戦間期日本企業の資金調達、資本コスト、資本構成：最適資本構成理論からみた1930年代における企業財務

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1 1930 Modigliani and Miller [1958] I takashi.nanjou@boj.or.jp cc00881@srv.cc.hit-u.ac.jp //

2 M&A ROA Aoki, Jackson, and Miyajima [2007] M&A TCI J 2008 TCI J Hoshi and Kashyap [2001] Miwa and Ramseyer [2002] 2007 M&A /2009.7

3 5 1999, ,

4 Modigliani and Miller [1958] MM 8 MM 0% 100% Brealey, Myers, and Allen [2005] Ross, Westerfield, and Jaffe [2005] Myers [2003] MM % 3% 40% 2% 3% C 5% 5%.1 0:4/ D 3% 5% 84 /2009.7

5 Weighted Average Cost of Capital: WACC CAPM % 6% 12 Ross, Westerfield, and Jaffe [2005] 1991 Myers [2003] 85

6 % 100% Jensen and Meckling [1976] /2009.7

7 Fukuda and Hirota [1996]

8 Harris and Raviv [1991] /2009.7

9 A B C D E A E ,205 12, ,158 8, , ,390 25,532 22,116 (10,616) 19,242 ( 5,742) 20,000 ( 0) 8,333 ( 0) 9,351 ( 251) 10,597 ( 5,872) 22,380 (11,606) 33,865 ( 1,811) 1, ,232 17, ,069 2,313 17, ,033 5,117 3,463 2,767 1,514 8,550 10,

10 , , , , /2009.7

11 1934 ffl ffl ffl ,

12 /2009.7

13 % 10% % % % C 10% 2 40% Hirota [1999]

14 Rajan and Zingales [1995] Hirota [1999] D=A D ff C fi 1 S C fi 2 E C fi 3 R C fi 4 F C fi 5 L C fi 6 Z C fl Dummy C ": D=A 38 1 ff 2 S log E R Rajan and Zingales [1995] Acharya and Sundaram [2005] /2009.7

15 5 F 42 Rajan and Zingales [1995] 6 L Z Brealey, Myers, and Allen [2005] Ross, Westerfield, and Jaffe [2005]

16 OLS t % 2.0% 77.2% 17.0% % 3.2% 59.4% 14.9% % 1.0% 92.2% Miwa and Ramseyer [2002] /2009.7

17 % % % % % % % % % % % 65.3% 8.2% log fi 1 fi 2 log log 2 log log 1 fi 3 fi 4 fi 5 97

18 t t t t t ff 35.7*** *** *** log fi 1 6.4*** *** *** *** 3.38 log 5.4** fi 8.9** ** ** *** ** OLS 2 *** ** * 1% 5% 10% 3 2 fi 3 fi * *** *** *** *** *** fi 5 fi 0.17*** ** *** *** ** ** * *** /2009.7

19 49 3 fi 6 8:9 8.9% log log % 5% Hirota [1999]

20 51 52 M&A D log D C % 2.4% 94.1% 19.2% % 3.0% 64.0% 14.6% % 3.3% 96.9% 24.6% % 85.5% /2009.7

21 % % % % % % % % % % log log log 7 8 log Rajan and Zingales [1995]

22 t t t t t ff *** log fi 1 5.5* ** log 4.7* fi 10.1** ** ** *** *** OLS 2 *** ** * 1% 5% 10% 3 2 fi 3 fi * *** *** *** *** *** *** *** *** fi *** ** ** 2.10 fi 102 /2009.7

24 /2009.7

25 CIRJE CIRJE- J

26 B TCI Vol. 56 No /2009.7

27 No. 04-J M&A

28 Acharya, Viral V., Kose John, and Rangarajan K. Sundaram, Cross-Country Variations in Capital Structures: The Role of Bankruptcy Codes, Working Paper, London Business School, Aoki, Masahiko, Gregory Jackson, and Hideaki Miyajima, eds. Corporate Governance in Japan: Institutional Change and Organizational Diversity, Oxford: Oxford University Press, Brealey, Richard A., Stewart C. Myers, and Franklin Allen, Principles of Corporate Finance, McGraw-Hill Companies, Inc., Fukuda, Atsuo, and Shinichi Hirota, Main Bank Relationships and Capital Structure in Japan, Journal of the Japanese and International Economics, Vol. 10, 1996, pp Harris, Milton, and Artur Raviv, The Theory of Capital Structure, Journal of Finance, Vol. 46, 1991, pp Hirota, Shinichi, Are Corporate Financing Decisions Different in Japan? An Empirical Study on Capital Structure, Journal of the Japanese and International Economics, Vol. 13, 1999, pp Hoshi, Takeo, and Anil Kashyap, Corporate Financing and Governance in Japan: The Road to the Future, MIT Press, Jensen, Michael C., and William H. Meckling, Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, Vol. 3, No. 4, 1976, pp Miwa, Yoshiro, and J. Mark Ramseyer, Bank and Economic Growth: Implications from Japanese History, Journal of Law and Economics, Vol. XLV, 2002, pp Modigliani, Franco, and Merton H. Miller, The Cost of Capital, Corporation Finance and the Theory of Investment, American Economic Review, Vol. 48, No. 3, 1958, pp Myers, Stewart C., Financing of Corporations, in George M. Constantinides, Milton Harris, and Rene M. Stulz eds. Handbook of the Economics of Finance, Vol. 1Cor- porate Finance, Elsevier, Rajan, Raghuram G., and Luigi Zingales, What Do We Know about Capital Structure?: Some Evidence from International Data, Journal of Finance, Vol. 50, No. 5, 1995, pp Ross, Stephen A., Randolph W. Westerfield, and Jeffrey F. Jaffe, Corporate Finance, McGraw-Hill Companies, Inc., /2009.7

わが国企業による資金調達方法の選択問題

わが国企業による資金調達方法の選択問題 * takeshi.shimatani@boj.or.jp ** kawai@ml.me.titech.ac.jp *** naohiko.baba@boj.or.jp No.05-J-3 2005 3 103-8660 30 No.05-J-3 2005 3 1990 * E-mailtakeshi.shimatani@boj.or.jp ** E-mailkawai@ml.me.titech.ac.jp