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銀行・企業間関係及び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

我が国上場企業のデータを用い、銀行・企業間関係及び格付け取得が企業によるレバレッジ（負債比率）調整の速度に与える影響を分析した結果、銀行・企業間関係にはそうした影響が認められなかった。投資適格格付け取得は、現実の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、正の影響が確認された。投資適格格付け取得は、負債の発行・償還の両面でレバレッジ調整の費用を低減することが示唆される。

Suggested Citation

  • 吉田, 隆 & 小西, 大 & KONISHI, Masaru, 2018. "銀行・企業間関係及び格付け取得とレバレッジの調整速度," Working Paper Series G-2-11, Hitotsubashi University Center for Financial Research.
    • Handle: RePEc:hit:hcfrwp:g-2-11
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