290 新潟大学経済論集第 92 号 2011-Ⅱ AC 3 A 3 B C

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1 齋藤達弘 : 株式会社ブルボンの財務政策 289 株式会社ブルボンの財務政策齋藤達弘 % (C) % 3 1, % % 59 6%

2 290 新潟大学経済論集第 92 号 2011-Ⅱ AC 3 A 3 B C

3 齋藤達弘 : 株式会社ブルボンの財務政策 291 C Bertrand and Schoar2006 Miller, Le Breton-Miller, Lester, and Cannella2007Anderson, Duru, and Reeb2009 Helwege and Packer2009Anderson, Reeb, and Zhao eol 1999

4 292 新潟大学経済論集第 92 号 2011-Ⅱ

5 齋藤達弘 : 株式会社ブルボンの財務政策 % % % 9 1.6% 1 3.6%2 3.3% 28.5% % 6 2.0% 7 1.7% % % % % % % % % %

6 294 新潟大学経済論集第 92 号 2011-Ⅱ billion yen Shareholders' Equity Liabilities Debt / Equity Ratio : 3 DE % % % DE Debt Equity RatioDE DE 1 3 1

7 齋藤達弘 : 株式会社ブルボンの財務政策 billion yen billion yen % 2 yen ,000 1, ,000 1,

8 296 新潟大学経済論集第 92 号 2011-Ⅱ = 1 = 1, =

9 齋藤達弘 : 株式会社ブルボンの財務政策 297 billion yen Tangible Fixed Assets Long-Term Loans to Subsidiaries billion yen Cash and Cash Equivalents Cashflow (Operating + Investing) % billion yen Short-Term Debt Long-Term Debt

10 298 新潟大学経済論集第 92 号 2011-Ⅱ yen billion yen yen billion yen

11 齋藤達弘 : 株式会社ブルボンの財務政策 % ,000 2, , , , % 9%

12 300 新潟大学経済論集第 92 号 2011-Ⅱ , , ,987,218 12,782 1, ,976,129 23,871 1,309

13 齋藤達弘 : 株式会社ブルボンの財務政策

14 302 新潟大学経済論集第 92 号 2011-Ⅱ % ,337,586 3,615, , ,000,000 27,700, Brown and Petersen 1%

15 齋藤達弘 : 株式会社ブルボンの財務政策 ,265 3,578, ,370, ,480 2,600, % 11

16 304 新潟大学経済論集第 92 号 2011-Ⅱ % 3.80% 2.18% 0.02% 17.53%

17 齋藤達弘 : 株式会社ブルボンの財務政策 Market-to-Book Ratio ,265 4% 1 2,

18 306 新潟大学経済論集第 92 号 2011-Ⅱ , % ,101 1,101 1, % 6 1, % 3 1, % % % 921, ,118, , ,000 5,000

19 齋藤達弘 : 株式会社ブルボンの財務政策 DNA. Anderson, Ronald C., Augustine Duru, and David M. Reeb, 2009, Founders, heirs, and corporate opacity in the United States, Journal of Financial Economics 92, Anderson, Ronald C., David M. Reeb, and Wanli Zhao, 2011, Family Controlled Firms and Informed Trading: Evidence from Short Sales, Journal of Finance, forthcoming. Bertrand, Marianne, and Antoinette Schoar, 2006, The role of family in family firms, Journal of Economic Perspectives 20, Brown, James R., and Bruce C. Petersen, 2011, Cash holdings and R&D smoothing, Journal of Corporate Finance 17, Helwege, Jean, and Frank Packer, 2009, Private matters, Journal of Financial Intermediation 18, Miller, Danny, Isabelle Le Breton-Miller, Richard H. Lester, and Albert A. Cannella Jr., 2007, Are family firms really superior performers? Journal of Corporate Finance 13,

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