ABSTRACT

This paper examines how firms change debt financing channels in line with the development of financial markets. In this aim, a data set of Japanese listed firms from 1965 (with more than 10% of annual GDP growth) to 2015 (almost 0% GDP growth) is used. We find a long-term change in the debt mix from internal debt financing (e.g., trade credits) to external debt financing (e.g., public bonds). Furthermore, we document that the firm growth rate is positively related to bond financing and negatively associated with trade credits. These associations are not conditional on interlocking business relationships with Keiretsu. The findings imply that the role of established firms’ internal financing channels diminishes as financial markets develop along with economic growth.

摘要

本文研究了企业如何根据金融市场的发展改变债务融资渠道。为此，使用了日本上市公司从 1965 年（年 GDP 增长率超过 10%）到 2015 年（GDP 增长率几乎为 0%）的数据集。我们发现债务组合从内部债务融资（例如贸易信贷）到外部债务融资（例如公共债券）的长期变化。此外，我们记录了公司增长率与债券融资正相关，与贸易信贷负相关。这些关联不以与 Keiretsu 的连锁业务关系为条件。研究结果表明，随着金融市场随着经济增长而发展，成熟公司内部融资渠道的作用会减弱。