银企关系与贷款期限:来自日本中小企业的证据

IF 2.6 3区经济学 Q1 ECONOMICS

Journal of the Japanese and International Economies Pub Date : 2022-12-01 DOI:10.1016/j.jjie.2022.101229

Islam Kachkach , Hirofumi Uchida

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引用次数: 0

摘要

我们使用日本中小企业的独特数据来研究银企关系如何影响日本中小企业的贷款期限。我们将戴蒙德(1991)关于企业选择长期债务与短期债务的模型应用到中小企业贷款的背景下，并以忠实于所应用模型的方式测试预测。我们发现，长期贷款的比例随着银行-公司关系的强度而下降，以它们的持续时间来衡量。这一发现与预测一致，表明中小企业在确定贷款期限时考虑了银行信息生产的收益和清算成本。

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Bank–firm relationship and loan maturity: Evidence from Japanese SMEs

We use unique data on Japanese SMEs to investigate how the bank-firm relationship affects the loan maturity of SMEs in Japan. We apply Diamond's (1991) model on the firms’ choice of long- versus short-term debt to the context of SME lending and test a prediction in a manner faithful to the applied model. We find that the ratio of long-term loans decreases with the strength of bank-firm relationships as measured by their duration. This finding is consistent with the prediction and suggest that SMEs take into account the benefit of information production by banks and the cost of liquidation when determining the loan maturity.

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来源期刊

Journal of the Japanese and International Economies Multiple-

CiteScore

5.10

自引率

6.90%

发文量

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.