On the costs of a bank-centered financial system: Evidence from the changing main bank relations in Japan

• 成果类型: Article
• 署名作者: Weinstein, DE; Yafeh, Y
• 署名单位: University of Michigan System; University of Michigan; Hebrew University of Jerusalem
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/0022-1082.254893
• 发表日期: 1998
• 页码: 635-672
• 关键词: LENDING RELATIONSHIPS; corporate; INVESTMENT; FIRMS; INFORMATION; OUTSIDERS; OWNERSHIP; keiretsu; BEHAVIOR; debt

摘要

We examine the effects of bank-firm relationships on firm performance in Japan. When access to capital markets is limited, close bank-firm ties increase the availability of capital to borrowing firms, but do not lead to higher profitability or growth. The cost of capital of firms with close bank ties is higher than that of their peers. This indicates that most of the benefits from these relationships are appropriated by the banks. Finally, the slow growth rates of bank clients suggest that banks discourage firms from investing in risky, profitable projects. However, liberalization of financial markets reduces the banks' market power.