Management-oriented Research in the East Asia Companies : The Feature of the East Asia Companies which Analyzes from Rating of a Financial Institution, and Correspondence of a Company

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  • 東アジア企業の経営志向について : 金融機関の評価(信用格付)と企業の対応から見る各国企業の相違について

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Abstract

This paper analyzes the feature of a East Asia country's management intention. Using data is Moody's International Company Data which is financial data(1991-1998) of a firm listed on each countries. The analysis method computes the rate of a default for every fiscal year of each company referred to the rate calculation method of a default of a commercial financial institution. Based on calculated rate of default, this paper studied correlation of the feature of a serial change of the rate of a default the rate of a default, and a loan ratio about the countries in East Asia companies. The result of analysis is as follows. In the first place, about rate of default distribution and average, there are the features of Asian countries in the analysis result. In the second after 1990, the rate of a default goes up in most East Asia companies. It became clear that there is relation the rising of rate of a default and the influence of the Asian currency crisis. Moreover, this paper was analyzed also about the relation between previous term's rate of a default and this term's debt ratio. Although there is the common feature that if the rate of a default becomes high, a debt ratio becomes low, it was able to become clear that it is characteristic for each country, and it was able to classify into the U.S. type, the Japan type, and the China type using model of Persons and Bellah.

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