5 /% w b2(5 Ì4Ä - Board of Audit · S ¦ &g K Z 8 r S>*Caballero, Hoshi and Kashyap>&2008>' c>*...
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55 ㄽ 㸯㸬 ࡌࡣ 㔠⼥ᕷሙࡢ㔜せ࡞ᶵ⬟ࡦࡢࡣࡘ㸪㈨㔠ຠ⋡ⓗ㓄ศࡍࡇ࠶ ࠋ㈨㔠ࡢຠ⋡ⓗ࡞㓄ศ ࡣ㸪㈨㔠⏘⏕ࡀᛶࡢప࠸㒊㛛ὶฟࡋ㸪⏕⏘ᛶࡢ㧗࠸㒊㛛ὶධࡍࡇ ࠋ࠺࠸᪥ᮏࡢ㔠⼥ᕷሙ ࡢ㈨㔠㓄ศ࠸ࡘࡣ㸪≉1990 ᖺ௦ࡢᐇయ⤒῭ࡢ㛗ᮇ㛵㐃ࡋ㸪㔠⼥ᕷሙࡕ࠺ࡢ㸪 ࡅ㈚ฟᕷሙࡢ㈨㔠㓄ศࡢ㠀ຠ⋡ᛶࡀᐇయ⤒῭ࡢ㈨※㓄ศࡢ㠀ຠ⋡ᛶࡁࡡ㸪⤊ⓗᐇయ⤒῭ࡢ㛗ᮇ ࡞ࡁᙳ㡪ཬࡓࡋࡍ㆟ㄽࡀὀ┠㞟ࡢࡇࠋࡓ1990 ᖺ௦ࡢ㈚ฟᕷሙࡢ㈨㔠㓄ศࡢ㠀ຠ ⋡ᛶࡣ㸪㏣࠸㈚ࡋ㸪 ࠶ࢰࡣ࠸㈚ฟࡤ㸪 ࠾㖟⾜㒊㛛ࡀᔂቯᚋ┤㠃ࡓࡋⰋമᶒၥ 㢟⮬ᕫ㈨ᮏไ⣙ዎᶵࡋ㸪⏕⏘ᛶࡢప࠸㒊㛛㈨㔠ࡀὶධࡋ␃ࡍ⌧㇟ࡋᤊ࠼ ࠋ1990 ᖺ௦ࡢ㈚ฟᕷሙࡢ㈨㔠㓄ศࡢ㠀ຠ⋡ᛶ㛵ࡋࡣ㸪ࡉࡊ࡞ᐇド◊✲ከࡢࡃドᕥࡀᚓ ࠸ࡓࠋࡤ࠼㸪㸦2000㸧㸪➜⏣㸦2000㸧ࡣ㸪⏘ᴗࡢ㈚ฟࢹࢱ⏝࠸㸪1990 ᖺ௦ ㈚ฟ⏘⏕ࡀᛶࡢప࠸⏘ᴗὶධࡅ⥆ࡋࡓ࠸ᐇ♧ࡋ㸪ᮡཎ➜⏣㸦2002㸧㸪㛵᰿ᑠᯘᡯ⏣ 㸦2003㸧㸪Hosono and Sakuragawa 㸦2003㸧㸪Peek and Rosengren 㸦2005㸧 ࡣ㸪㖟⾜࠶ࡣ࠸ᴗ ࡢ㈚ฟࢹࢱ⏝࠸㸪1990 ᖺ௦㈚ฟ⏘⏕ࡀᛶࡢప࠸㸪࠶ࡣ࠸ࡢࢡࢫ㧗࠸ᴗὶධࡋ ࠸ࡓᐇ♧ࡋ࠸ ࠋࡓ㸪 Caballero, Hoshi and Kashyap 㸦2008㸧 ࡣ㸪ᴗࡢ㈚ฟࢹࢱ⏝࠸㸪 1990 ᖺ௦㔠ῶචࡗᘏࡏࡉ⏘⏕ࡓᛶࡢపࢰ࠸ᴗࡢᏑᅾࡀ㸪⏕⏘ᛶࡢ㧗࠸ᴗ ࢡࢻࡋࢺ㸪⤊ⓗ⏘ᴗయ⏘⏕ࡢᛶ㈇ࡢᙳ㡪ཬࡋࡓ࠸ᐇ♧ࡋ㸪㇂ⓑሯᒣ⏣ 㸦2007㸧ࡣ㸪⏘ᴗࡢ㈚ฟࢹࢱ⏝࠸㸪1990 ᖺ௦ࡢ㈚ฟᕷሙࡢ㈨㔠㓄ศࡢṍࡀ㸪ᐇయ⤒῭ࡢ㈨ ※㓄ศࡢṍ㏻ࡋ㸪ᐇయ⤒῭㈇ࡢᙳ㡪ཬࡋࡓ࠸ᐇ♧ࡋ࠸ ࠋ௨ࡢ㆟ㄽࡣ㸪ࡎ࠸㸦1㸧1990 ᖺ௦ࡢ㈚ฟᕷሙࡢ㈨㔠㓄ศ㠀ຠ⋡ᛶࡀᏑᅾࡇࡓࡋ㸪㸦2㸧 1990 ᖺ௦ࡢ㈚ฟᕷሙࡢ㈨㔠㓄ศࡢ㠀ຠ⋡ᛶࡀᐇయ⤒῭ࡢ㈨※㓄ศࡢ㠀ຠ⋡ᛶ㏻ࡋ㸪⤊ⓗᐇ 㔠⼥ᕷሙࡢ㈨㔠㓄ศ ᆏ ຌ ѽ 㸦ி㒔⏘ᴗᏛ⤒῭Ꮫ㒊ຓᩍ㸧 㸨 ᶫᏛ⤒῭Ꮫ㒊༞㸪ᶫᏛᏛ㝔⤒῭Ꮫ◊✲⛉༤ኈㄢ⛬༢ᚓ㏥Ꮫ ࠋ༤ኈ㸦⤒῭Ꮫ㸪ᶫᏛ㸧 ࠋ᪥ᮏᏛ⾡⯆≉◊✲ဨ㸪ᶫ Ꮫ⤒῭◊✲ᡤㅮᖌ⤒2010 ᖺ⌧⫋ ࠋ᪥ᮏ⤒῭Ꮫ㸪᪥ᮏ㔠⼥Ꮫᡤᒓ ࠋㄽ㸸 "Firm Age and the Evolution of Borrowing Costs: Evidence from Japanese Small Firms," Journal of Banking and Finance 34 㸦8 㸧 , 1970-1981, 2010. 㸦ඹⴭ㸧㸸 "The Effectiveness of Public Credit Guarantees in the Japanese Loan Market," Journal of the Japanese and International Economies 24 㸦4 㸧 , 457-480, 2010. 㸦ඹⴭ㸧 㸸 ࠕ᪥ᮏᴗ ࡅ࠾㈨㔠ㄪ㐩⾜ ෆ㛶ᗓ⤒῭♫⥲◊✲ᡤ⤒῭ศᯒ 182 㸪 70-93 㸪 2009 㸬 ࡞ ࠋ
Transcript of 5 /% w b2(5 Ì4Ä - Board of Audit · S ¦ &g K Z 8 r S>*Caballero, Hoshi and Kashyap>&2008>' c>*...
55
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2002
2003 Hosono and Sakuragawa 2003 Peek and Rosengren 2005
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Caballero, Hoshi and Kashyap 2008
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2007 1990
1 1990 2
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2010 "Firm Age and the Evolution of Borrowing Costs:
Evidence from Japanese Small Firms," Journal of Banking and Finance 34 8 , 1970-1981, 2010. "The Effectiveness of Public Credit Guarantees in the Japanese Loan Market," Journal of the Japanese and International Economies 24 4 , 457-480, 2010.
182 70-93 2009
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10 9
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1 12
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0.15%
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Mean Std. Dev. Mean Std. Dev. Mean Std. Dev. Mean Std. Dev. Mean Std. Dev.
% % % % % % % % % %
1980-1985 -0.083 0.066 -0.003 0.197 -0.027 0.077 -0.017 0.039 0.058 0.081
1986-1990 0.011 0.078 0.108 0.182 0.008 0.057 0.032 0.048 0.142 0.134
1991-1995 -0.022 0.098 -0.014 0.258 -0.008 0.040 0.014 0.019 0.098 0.135
1996-2000 -0.031 0.106 -0.111 0.200 -0.002 0.031 0.037 0.070 0.132 0.182
2001-2007 0.060 0.249 0.069 0.229 -0.006 0.049 0.111 0.320 0.193 0.331
-0.010 0.152 0.014 0.224 -0.008 0.054 0.039 0.169 0.127 0.206
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貸出
社債
株式
内部留保
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1
0.11% 0.11% 0.03%
0.01% 0.02% 0.11% 0.06% 0.19%
2
0.22% 0.05%
0.17% 0.21%
1 1980
1980 1990
2000 1990
1
1993 BIS
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1990 2000
1980 2000
1980
1980
1990
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2000
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2
2 11
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3. 2
3.1
11
2
1
2
2 2
11
2
9
2 2
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Mean Std. Dev. Mean Std. Dev. Mean Std. Dev. Mean Std. Dev. Mean Std. Dev.
% % % % % % % % % %
1980-1985 -0.136 0.071 -0.042 0.281 -0.034 0.080 -0.049 0.070 -0.054 0.074
1986-1990 -0.081 0.068 -0.079 0.176 -0.044 0.080 -0.050 0.036 -0.023 0.063
1991-1995 -0.099 0.089 -0.044 0.206 -0.010 0.051 -0.011 0.018 0.023 0.079
1996-2000 -0.015 0.118 -0.047 0.241 0.006 0.037 -0.012 0.059 0.003 0.123
2001-2007 0.018 0.134 0.049 0.230 -0.001 0.039 -0.016 0.207 -0.041 0.233
-0.059 0.116 -0.027 0.232 -0.016 0.062 -0.028 0.112 -0.021 0.140
Mean Std. Dev. Mean Std. Dev. Mean Std. Dev. Mean Std. Dev. Mean Std. Dev.
% % % % % % % % % %
1980-1985 0.053 0.037 0.039 0.132 0.007 0.013 0.032 0.050 0.112 0.086
1986-1990 0.092 0.062 0.187 0.163 0.052 0.039 0.082 0.052 0.166 0.156
1991-1995 0.077 0.064 0.030 0.197 0.002 0.036 0.026 0.028 0.075 0.102
1996-2000 -0.016 0.053 -0.064 0.180 -0.008 0.047 0.049 0.059 0.129 0.141
2001-2007 0.042 0.190 0.020 0.196 -0.005 0.053 0.127 0.211 0.235 0.290
0.049 0.110 0.041 0.189 0.009 0.045 0.067 0.119 0.149 0.186
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% 資本ストック
12
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貸出社債株式内部留保
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2
2 1 1
2 1980
1980
1980 1
2 2
1 1
2 1980
1980
1980
1
1980
2 1980
3 1980
43
3) 1980
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1 1 1990
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1980
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1 1 1990
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2000 2000 1
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2
1 1 2000
4) 1990
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2 1 1 2000
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1 2000
M&A 2 2000
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1980 1990 20
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Caballero, R. J., T. Hoshi, and A. K. Kashyap 2008 "Zombie Lending and Depressed Restructuring in Japan,"
American Economic Review 98 5 : 1943-1977.
Fukao, K., T. Miyagawa, and M. Takizawa 2007 " Productivity Growth and Resource Reallocation in Japan,"
Hi-Stat Discussion Paper Series 224.
Hosono, K. and M. Sakuragawa 2003 "Soft Budget Problems in the Japanese Credit Market," Nagoya City
University Discussion Papers in Economics 345.
Peek, J. and E. S. Rosengren 2005 "Unnatural Selection: Perverse Incentives and the Misallocation of Credit
in Japan," American Economic Review 95 4 : 1144-1166.
Syrquin, M. 1984 "Resource Allocation and Productivity Growth," in M. Syrquin, L. Taylor, and L. E.
Westphal eds Economic Structure and Performance. Academic Press: 75-101.
Syrquin, M. 1986 "Productivity and Factor Reallocation," in H. Chenery, R. Sherman, and M. Syrquin eds
Industrialization and Growth: A Comparative Study. Oxford University Press: 229-262.
2007
07-J-4
2003
2001
01-16
2002 44 63-87
2003 22 1 129-156
2000
1-32
2000
233-264
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