We dissect the influence of bank-firm relationships on mergers and acquisitions in Japan. Using a comprehensive data set spanning fifteen years, we show that stronger bank-firm relationships generally increase the likelihood and size of M&A. Contrary to conventional wisdom of the adverse effects of bank-firm relationships in Japan, such as ‘zombie lending', our results indicate that Japanese banks facilitate restructuring in the 2000's. However, in cases where a bank plays a dual role as a lender and shareholder to a firm, the likelihood and size of M&A declines. This result stems from a bank's desire to maintain existing corporate governance mechanisms and control rights.

中文翻译：

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关系很重要：银企关系对日本并购的影响

我们剖析了银企关系对日本并购的影响。使用跨越 15 年的综合数据集，我们表明更强的银行-公司关系通常会增加并购的可能性和规模。与日本银行与公司关系的不利影响（例如“僵尸贷款”）的传统观点相反，我们的结果表明，日本银行在 2000 年代促进了重组。然而，如果银行扮演公司的贷方和股东的双重角色，并购的可能性和规模就会下降。这一结果源于银行希望维持现有的公司治理机制和控制权。