日本中小型企业的银行信贷:来自正常时期、全球金融危机和 COVID-19 危机的证据

IF 4.8 2区 经济学 Q1 BUSINESS, FINANCE
Daisuke Tsuruta
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引用次数: 0

摘要

我们以全球金融危机(GFC)和由 2019 年冠状病毒病(COVID-19)大流行引发的经济危机为重点,调查了哪些类型的中小企业(SMEs)在危机期间使用银行贷款。利用日本中小企业的综合数据,我们得出了以下结果。首先,在这两次危机期间,低现金流、高信贷风险和低销售增长的中小企业向银行借款较多。其次,这些企业在 COVID-19 危机期间比在全球金融危机期间借贷更多。此外,在 COVID-19 危机期间,这些企业的事后盈利能力较低,其特殊性在于弱势企业向银行借款较多。第三,在 COVID-19 危机的早期阶段,违约概率的增加并不大,但到 2021 年,违约概率的增加在经济上具有显著意义。这些结果表明,COVID-19 危机期间的大规模金融支持延迟了企业违约。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Bank credit to SMEs in Japan: Evidence from normal times, the global financial crisis, and the COVID-19 crisis

We investigate what types of small and medium-sized enterprises (SMEs) use bank loans during crisis periods, focusing on the global financial crisis (GFC) and the economic crisis caused by the coronavirus disease 2019 (COVID-19) pandemic. Using comprehensive data on SMEs in Japan, we obtain the following results. First, during these two crisis periods, SMEs with low cash flow, high credit risk, and low sales growth borrowed more from banks. Second, these firms borrowed more during the COVID-19 crisis than during the GFC. Furthermore, the ex post profitability of these firms was lower during the COVID-19 crisis, which was special in that vulnerable firms borrowed more from banks. Third, the increases in probability of default were not large during the early stages of the COVID-19 crisis, but were economically significant in 2021. These results imply that massive financial support during the COVID-19 crisis delayed firm defaults.

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来源期刊
Pacific-Basin Finance Journal
Pacific-Basin Finance Journal BUSINESS, FINANCE-
CiteScore
6.80
自引率
6.50%
发文量
157
期刊介绍: The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.
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