Financial Policy of Japanese Corporations in Transition

1. 我们利用3824封邮件调查的反馈进行了实地研究，考察了日本公司管理者对股利政策和股票回购的思考。“公共债务融资与私人债务融资的选择：关键约束性法规被取消后来自日本的新证据”：本文调查了日本公司的公共债务和银行债务融资的选择。我们发现，高质量的日本企业将银行转向债券市场，而低质量的日本企业则转向银行债务。我们还提供了新的证据，表明日本银行倾向于向富有的公司提供贷款。由于1993-1997年期间从股票挂钩债券转向直接债券，我们的研究提供了与20世纪80年代末牛市股市有关股票挂钩公共债务与银行债务融资选择的证据的补充。“股权结构与承销费用：来自日本ipo的证据”：本文实证考察了日本ipo承销费用与股权结构之间的关系。经理人的所有权与承销费呈正相关，而银行和主承销商附属风险资本家的所有权与承销费呈负相关。此外，发行后业绩与银行持股呈正相关，而与管理层持股无关。“融资约束与研发投资”：本文以研发支出平均占资本支出一半以上的日本企业为样本，实证研究了企业的研发投资是否受到内部资源的约束。与以往研究大型企业这种关系的研究相反，我们发现研发投资受到内部现金流的约束，其程度几乎与实物投资相同。

1. We did field research study using the responses from 3824 mail survey to examine managers thinking about dividend policy, and stock repurchases of Japanese corporations.2. "The choice of financing with public debt versus private debt: New evidence from Japan after critical binding regulations were removed": This paper investigates the choice of financing with public debt and bank debt of Japanese corporations. We find high quality Japanese firms leave banks to the bond market, while low quality firms U-turn to bank debt. We also provide new evidence that Japanese banks tend to lend loans to wealthy firms. Because of a shift from equity-linked bond to straight bond during 1993-1997, our study provides a complement to evidence on financing choices of equity-linked public debt versus bank debt with the late 1980s' bull stock market.3. "Ownership structure and underwriting fee: Evidence from Japanese IPOs": This paper empirically examines the relationship between the underwriting fee of IPOs and ownership structure in Japan. The ownership by managers is positively associated with the underwriting fee, while the ownership by banks and lead underwriter-affiliated venture capitalists is negatively associated with the underwriting fee. Moreover, post-issue performance is positively associated with the ownership by banks but is not associated with managerial ownerships.4. "Financing constraints and Research and Development Investment": This paper empirically investigates whether firms' R&D investment is constrained by their internal resources, using a new sample of Japanese firms where R&D expenditure amounts on average to more than half of capital expenditure. Contrary to previous studies that examine this relationship for large firms, we find that R&D investment is constrained by internal cash flow with almost the same magnitude as that of physical investment.