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アジア危機前後のインドネシア上場企業の資本構造 : 経済改革による社会的ネットワークの影響力の変化


  • 奥田, 英信
  • 竹, 康至


本稿では、インドネシア経済が好調であったアジア経済危機前の4年間(1994~1997年)と、アジア経済危機後の6年間(2000~2005年)について、インドネシア上場企業の各種負債比率の決定要因を推計した。本稿の推計結果によれば、経済改革後の上場企業の資金調達行動は、経済危機前と比較して、標準的な企業金融理論により良く合致するものに変化した。また、アジア経済危機前には、企業の資金調達行動に対して社会的・政治的要素の影響が大きな影響力を持っていたが、経済改革を経てこれら要素の影響力は大幅に低下した。これらの観察結果は、アジア経済危機後に実施された経済改革によって、インドネシア上場企業の資金調達行動がフォーマルな制度に基盤を置くものになり、文化的・政治的な要素を裏づけとするインフォーマルな行動規範や仕組みの影響力が大幅に後退したことを示唆している。, This study investigates the factors determining the debt-ratios of Indonesian listed companies after the implementation of reform policies subsequent to the Asian crisis. The estimation analysis of the panel data for the period 1994-2005 reveals several factors that determined substantive change in the financing activities of these listed companies. The capital structure of Indonesian companies had been characterized by excessive leveraging by business conglomerates as well as specific social and political elements before the Asian financial crisis; however, these influences were not found in the estimation results for the years after the crisis. This significant change is considered to be a consequence of financial and corporate reforms.However, the estimation results show that other policy tasks remain. First, insufficient collateral may become a serious impediment to financial activities. Second, only companies with sufficient collateral can borrow long-term. In order to tap long-term funding, the core company in each business group function as a conduit for such borrowing.

Suggested Citation

  • 奥田, 英信 & 竹, 康至, 2009. "アジア危機前後のインドネシア上場企業の資本構造 : 経済改革による社会的ネットワークの影響力の変化," Discussion Papers 2009-17, Graduate School of Economics, Hitotsubashi University.
  • Handle: RePEc:hit:econdp:2009-17
    Note: Can the Post-crisis Reform Policies Change Corporate Financing in Indonesia? : Estimating Distinct Effects of Ethnic and Social Factors

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    Corporate Finance; Capital Structure; Ownership Structure; Indonesia;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation


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