259 21 1 1 2003 2 1 2 1 15
22 260 56 3 2 2. 1 2. 2 2. 3 2. 4 3 3. 1 3. 2 4 2 2. 1 1965 1999 2 Brick, Frierman, and Kim 1998 Choate 1997Fischer, Heinkel, and Zechner 1989 Gilson 1997 Mauer and Triantis 1994 Hansen and Crutchley 1990 Rajan and Zingales 1995 Titman and Wessels 1988 Wedig, Sloan, Hassan and Morrisey 1988 200019922000 1987 1999 1994
261 23 2003 t p tq t t (Kt Dt) r t (Dt, )Dt wt Lt t (It) ( Dt, t) q t=ft (Kt, Lt) p t=p t (q t, t) Kt=It t Kt 1 Dt t 1=It 1 2 3 4 5 p t t q K D r (D) w L I (I) 3 D ( D, ) (0)=0 '(0)=0 D 0 1 ' 0 D 0 1 ' 0 4 2 q=f (K, L) p=p (q, ) K 4 3 (I) 4 1
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263 25 2 i K C
26 264 56 3 GR D Djt 0 1Fjt 2 jt 3 ijt 4Kjt 5Cjt 6GRt 7 k k 0,1,...,6 j j - t t - NEEDS CD- ROM 6 NEEDS CD-ROM CD-ROM 1965 1999 35 7 NEEDS CD-ROM 1,000 8 533 6 NEEDS CD-ROM 2 CD-ROM 7 35 8 1965 1,398 1970 1,680 1975 1,736 1980 2,002 2,000 1995 2,432
265 27 NEEDS CD-ROM NEEDS 89 3 162 NEEDS 3 2 NEEDS 1 9 2. 2 9 93 SNA
28 266 56 3 533 7 10 t- 10 11 1 / 3 0.76 533 t- 59.81-0.26 3.28-0.31 0.13-22.37 13.93 2.04 2.41 3.46 1.89 2.26 1.80 1.42 255 296 382 244 260 227 179 0.82 0.16 0.96 0.10 0.57 0.39 0.84 t- 533 533 10 10 1966 1999 34 11 t-
267 29 2. 3 533 6 augmented Weighted Symmetric Tau augmented Dickey-Fuller Phillips-Perron 10 I(1) P- augmented Weighted Symmetric Tau 0.26 augmented Dickey-Fuller 0.12 Phillips-Perron 0.06 0.05 0.35 0.02 I(1) 508 345 I(1) 345 531 529 532 515 533 533 486 493 460 490 437 483 2. 4 I(1) 10 111 12 111 12 111 102
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269 31 13 t- 14 40 60 30 20 0.70 0.6 10 0.50 111 94 15 0.56 0.22 t- -0.54 1.37 33 0.12-0.17 1.43 44 0.14 1.46 1.56 40 0.98-0.24 1.49 39 0.00 6.65 1.98 55 0.95-24.10 1.05 27 0.26 4.01 0.97 18 0.56-0.50 2.97 94 0.00 13 1 1967 111 14 t- t- 3 t- 15
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273 35 10 NEEDS CD-ROM
36 274 56 3 19 1965 1999 1967 1999 33 1960 20 1970 1980 1990 30 1970 1960 1970 1980 1990 35 1965 1970 1970 1980 1990 1970 1980 1990 1980 1999 94 19 20 1960 1965 1969
275 37 1960 1970 1980 1990 1960 1970 1980 1990 10.17 5.41 1.65 6.64 1.22 261 80.6 5.21 8.10 2.53 5.68 1.66 889 84.4 3.78 2.24 3.11 4.96 2.51 1725 81.5 1.67 0.53 4.12 3.23 3.06 2435 78.7 30 3. 2 21 10 11 70 1970 80 1980 90 1990 3 60 0 70 3 80 2 90 2 1 0.40 0.32 LM 21
38 276 56 3 t - 70 70 70 80 80 90 90-0.13-0.99 0.77-1.07-0.26-0.17 0.26-0.24 0.18-0.13-0.03 0.10-0.69-3.27 3.05-2.53-1.62-1.76 3.25-1.58 2.76-4.07-1.21 1.76 R 2 R 2 LM RESET2 JB 0.40 0.32 0.14 1.34 0.76 p- 0.71 0.25 0.69 RESET2 JB 22 7 22 LM RESET2 JB
277 39 13 7 p- 4 1970 1980 1990 1970 1970 6 1970 1980
40 278 56 3 1990 10 90 p- 0.23 4 1965 1999 35 533 111 1 70 80 40 50 6 0.90 2
279 41 40 60 30 0.70 3 111 94 t- 0.56 63 0.3 0.7 3 1 2 5 0.95 412 10 1970 1980 1990
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44 282 56 3 The Doshisha University Economic Review Vol.56 No.3 Abstract Takeo NAKAO, The Empirical Analysis of the Debt Adjustment Behavior of the Firms in Japanese Industry: The Regression Analysis using the Adjustment Speed obtained from the Error Correction Model In this paper the debt adjustment behavior of the firms in Japanese industry is analyzed using data obtained from each firm's financial report. Firstly, we estimate the error correction model of debt for firms whose data have unit roots and are cointegrated. Secondly, we perform the multiple regression analysis to determine the factors that affect the speed of adjustment in debt obtained from the error correction model. Our result shows that the total assets, market share, and the rate of growth of the firm affected the firm's speed of adjustment in debt.