Financial Markets and Corporate Finance during the stagnation in Japan

许多研究者对日本经济受金融危机影响的程度进行了研究。这个项目从另一个角度揭示了危机，一个很少有研究人员关注的角度。在这种财务状况下，一般贸易公司等大型企业向买方提供更多的贸易信贷，而不从卖方获得贸易信贷。可以说，Meltzer效应发挥了作用，减轻了对日本经济的潜在负面影响，至少对GTC的许多贸易伙伴是如此。本研究根据Nadiri（1969）的理论预测构建了回归模型。实证结果表明，利率对贸易信用的影响在统计上并不显著。这可以进一步证明，日本的贸易信用实践中，卖方在延期付款额中计入利息成本的做法占主导地位。在Nadiri模型的基础上，还考虑了资本比率等微观金融因素以及与货币宽松度指数的相互影响。资本比率增加包括应收贸易账款相对于应付贸易账款增加。此外，与货币宽松指数的相互作用效应支持微观经济层面的梅尔泽效应。综合效应表现为贸易信贷对资本存量的非对称反应，取决于宏观经济金融因素。这一发现可以解释为什么研究人员对贸易信贷是顺周期还是反周期存在分歧。

Many researchers have examined the extent to which the Japanese economy was affected by the financial crisis. This project sheds light on the crisis from another viewpoint, one on which few researchers have focused. In this financial situation, Large-sized firms such as general trading companies (GTCs) granted more trade credit to their buyers and refrained from receiving trade credit from their sellers. One could say that the Meltzer effect worked and mitigated the potential negative impact on the Japanese economy-at least on many GTCs' trading partners.This research built the regression form on the theoretical prediction of Nadiri (1969). The empirical results revealed that interest rates do not have a statistically significant level of influence on trade credit. This may provide further evidence that trade credit practice in Japan is dominated by the practice of the seller including a charge as its interest cost in the amount of deferred payments.In addition to the Nadiri model, I took into account microeconomic financial factors such as capital ratios and the interaction effect with an index for monetary ease. An increase in the capital ratio includes an increase in trade receivables relative to trade payables. Also, the interaction effect with an index for monetary ease supports the Meltzer effect at the microeconomic level. The combined effect is revealed as an asymmetric reaction of trade credit to a capital stock, depending on the macroeconomic financial factor. This finding may explain why researchers differ as to whether trade credit is procyclical or countercyclical.