企業収益と負債 : 『企業活動基本調査』に基づく日本企業行動のパネル分析

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企業収益と負債 : 『企業活動基本調査』に基づく日本企業行動のパネル分析

Author Info

北村, 行伸

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Yukinobu Kitamura

Abstract

本研究では『企業活動基本調査』を用いて、企業活動と企業財務、とりわけ収益と負債の関係について分析を行った。一般に企業活動を分析する際には労働や資本などのファンダメンタルな経済変数のみで説明されることが多かったが、企業財務や市場競争の条件を加えることによって、これまでよりも企業経営の効率性に関してより深い分析が可能になった。実証面については、膨大なミクロ統計を用いることによって、基本統計量だけではなく、分布情報などを精査し、産業内での市場競争、効率性、規制介入などの実態を明らかにすることが出来た。コーポレート・ガバナンスに関しては負債資産比率の係数から、健全な企業も最適負債比率を超えていることがわかった反面、市場競争の代理変数である商品売上シェアはそれほど重要ではないことがわかった。売上収益率の固定効果推計によれば、運輸・通信業、農林水産業、電気・ガス・熱供給・水道業、金融・保険業では固定効果が突出しており、政府規制、補助金など何らかの意味での保護が倒産リスクを低下させていることがデータから読み取れた。

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Publisher Info
Paper provided by Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University in its series CEI Working Paper Series with number 2003-7.

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Length: 20, [16] p.
Date of creation: Mar 2003
Date of revision:
Handle: RePEc:hit:hitcei:2003-7

Note: 2003年2月28日, Corporate Profit and Debt: Panel Data Analysis of The Japanese Firms in the 1990s
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Find related papers by JEL classification:
G3 - Financial Economics - - Corporate Finance and Governance
L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior

Cited by:
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Ahn, Sanghoon, 2003. "Technology Upgrading with Learning Cost," CEI Working Paper Series 2003-21, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
Gennaioli, Nicola & Rossi, Stefano, 2008. "Judicial Discretion in Corporate Bankruptcy," CEI Working Paper Series 2008-5, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
Gennaioli, Nicola & Rossi, Stefano, 2008. "Optimal Resolutions of Financial Distress by Contract," CEI Working Paper Series 2008-6, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
Hanazaki, Masaharu & Horiuchi, Akiyoshi, 2003. "Have Banks Contributed to Efficient Management in Japan's Manufacturing?," CEI Working Paper Series 2003-22, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
Dallago, Bruno, 2003. "Comparative Economic Systems and the New Comparative Economics: Foes, Competitors, or Complementary?," CEI Working Paper Series 2003-24, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]

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