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AN00234610-20051001-0043.pdf
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Title |
Title |
企業と銀行の金融契約と市場競争
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Kana |
キギョウ ト ギンコウ ノ キンユウ ケイヤク ト シジョウ キョウソウ
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Romanization |
Kigyo to ginko no kinyu keiyaku to shijo kyoso
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Other Title |
Title |
Financial contract and market competition
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白井, 義昌
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Kana |
シライ, ヨシマサ
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Romanization |
Shirai, Yoshimasa
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Affiliation |
慶應義塾大学経済学部助教授
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慶應義塾経済学会
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Kana |
ケイオウ ギジュク ケイザイ ガッカイ
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Romanization |
Keio gijuku keizai gakkai
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Issued (from:yyyy) |
2005
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Source Title |
Name |
三田学会雑誌
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Name (Translated) |
Keio journal of economics
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Volume |
98
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Issue |
3
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Year |
2005
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Month |
10
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Start page |
419(43)
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End page |
430(54)
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Abstract |
企業が機会主義的に追加資金借り入れを銀行に要請する可能性がある金融契約のモデルを提示する。銀行にとって追加資金投入を拒否することの機会費用は企業が操業する産業の競争度が高いほど小さい。したがって競争度が高い産業ほど追加資金投入のない効率的な資金利用がなされる。企業が調達した資金を効率的に利用することで産業の競争度は高まるという逆の因果関係もあるため, 市場均衡では追加資金投入がなされ市場競争度が低い均衡と, 追加資金投入がなく市場競争度が高い均衡の両方が成立する可能性がある。
This study presents a model with a finance contract structure, wherein a company may require banks to opportunistically lend additional funds.
For banks, the opportunity costs of denying injections of additional funding decrease as competition increases in the industry where the borrowing company operates.
Therefore, the higher the competition in an industry, the more efficient the use of funds are without injection of additional funds.
As an opposite causal relationship occurs from the fact that competition in an industry increases with the efficient use of funds procured by companies, a possibility exists of forming both 1) a market equilibrium with injection of additional funds and low competition and 2) a market equilibrium without injection of additional funds and high competition.
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Jun 3, 2014 | | フリーキーワード, 本文 を変更 |
Jul 2, 2015 | | 抄録, 本文 を変更 |
Nov 17, 2021 | | Publisher Romanization,JaLCDOI を変更 |
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