Effects of Lending Relationships with Government Banks on Firm Performance: Evidence from Japanʼs Government Bank for Small Businesses
-
- Uesugi Iichiro
- 一橋大学
-
- Uchida Hirofumi
- 神戸大学
-
- Mizusugi Yuta
- 株式会社SHIFT
Bibliographic Information
- Other Title
-
- 日本政策金融公庫との取引関係が企業パフォーマンスに与える効果の検証
- ニホン セイサク キンユウ コウコ ト ノ トリヒキ カンケイ ガ キギョウ パフォーマンス ニ アタエル コウカ ノ ケンショウ
Search this article
Abstract
Employing massive contract- and firm-level data provided by the SME Unit of the Japan Finance Corporation (JFC), one of the largest government lending institutions for SMEs, and linking the data with other firm-level data from a business credit information company, we empirically examine (1) the lending behavior of JFC to SMEs and (2) the effects JFC's lending had on the credit availability and the ex-post performance of its borrowers. As for (1), JFC's lending behavior, we find (1-a) a statistically significant association between JFC's lending decision and a variety of variables including those from borrowers' financial statements, and (1-b) JFC's counter-cyclical lending behavior to SMEs. As for (2), effects of JFC's lending, we find (2-a) a significant positive impact on borrowers' credit availability, capital investment, and employment, (2-b) occasional complementarities between JFC loans and loans provided by other financial institutions, and (2-c) no definitive evidence for a positive impact on the borrowers' ex-post performance including their profitability and the probabilities of their financial distress.
Journal
-
- 経済研究
-
経済研究 67 (3), 238-260, 2016-07-25
岩波書店
- Tweet
Details 詳細情報について
-
- CRID
- 1390572174821946624
-
- NII Article ID
- 120006540087
-
- NII Book ID
- AN00070761
-
- DOI
- 10.15057/28096
-
- HANDLE
- 10086/28096
- 20.500.14094/90005375
-
- NDL BIB ID
- 027547819
-
- ISSN
- 00229733
-
- Text Lang
- ja
-
- Data Source
-
- JaLC
- IRDB
- NDL
- CiNii Articles
- KAKEN
-
- Abstract License Flag
- Allowed