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銀行企業間関係・格付け取得とレバレッジの調整速度

Author

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  • 吉田, 隆
  • 小西, 大
  • KONISHI, Masaru

Abstract

本稿は、企業にとって外部資金へのアクセスを向上させる二つの要因―銀行企業間関係及び格付け取得―がレバレッジ（負債比率）の調整速度を速めるか検証する。検証結果は以下の通りである。銀行企業間関係の緊密度には、調整速度に対する影響が認められない。投資適格格付け取得には、レバレッジが目標となるレバレッジ水準に比べて過大・過小いずれの場合にも、調整速度を速める影響が認められる。これは、投資適格格付け取得が、負債の償還及び発行の両面においてレバレッジ調整の費用を引き下げることを示唆している。

Suggested Citation

  • 吉田, 隆 & 小西, 大 & KONISHI, Masaru, 2016. "銀行企業間関係・格付け取得とレバレッジの調整速度," Working Paper Series G-2-7, Hitotsubashi University Center for Financial Research.
    • Handle: RePEc:hit:hcfrwp:g-2-7
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