Empirical analyses of effects caused by reforms of corporate finance related laws and regulations

我们调查了最近日本金融市场状况变化所造成的一些影响。我们的发现有以下三点。首先是关系银行的消极一面，更具体地说，就是转换到另一家银行的成本的存在，使得主银行的股票融资效率低下。第二，我们确认了在过渡期引入反收购措施的公司与其他公司之间引入反收购措施后长期绩效的差异。我们的结论是，在日本，在过渡时期采取的措施是在不久的将来表现不佳的信号。第三是对私人健身的分析。我们发现，当破产企业是其主要银行的大量借款人时，其重组更容易失败。

We have investigated some effects caused by recent changes in Japanese financial markets conditions. Our findings are following three. The first is a negative side of relationship banking, more specifically, that the existence of cost to switch to a different bank enables inefficient stock funding of a main bank.The second is that we confirm differences of long-term performances after introducing anti-takeover measures between firms which introduces them in a transit period and the others. And we conclude that, in Japan, the adoption of the measures in the transit period was a signal of bad performance in the near future.The third is related to analyses of private workouts. We find that reconstruction of a bankrupt firm fails more often when it is a large-lot borrower of its main bank.