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1 RIETI Dscusson Paper Seres 06-J-005
2 RIETI Dscusson Paper Seres 06-J-005 ** probt model Keyword: ** m-kano@eco.osakafu-u.ac.jp 1
3 beneft cost
4 probt model probt model Berger and Udell(2001) 4 Fnancal Statement Lendng Asset Based Lendng Credt Scorng Relatonshp Lendng Relatonshp Lendng 3 Transacton Lendng Relatonshp Lendng Transacton Lendng Relatonshp Lendng Transacton Lendng 3
5 Relatonshp Lendng 2.2 beneft cost Boot[2000] (Cole[1998],Berger and Udell[1995]) beneft cost reputaton 4
6 2.3 duraton Wood[1975] (scope) (Hodgman[1963]) Cole(1998) 9.01 Blackwell and Wnters(1997) 10.8 Petersen and Rajan(1995) 14.0 Angeln et al.(1998) 22.2 Elsas and Krahnen(1998) 7.82 Degryse and Van Cayseele(1998) Greenbaum et al.1989 Sharpe1990 Degryse and Van Cayseele2000 5
7 Boot and Thakor1994 Berger and Udell1995 beneft Petersen and Rajan1994,1995 Elsas and Krahnen Ongena and Smth(2001) probt model 1 1 6
8 ,
9 duraton H L ,
10 , % 6, % 5, % 11, % 11, % 11, % 1, % 1, % 1, % 1, % 1, % 1, % % % % % % % 21,906 21,906 21,
11 % % % % % % % % % % % % % %
12 4, % 6,172 9, % 11,356 1, % 1,971 1, % 1, % % , % 21,
13 3.3 n 6 = n=1 n=2 n=3 n=4 n=5 n=6 n=7 n =8 12
14 Sunamura(1994) 13
15 MAIN = 1 MAIN = 0 F B ( )4 ( probt model H R MAIN * = α + βf + γr + δb + ηh + ε MAIN = 1 MAIN = 0 f * MAIN > 0 otherwse 1 reputaton 14
16 GSALE GCAPT GEMPL reputaton reputaton reputaton KEIRET 1 0 PREFONE
17 ESTAB LnSALE : 2 CEO
18 3 ROA : ROA 4 NUMRELAT : HI : e HI a NUMRELAT a ROA a CEO a LnSALE a ESTAB a PREFONE a KEIRET a GEMPL a GCAPT a a GSALE c MAIN = * otherwse MAIN MAIN f MAIN * = > = 17
19 H 7 8 H L 10 Mean Std Dev Mnmum Maxmum MAIN GSALE GCAPT GEMPL KEIRET PREFONE ESTAB SALE CAPT EMPL CEO ROA NUMRELAT HI L 18
20 Mean Std Dev Mnmum Maxmum MAIN GSALE GCAPT GEMPL KEIRET PREFONE ESTAB SALE CAPT EMPL CEO ROA D NUMRELAT HI Mean Std Dev Mnmum Maxmum MAIN GSALE GCAPT GEMPL KEIRET PREFONE ESTAB SALE CAPT EMPL CEO ROA NUMRELAT HI
21 Mean Std Dev Mnmum Maxmum MAIN GSALE GCAPT GEMPL KEIRET PREFONE ESTAB SALE CAPT EMPL CEO ROA NUMRELAT HI Probt model Reputaton 1 20
22 reputaton 1 1 ROA ROA
23 11 probt varable coeffcent t-statstc P-value margnal effect C [.952] GSALE [.001] *** GCAPT [.000] *** GEMPL [.433] KEIRET [.389] PREFONE [.135] ESTAB [.000] *** LnSALE [.000] *** CEO [.464] ROA [.029] ** NUMRELAT [.000] *** HI [.000] *** Observatons R-squared Log lkelhood * sgnfcant at 10%, ** sgnfcant at 5%, *** sgnfcant at 1% 12 probt varable coeffcent t-statstc P-value margnal effect C [.457] GSALE [.047] ** GCAPT [.040] ** GEMPL [.507] KEIRET [.000] *** PREFONE [.261] ESTAB [.000] *** LnSALE [.000] *** CEO [.928] ROA [.000] *** NUMRELAT [.000] *** HI [.000] *** Observatons R-squared Log lkelhood * sgnfcant at 10%, ** sgnfcant at 5%, *** sgnfcant at 1% 22
24 Reputaton 10 reputaton
25 1 ROA ROA probt model
26 13 probt varable coeffcent t-statstc P-value margnal effect C [.691] GSALE [.005] *** GCAPT [.041] ** GEMPL [.691] KEIRET [.699] PREFONE [.014] ** ESTAB [.000] *** LnSALE [.000] *** CEO [.667] ROA [.000] *** NUMRELAT [.000] *** HI [.000] *** Observatons 7362 R-squared Log lkelhood * sgnfcant at 10%, ** sgnfcant at 5%, *** sgnfcant at 1% 14 probt varable coeffcent t-statstc P-value margnal effect C [.025] ** GSALE [.133] GCAPT [.386] GEMPL [.163] KEIRET [.078] * PREFONE [.063] * ESTAB [.000] *** LnSALE [.000] *** CEO [.383] ROA [.020] ** NUMRELAT [.000] *** HI [.000] *** Observatons 7433 R-squared Log lkelhood * sgnfcant at 10%, ** sgnfcant at 5%, *** sgnfcant at 1% 25
27
28 % % % % 6 0.5% % % % % % % % % % % % % % 5 1.0% % % 27
29 % % % % 4 0.3% % % % % % % % % % % % % % 2 0.5% % % 6. probt model 28
30 probt ,761 88,
31 Berger, A. and G.Udell(1995), Relatonshp Lendng and Lnes of Credt n Small Frm Fnance, Journal of Busness, vol. 68, pp Berger, A. and G. Udell(2001),. Small Busness Credt Avalablty and Relatonshp Lendng: The Importance of Bank Organsatonal Structure, FRB Fnance and Economcs Dscusson Seres, 36. Berger, A.,N.Mller, M.Petersen, M. Rajan and J.Sten(2004), Does Functon Follow Organzatonal Form? Evdence From the Lendng Practces of Large and Small Banks, NBER Workng Paper Seres, no Boot, A.W.A.(2000), Relatonshp Bankng: What Do We Know? Journal of Fnancal Intermedaton, vol.9, no.1, pp Cole, R.(1998), The Importance of Relatonshps to the Avalablty of Credt, Journal of Bankng and Fnance, vol. 22, pp Degryse, H. and P. Van Cayseele(2000),. Relatonshp Lendng wthn a Bank-Based System: Evdence from European Small Busness Data, Journal of Fnancal Intermedaton, vol.9, No.1, pp DeYoung, R., L. Goldberg and L. Whte(1999), Youth, Adolescence, and Maturty at Banks: Credt Avalablty to Small Busness n Era of Bankng Consoldaton, Journal of Bankng and Fnance, vol. 23, pp Elsas, R.(2005), Emprcal Determnants of Relatonshp Lendng, Journal of Fnancal Intermedaton, vol.14, pp Elsas, R. and J. Krahnen(1998), Is Relatonshp Lendng Specal? Evdenc e from Credt-Fle Data n Germany, Journal of Bankng and Fnance, vol.22, pp Greenbaum, S., G. Kantas, and I. Veneza(1989), Equlbrum Loan Prcng Under the Bank-Clent Relatonshp, Journal of Bankng and Fnance, vol.13, pp Hancock, D. and J. Wlcox(1998), The Credt Crunch and the Avalablty of Credt to Small Busness, Journal of Bankng and Fnance, vol. 22, pp Horuch, A., F. Packer and S. Fukuda(1988), What Role Has the Man Bank Played n Japan? Journal of the Japanese and Internatonal Economcs, vol.2, pp Hodgman,D.R.(1963), Commercal Bank Loan and Investment Polcy. Bureau of Economc and Busness Research, Unversty of Illnos, Urban-Champagn. Houston,J. and C. James(1996), Bank Informaton Monopoles and the Mx of Prvate and Publc Debt Clams, Journal of Fnance, vol.51, pp Jayaratne,J. and J. Wolken(1999), How Important Are Small Banks to Small Busness lendng? New Evdence from a Survey to Small Busness, Journal of Bankng and Fnance, vol. 23, pp Ongena, S. and D. C. Smth(2000a), Bank Relatonshps: A Revew, In Patrck T. Harker and Stavros A. Zenos, eds., Performance of Fnancal Insttutons, Cambrdge Unversty Press, Cambrdge, U.K. Ongena, S. and D. C. Smth(2000b), What Determnes the Number of Bank Relatonshps? Cross-Country Evdence, Journal of Fnancal Intermedaton, vol. 9, pp Ongena, S. and D. C. Smth(2001), The Duraton of Bank Relatonshps, Journal of Fnancal Economcs, vol.61, pp Petersen, M. and R. Rajan(1994), The Beneft of Lendng Relatonshps: Evdence f rom Small Busness Data, Journal of Fnance, vol. 49, pp
32 Petersen, M. and R. Rajan(1995), The Effect of Credt Market Competton on Lendng Relatonshps, Quartely Journal of Economcs, vol. 110, pp Sharpe, S.A.(1990), Asymmetrc Informaton, Bank Lendng and Implct Contracts: A Stylzed Model of Custom er Relatonshps, Jouranal of Fnance, vol.45, pp Sunamura,S.(1994), The Development of Man Bank Manageral Capacty. In Aok,M.and Patrck,H.,eds., The Japanese Man Bank System, pp , Oxford,Oxford Unversty Press. [1996] Thakor, A. and G.Udell(1987), An Economc Ratonale for the Prcng Structure of Bank Loan Commtments, Journal of Bankng and Fnance, vol.11, pp Thakor, A.(2000), Edtoral Overvew: Relatonshp Bankng, Journal of Fnancal Intermedaton, vol. 9, pp.3-5. Wood,J.H.(1975), Commercal Bank Loan and Investment Behavor. Wley, New York. (2003) 2003 (2004) [1987] pp pp (2002) 10 pp (2003)
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