The Choice between Public and Private Debt: An Analysis of Post-Deregulation Corporate Financing in Japan
The Choice between Public and Private Debt: An Analysis of Post-Deregulation Corporate Financing in Japan
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公共债务和私人债务的选择：日本放松管制后的企业融资分析
DOI：
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发表时间：
1993
期刊：
影响因子：
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通讯作者：
D. Scharfstein
中科院分区：
文献类型：
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作者：
T. Hoshi;A. Kashyap;D. Scharfstein
由于放松管制，日本在20世纪80年代发生了从银行债务融资向公共债务融资的巨大转变：1975年，上市公司的公司债务中90%以上是银行债务，1992年不到50%。本文提出了一个关于银行债务和公共债务之间选择的理论，然后使用日本企业层面的借贷来源数据对该理论进行了检验。我们发现，高净值公司更倾向于使用公共债务。我们还发现，工业集团（或经连会）中更成功的成员和不太成功的所有者管理的公司倾向于进入公共债务市场。我们提供了一些解释这些结果的理论。
As a result of deregulation, there was a dramatic shift during the 1980s in Japan away from bank debt financing towards public debt financing: in 1975, more than 90% of the corporate debt of public companies was bank debt; in 1992 it was less than 50%. This paper presents a theory of the choice between bank debt and public debt and then examines the theory using firm level data on borrowing sources in Japan. We find that high net worth companies are more prone to use public debt. We also find that the more successful members of industrial groups (or keiretsu) and less successful owner-managed firms tended to access the public debt markets. We offer a number of interpretations of these results in light of the theory.