Financial Policy of Japanese Corporations in Transition

1.我们利用3824邮寄问卷的回复进行了实地研究，考察了日本企业管理者对股利政策和股票回购的看法。《公共债务融资与私人债务融资的选择：关键约束性法规取消后来自日本的新证据》：本文考察了日本企业利用公共债务和银行债务融资的选择。我们发现，高质量的日本公司将银行转向债券市场，而低质量的公司则转向银行债务。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放贷。由于1993-1997年间从股权挂钩债券向直接债券的转变，我们的研究补充了20世纪80年代末牛股市场上股权挂钩公共债务与银行债务融资选择的证据。股权结构与承销费：来自日本IPO的证据：本文实证检验了日本IPO承销费与股权结构之间的关系。经理人所有权与承销费正相关，银行和主承销商关联风险投资人所有权与承销费负相关。此外，发行后绩效与银行持股正相关，与管理层持股不相关。“融资约束与研发投资”：本文使用一个研发支出平均占资本支出一半以上的新样本日本企业，对企业研发投资是否受到内部资源的制约进行了实证研究。与以前研究大型企业的这种关系相反，我们发现R&D投资受到内部现金流的约束，其大小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.