The Empirical Analysis of Relationship Banking in Japan : Evidence from small-and medium-sized firms data in 47 prefectures

本研究的目的是利用日本中小企业的数据对银行与企业的关系进行实证分析。日本主要银行体系在日本经济中发挥了重要作用。因此，重点是每个州主要银行关系的稳定性。首先，我考察了1980-1990年（H期）和1990-2000年（L期）期间主要银行的变化。H期和L期更换主银行的中小企业比例分别为14.5%和15.5%。其次，研究了主要银行变动的影响因素。根据估算结果，中小企业的增资显著为正，企业年龄显著为负。第三，我研究了银行-公司关系对贷款利率的影响，使用了来自前三个高利率县和前三个低利率县的中小企业的数据。研究发现，贷款利率随关系持续时间的增加而增加，表明存在锁定问题。

The purpose of this study is to analyze empirically bank-firm relationships in Japan, using data from small-and medium-sized firms. The Japanese main bank system has played an important role in Japanese economy. Therefore, the focus is on the stability of main bank relationships in each prefecture.First, I examine the shifts in main banks that occurred during both the period of 1980-1990(H period) and the period of 1990-2000(L period). The percentage of small-and medium-sized firms that changed main banks during the H period was 14.5%, and during the L period was 15.5%.Second, I investigate the factors of the shifts in main banks. According to the estimated results, the capital increase of small-and medium-sized firms is significantly positive, and the age of firms is significantly negative.Third, I examine the effect of bank-firm relationships on loan interest rates, using data from small-and medium-sized firms in top three high interest rate prefectures, and in top three low interest rate prefectures. It is found that the loan interest rate increases with the duration of the relationship, suggesting the existence of a lock-in problem.