Financial Markets and Corporate Finance during the stagnation in Japan

日本经济停滞期间的金融市场和企业融资

• 批准号: 16530203
• 负责人: ONO Masanori
• 金额: $ 1.02万
• 依托单位: Fukushima University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (C)
• 财政年份: 2004
• 资助国家: 日本
• 起止时间: 2004 至 2006
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/en/grant/KAKENHI-PROJECT-16530203/
• 关键词: Financial Statement; Financial Crisis; 企業金融; 不況; 財務データ

Many researchers have examined the extent to which the Japanese economy was affected by the financial crisis. This project sheds light on the crisis from another viewpoint, one on which few researchers have focused. In this financial situation, Large-sized firms such as general trading companies (GTCs) granted more trade credit to their buyers and refrained from receiving trade credit from their sellers. One could say that the Meltzer effect worked and mitigated the potential negative impact on the Japanese economy-at least on many GTCs' trading partners.This research built the regression form on the theoretical prediction of Nadiri (1969). The empirical results revealed that interest rates do not have a statistically significant level of influence on trade credit. This may provide further evidence that trade credit practice in Japan is dominated by the practice of the seller including a charge as its interest cost in the amount of deferred payments.In addition to the Nadiri model, I took into account microeconomic financial factors such as capital ratios and the interaction effect with an index for monetary ease. An increase in the capital ratio includes an increase in trade receivables relative to trade payables. Also, the interaction effect with an index for monetary ease supports the Meltzer effect at the microeconomic level. The combined effect is revealed as an asymmetric reaction of trade credit to a capital stock, depending on the macroeconomic financial factor. This finding may explain why researchers differ as to whether trade credit is procyclical or countercyclical.

许多研究人员检查了日本经济受金融危机影响的程度。该项目从另一个角度阐明了危机，很少有研究人员专注于危机。在这种财务状况下，一般贸易公司（GTC）等大型公司向买方授予了更多贸易信贷，并避免从卖方获得贸易信贷。可以说，Meltzer效应有效，并减轻了对日本经济的潜在负面影响 - 至少对许多GTC的贸易伙伴。这项研究在Nadiri的理论预测（1969年）上建立了回归形式。经验结果表明，利率对贸易信贷的影响没有统计学意义。这可能提供进一步的证据表明，日本的贸易信贷实践由卖方的惯例主导，包括指控作为其递延付款金额的利息成本。除了Nadiri模型外，我考虑了微观经济财务因素，例如资本比率以及与货币轻松指数的互动效应。资本比率的增加包括相对于贸易应付税的贸易应收账款增加。同样，与货币易于的指数的相互作用效应在微观经济水平上支持Meltzer效应。根据宏观经济财务因素，贸易信贷对贸易信贷的不对称反应被揭示为综合效应。这一发现可以解释为什么研究人员在贸易信用中有所不同。

项目成果

Trade credit and the Meltzer effect : Evidence from Japanese general trading companies

贸易信贷与梅尔策效应：来自日本综合商社的证据

• 发表时间: 2005
• 期刊: Discussion Paper Series(The Economic Society of the Fukushima University) 35
• 作者: Takeda;Kimiko;岡田章宏・自治体問題研究所編;日本租税理論学会編;Masanori Ono
• 通讯作者: Masanori Ono