信贷额度对现金持有和资本投资的影响:来自日本的证据

IF 2.6 3区 经济学 Q1 ECONOMICS
Tomohito Honda
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引用次数: 0

摘要

本研究使用2006年至2017年日本上市公司的手工收集数据,考察了信贷额度如何影响企业现金持有量和资本投资。这项研究比较了有和没有信贷额度的公司,以调查信贷额度的影响。实证结果表明:(1)有信贷额度的企业现金储备比没有信贷额度的公司少;(2) 有信贷额度的公司比没有信贷额度的企业承担更多的资本投资;(3) 信贷额度对财务受限企业的影响比其对应企业更为放大;(4) 紧密的银行-企业关系在信贷额度对企业活动的影响中发挥着积极作用。这些实证结果表明,信贷额度可以提高公司的财务灵活性,并允许他们使用出于预防原因持有的现金进行投资。研究结果还表明,信贷额度和随之而来的隐性银行-企业关系是相辅相成的。此外,拥有信贷额度和密切的银行-公司关系对日本公司的企业活动非常重要。此外,研究结果表明,日本信贷额度的使用仍然相对不发达,这可能是该国企业储蓄庞大、投资疲软的原因之一。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The effects of credit lines on cash holdings and capital investment: Evidence from Japan

This study examines how credit lines affect corporate cash holdings and capital investment using a hand-collected data on publicly traded Japanese firms from 2006 to 2017. The study compares firms with and without credit lines to investigate the effects of credit lines. The empirical results are as follows: (1) Firms with credit lines hold smaller cash reserves than those without; (2) Firms with credit lines undertake more capital investment than those without; (3) The effects of credit lines are more amplified for financially constrained firms than their counterpart; (4) A close bank–firm relationship plays a positive role in the effect of credit lines on corporate activities.

These empirical findings indicate that credit lines can improve firms’ financial flexibility and allow them to use cash holdings held for precautionary reasons to invest. The results also show that credit lines and the attendant implicit bank–firm relationships are complementary to each other. Moreover, having both credit lines and a close bank–firm relationship is important to Japanese firms for their corporate activities. Furthermore, the results imply that the use of credit lines is still relatively undeveloped in Japan, which may be a reason for the country's large corporate savings and lackluster investment.

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来源期刊
CiteScore
5.10
自引率
6.90%
发文量
36
期刊介绍: The Journal of the Japanese and International Economies publishes original reports of research devoted to academic analyses of the Japanese economy and its interdependence on other national economies. The Journal also features articles that present related theoretical, empirical, and comparative analyses with their policy implications. Book reviews are also published.
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