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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

Listed author(s):
  • 奥田, 英信
  • 竹, 康至
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    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.

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    Paper provided by Graduate School of Economics, Hitotsubashi University in its series Discussion Papers with number 2008-07.

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    Length: 25 p.
    Date of creation: Oct 2008
    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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