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フィリピン上場企業の資本構造 : ビジネスグループ企業の資金調達の特徴


  • 奥田, 英信
  • 竹, 康至


本稿では、2001-2006年の年次データを用いてフィリピン上場企業の負債比率を推計し、ビジネスグループ企業の資金調達構造の特徴について検討した。推計結果によれば、フィリピン上場企業の資本構造は概ねエージェンシーコスト・アプローチが妥当することが確認された。同時に、成長性のある企業ほど負債性資金に依存すること、大規模企業の中でもビジネスグループ企業の負債比率が特に大きくなることが観察された。これらの観察結果は、フィリピンの資本市場に深刻な情報の非対称性問題が残っており、ビジネスグループが内部資本市場を利用して資金配分を行っている可能性を示唆している。, We analyzed the capital structure of listed companies in the Philippines from 2001 to 2006 after the Asian financial crisis. Our estimation results showed these following three tendencies: first, companies that had good opportunities to invest depended on debts; second, companies belonging to business groups reduced their debts; and last, large companies of business groups much preferred to take on debts compared to those of others. Our findings suggest that while the financial market was not functioning sufficiently, business groups were able to alleviate it by their internal capital markets.

Suggested Citation

  • 奥田, 英信 & 竹, 康至, 2008. "フィリピン上場企業の資本構造 : ビジネスグループ企業の資金調達の特徴," Discussion Papers 2008-07, Graduate School of Economics, Hitotsubashi University.
  • Handle: RePEc:hit:econdp:2008-07 Note: Capital Structure of Listed Companies in the Philippines: Fund Raising Characteristics of Business Group Companies

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    References listed on IDEAS

    1. Daniel Hernandez–Hernandez & Alexander Schied, 2005. "Robust Utility Maximization in a Stochastic Factor Model," SFB 649 Discussion Papers SFB649DP2006-007, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany, revised Aug 2006.
    2. Alexander Schied & Ching-Tang Wu, 2005. "Duality theory for optimal investments under model uncertainty," SFB 649 Discussion Papers SFB649DP2005-025, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany, revised Sep 2005.
    3. Alexander Schied, 2007. "Optimal investments for risk- and ambiguity-averse preferences: a duality approach," Finance and Stochastics, Springer, vol. 11(1), pages 107-129, January.
    4. Hernández-Hernández, Daniel & Schied, Alexander, 2007. "A control approach to robust utility maximization with logarithmic utility and time-consistent penalties," Stochastic Processes and their Applications, Elsevier, vol. 117(8), pages 980-1000, August.
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    企業金融; 資金調達; フィリピン;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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