Financial Markets and Corporate Finance during the stagnation in Japan

许多研究人员考察了日本经济受金融危机影响的程度。这个项目从另一个角度揭示了这场危机，而很少有研究人员关注这一点。在这种财务状况下，大型公司，如综合贸易公司(GTC)，给予买家更多的贸易信贷，而不从卖家那里获得贸易信贷。可以说，梅尔策效应起到了作用，缓解了对日本经济的潜在负面影响--至少对GTCS的许多贸易伙伴来说是如此。本研究基于Nadiri(1969)的理论预测建立了回归形式。实证结果表明，利率对贸易信用的影响程度并不具有统计学意义。这可能提供进一步的证据，证明日本的贸易信贷实践是由卖方的实践主导的，包括在延期付款金额中收取费用作为其利息成本。除了Nadiri模型，我还考虑了资本比率等微观经济金融因素，以及与货币宽松指数的交互影响。资本比率的增加包括贸易应收账款相对于贸易应付款的增加。此外，与货币宽松指数的互动效应在微观经济层面上支持梅尔策效应。综合效应表现为贸易信贷对资本存量的不对称反应，这取决于宏观经济金融因素。这一发现可能解释了为什么研究人员在贸易信贷是顺周期还是反周期的问题上存在分歧。

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.