1990 2001 2 26 1 1990 1990 1
1992 4 D F I 50 3 26000 1 2 3 4 5 6 7 2 CP (equity finance) CP (debt finance) 1960 1995 ( ) 1970 60 2
1970 1990 85 CP (disintermediation) 1995-1998 BIS Hoshi et al (1991) 1990 3
3 Berle and Means (1932) (Shleifer and Vishny (1997)) 2000 1997 1999 Tirole(2001) 1 Tirole 2 1997-1998 59 / 32 16 87 3 1 Allen and Gale(2000) 2 Tirole(2001) 1 2 3 (1996 pp.131-134) 4
3.1 (take-over bid: TOB) 4 0.954 0.417 0.623 0.632 1 1.6-2.4 0.095 4 TOB 5
1990 / / ROE 3.2 6
5 2 3.1 5 Fama(1985) 7
/ : LiquidityRatio / DebtEquityRatio / DebtAssetRatio 4 1990 1990 IT 24 4.1 Nickell (1996) 8
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 - - 4.2 9
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) 4.3 6 / 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) 1998 2001 10
5 50 26000 33 4 2 5 7 1992 1995 1996 1997 1998 5 1992 1995 1998 4 1995 1998 4 3 7 2 Herfindahl-Hirschuman Index / : LiquidityRatio / / 1 / : OwnCapRatio Shareholder scapitalratio / DebtEquityRatio / Re turnonequity, ROE / DebtAssetRatio 4 7 11
Herfindahl-Hirschuman Index 5.1 5 1.034 (constant return to scale) 2 2 (Panel1-3) 1 1990 t robustness Nickell(1996) 12
Herfindahl-Hirschuman Index 5.2 6 (1996) 0.623 0.095 1995-98 Herfindahl-Hirschuman Index t R 2 0.97 4 0.79 13
Herfindahl-Hirschuman Index Panel2 Herfindahl-Hirschuman Index Herfindahl-Hirschuman Index 5.3 7 R 0.14 1 1 / 1 / / Panel1 Panel2 Panel1 Panel2 / (-0.964 in Panel1) / (-0.964 in Panel2) t 14
6 Anglo-American (voice) (exit) Allen and Gale(2000) 15
1 8 25000 50 3400 21600 8 1 580 2 39 2 2 1 580 8 Primark Piranha Financial Information Services (FIS) 100 23000 3400 10-15 16
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