Relationships matter: the impact of bank-firm relationships on mergers and acquisitions in Japan
Relationships matter: the impact of bank-firm relationships on mergers and acquisitions in Japan
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关系很重要：银企关系对日本并购的影响
DOI：
10.1007/s10693-019-00327-3
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发表时间：
2019
影响因子：
1.4
通讯作者：
Juxin Yan
中科院分区：
文献类型：
--
作者：
Yukihiro Yasuda;Joseph J. French;Juxin Yan
我们研究了银行与企业的关系对日本并购的影响。本研究剖析了企业通过贷款、董事和所有权关系与银行联系的影响。该研究使用了一个涵盖2000年至2015年的综合数据集，表明银行与企业的关系通常会增加并购的可能性和规模。与僵尸贷款等传统观点相反，我们的研究结果表明，日本银行在2000年代促进了重组和国际扩张。然而，在银行扮演贷款人和收购方股东双重角色的情况下，并购的可能性和规模都会下降。这一结果源于银行希望维持公司治理机制和控制权。
We examine the influence of bank-firm relationships on mergers and acquisitions (M&As) in Japan. This examination dissects the effect of firms’ linkages with banks through lending, director, and ownership relationships. This study uses a comprehensive data set that spans the period from 2000 to 2015 to show that bank-firm relationships generally increase the likelihood and size of an M&A. Contrary to conventional wisdom on the adverse effects of these relationships, such as zombie lending, our results indicate that Japanese banks facilitated restructuring and international expansion in the 2000s. However, in cases where a bank plays a dual role as a lender and shareholder to an acquirer, the likelihood and size of the M&A declines. This result stems from a bank’s desire to maintain corporate governance mechanisms and control rights.