banks as their main bank. Because the weakest banks deal with few firms, the estimated effect of the problems in the banking sector on the Japanese economy during this period is small. Copyright 1995 by University of Chicago Press.