Empirical Analyses of Functions of a Bank-Centered Financial System

以银行为中心的金融体系功能的实证分析

基本信息

批准号：
16530217
负责人：
HORIUCHI Akiyosi
金额：
$ 1.41万
依托单位：
Chuo University
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
2004
资助国家：
日本
起止时间：
2004 至 2005
项目状态：
已结题

项目摘要

This research project investigated functions and limitation of the Japanese financial system which has been characterized by the intimate relationship between banks and borrower firms.(1)We investigated how the so-called ‘organ banks' contributed to Japan's industrial development at the beginning of the 20^<th> century. At that time, most small scale banks were established by entrepreneurs who wanted to raise funds through issuing bank deposits. Thus, the close connection of bank management with enterprises was prevalent at the early stage of industrialization. Many have thought that the connection characterizing the ‘organ banks' made the Japanese banking very fragile and leading to frequent bank runs at the early 20^<th> century. But our analysis revealed that the small scale banks were more robust than many thought, and the business model of the ‘organ banking' contributed to the early industrialization in Japan. After the World War I which started heavy and chemical industrializati … More on in Japan, the small-scale ‘organ banks' suffered from fragility.(2)It has been a conventional view that the intimate relationships with main banks and their client firms strengthened the effective corporate governance and promoting industrial development in the Japan's high-growth era, but that the financial deregulation started at the 1980s weakened the relationships and undermined the corporate governance mechanism at the end of the 1980s. The consequence of the weakening governance was conceived as causing the so-called ‘financial bubble' in the late 1980s, and the serious non-performing loan problems and the macroeconomic stagnation during the 1990s. Our research project, based on panel analyses of more than 1,600 companies' financial statistics, investigated the relevancy of this conventional view regarding the Japan's corporate governance based on bank-firm relationships. The statistical results show that the financial deregulation of the 1980s did not significantly influence mechanisms of the corporate governance in Japan, and the so-called ‘main bank relationship' did not contributed to efficient management of borrower firms even during the 1970s. Our analysis also suggests that the market competition led to efficient management of individual firms not only before 1980, but also after 1980. Less

该研究项目调查了日本金融体系的功能和局限性，该系统的特征是银行和借款人公司之间的亲密关系。（1）我们研究了所谓的“器官库”在20^<>世纪初如何为日本的工业发展做出了贡献。当时，大多数小型银行都是由想要通过发行银行存款筹集资金的企业家建立的。在工业化的早期阶段，银行管理与企业的密切联系很普遍。许多人认为，“器官银行”的联系使日本银行业务非常脆弱，并在20^<th>世纪初经常运行。但是我们的分析表明，小规模的银行比许多人想象的要强大，而“器官银行”的业务模型促成了日本早期的工业化。第一次世界大战开始后，开始了沉重和化学工业的……更多关于日本的小规模的“器官银行”遭受了脆弱的困扰。（2）传统观点是，与主要银行及其客户企业的亲密关系及其有效的公司治理加强了日本高成长时代的工业发展，但在1980年代的企业中促进了这种关系，并促进了这种关系，而这种关系却在1980年代弱化了，而这一较弱的人的关系却陷入困境。 1980年代。削弱治理的后果被认为是导致1980年代后期所谓的“金融泡沫”，以及1990年代严重的不良贷款问题和宏观经济停滞。我们的研究项目基于对1,600多家公司财务统计数据的小组分析，研究了这种传统观点对基于银行公司关系的日本公司治理的相关性。统计结果表明，1980年代的财务放松管制并没有显着影响日本公司治理的机制，即使在1970年代，所谓的“主要银行关系”也没有为借款人的有效管理做出贡献。我们的分析还表明，市场竞争不仅在1980年之前，而且在1980年之后都可以有效地管理单个公司。