D F I CP (equity finance) CP (debt finance) ( )

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2 D F I CP (equity finance) CP (debt finance) ( )

3 CP (disintermediation) BIS Hoshi et al (1991)

4 3 Berle and Means (1932) (Shleifer and Vishny (1997)) Tirole(2001) 1 Tirole / Allen and Gale(2000) 2 Tirole(2001) (1996 pp ) 4

5 3.1 (take-over bid: TOB) TOB 5

6 1990 / / ROE 3.2 6

7 Fama(1985) 7

8 / : LiquidityRatio / DebtEquityRatio / DebtAssetRatio IT Nickell (1996) 8

9 Nickell(1996) Allen and Gale (2000) ln Y it = α + β ln K it + γ ln L it + δdebt/asset it + η(debt/asset it ) 2 +θowncapratio it + λh erf indahlindex it + µsalesshare it +νliquidityratio it +ξdebt/equity it +ɛ it (1) Y = K L= Debt/Asset= (Debt/Asset) 2 = OwnCapRatio H erf indahlindex= - SalesShare LiquidityRatio Debt/Equity

10 Nickell (1995) Funke, Wolf and Holger (1999) ln L ti =α+β ln L t 1i +γ ln Y ti +ϕ ln w ti +δdebt/asset it +η(debt/asset it ) 2 +θowncapratio it + λh erf indahlindex it + µsalesshare it +νliquidityratio it +ξdebt/equity it +ε ti (2) L Y w= (= / ) (1) / ln I it = α + β ln I it 1 + γ ln Y it 1 + φ ln K it 1 + δcap/asset it +νliquidityratio it + ηdebt/asset it + µsalesshare it + ɛ it (3) I Cap/Asset / (1) 6 Hayashi and Inoue (1991)

11 Herfindahl-Hirschuman Index / : LiquidityRatio / / 1 / : OwnCapRatio Shareholder scapitalratio / DebtEquityRatio / Re turnonequity, ROE / DebtAssetRatio

12 Herfindahl-Hirschuman Index (constant return to scale) 2 2 (Panel1-3) t robustness Nickell(1996) 12

13 Herfindahl-Hirschuman Index (1996) Herfindahl-Hirschuman Index t R

14 Herfindahl-Hirschuman Index Panel2 Herfindahl-Hirschuman Index Herfindahl-Hirschuman Index R / 1 / / Panel1 Panel2 Panel1 Panel2 / ( in Panel1) / ( in Panel2) t 14

15 6 Anglo-American (voice) (exit) Allen and Gale(2000) 15

16 Primark Piranha Financial Information Services (FIS)

17 [1] [2] 2000 [3] 1998 [4] 1995 [5] 2001 [6] 1996 [7] 1999 [8] 1997 [9] [10] Allen, F. and Gale, D.(2000) Corporate Governance and Competition in Vives, X.(ed)(2000) Corporate Governance, Cambridge: Cambridge University Press. [11] Bartelsman, E., and Doms, M. (2000) Understanding Productivity: Lessons fromlongitudinal Microdata, Journal of Economic Literature, 38, pp [12] Berle, A. Jr. and Means, G.(1932) The Modern Corporation and Private Property, Chicago: Commerce Clearing House. [13] Blundell, R., Bond, S., Devereux, M., and Schiantarelli, F.(1992) Investment and Tobin s Q, Journal of Econometrics, 51, pp [14] Blundell, R., Bond,S., and Meghir,C.(1996) Econometric Models of Company Investment, in Matyas. L., and Sevestre,P.(eds) (1996) The Econometrics of Panel Data, 2nd Revised ed, Dordrecht: Kluwer Academic Publishers. 17

18 [15] Blundell, R., Griffith, R., and Reenen, J. van. (1999) Market Share,Market Value and Innovation in a Panel of British Manufacturing Firms, Review of Economic Studies, 66, pp [16] Bond, S., and Meghir, C. (1994) Dynamic Investment Models and the Firm s Finanical Policy, Review of Economic Studies, 61, pp [17] Fama, E.F.(1985) What s different about banks?, Jounral of Monetary Economics, 15, pp [18] Fazzari, S. M., Hubbard, R.G. and Petersen, B.C. (1988) Financing Constraints and Corporate Investment, Brookings Papers on Economic Activity, 1, pp [19] Funke, M., Maurer W., and Strulik, H. (1999) Capital Structure and Labour Demand: Investigations Using Gereman Micro Data, Oxford Bulletin of Economics and Statistics, 61(2), pp [20] Greene,W.H.(1997) Frontier Production Functions in Pesaran, M.H. and Schmidt, P.(eds) Handbook of Applied Econometrics, vol. II. Microeconomics, Oxford:Blackwell. [21] Griliches, Zvi., and Mairesse, J. (1998) Production Functions: The Search for Identification in Strom, Steinar (ed) Econometrics and Economic Theory in the 20th Century, Cambridge: Cambridge University Press. [22] Hall, B.H.(1999) Innovation and Market Values, NBER working paper, #6984. [23] Hayashi,F.,and Inoue,T.(1991) The Relation between FirmGrowth and Q with Multiple Capital Goods: Theory and Evidence frompanel Data on Japanese Firms, Econometrica, 59(3), pp [24] Hoshi,T., Kashyap, A. and Scharfstein, D.(1991) Corporate Strucutre, Liquidity, and Investment: Evidence from Japanese Industrial Groups, Quarterly Journal of Economics, 106, pp

19 [25] Jaffe, Adam.(1986) Technological Opportunity and Spillover s of R&D: Evidence fromfirms Patents, Profits and Market Value, American Economic Review 76: [26] Jensen, M.C.(1993) The Modern Industrial Revolution, Exit and the Failure of Internal Control Systems, Journal of Finance, 48, [27] Jorgenson, D. W.(1989) Investment and Growth, in Strom, Steinar (ed) Econometrics and Economic Theory in the 20th Century, Cambridge: Cambridge University Press. [28] Koop, G., Osiewalski, J., and Steel M. F.J. (1999) The Components of Output Growth: A Stochastic Frontier Analysis Oxford Bulletin of Economics and Statistics, 61(4), pp [29] Kumbhakar, S. C., and Knox Lovell C.A.(2000) Stochasitc Frontier Analysis, Cambridge: Cambridge University Press. [30] Milgrom, P., and Roberts. J. (1992) Economics, Organization and Management, Prentice Hall. [31] Nickell, S.(1986) Dynamic Models of Labour Demand, in Handbook of Labor Economics, vol.1, eds by Ashenfelter, O. and Layard, R., Amsterdam: North Holland. [32] Nickell, S.(1995) The Performance of Companies, Oxford: Blackwell. [33] Nickell, S.(1996) Competition and Corporate Performance, Journal of Political Economy, 104(4), pp [34] Nickell, S., Wadhwani, S. and Wall, M.(1992) Productivity growth in U.K. companies, , European Economic Review, 36, pp [35] Nickell, S., Nicolitsas, D. and Dryden, N.(1997) What makes firms performwell?, European Economic Review, 41, pp [36] Nickell, S. and Nicolitsas, D. (1999) How does finanical pressure affect firms?, European Economic Review, 43, pp

20 [37] Shleifer,A. and Vishny, R.(1997) A Survey of Corporate Governance, Jounral of Finance, 52, pp [38] Tirole, J. (2001) Corporate Governance, Econometrica, 69(1), pp [39] Vives, X.(ed)(2000) Corporate Governance: Theoretical and Empirical Perspectives, Cambridge: Cambridge University Press. 20

株式保有構成と企業価値 ─コーポレート・ガバナンスに関する一考察─

株式保有構成と企業価値 ─コーポレート・ガバナンスに関する一考察─ q E-mail: kenji.nishizaki@boj.or.jp E-mail: kurasawa@ynu.ac.jp OECD Vives Tirole Shleifer and Vishny q %% %% % % Allen and Gale %% % Admati, Pfreiderer and Zechner Burkart, Gromb and Panunzi Cremer 1995Pagno