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KAKEN_23530310seika.pdf
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Title |
Title |
金融リスクに対応した最適な貿易・直接投資戦略
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Kana |
キンユウ リスク ニ タイオウ シタ サイテキナ ボウエキ・チョクセツ トウシ センリャク
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Kinyu risuku ni taio shita saitekina boeki chokusetsu toshi senryaku
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Optimal trade and direct investment strategy in response to financial risks
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鶴, 光太郎
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ツル, コウタロウ
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Tsuru, Kotaro
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慶應義塾大学・商学研究科・教授
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Research team head
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科研費研究者番号 : 80371178
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細野, 薫
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ホソノ, カオル
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Romanization |
Hosono, Kaoru
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学習院大学・経済学部・教授
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Research team member
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科研費研究者番号 : 80282945
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2014
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科学研究費補助金研究成果報告書
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2013
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世界金融危機は、輸出を通じる「貿易リンケージ」と流動性資産保有を通じる「流動性チャンネル」の双方のチャンネルを通じて、輸出依存が高く、流動性資産の乏しい日本企業の株価と業績に大きな悪影響を与えた。一方で、株価と企業業績とで、双方のチャンネルの影響度に違いがあり、株価は「流動性チャンネル」の、企業業績は「貿易リンケージ」の影響が大きいことが分かった。雇用についても、輸出依存が高く、流動性資産の乏しい企業ほど派遣労働者の圧縮を行った。
We investigate the international transmission of the financial crisis in 2008-2009 to Japanese firms by examining both the stock price responses to the crisis events and the changes in operating performance subsequent to the crisis. Both the stock price responses and ex-post operating performance consistently indicate that the crisis hit Japanese firms through the trade and liquidity channels.
We also find that firms with a higher exporting ratio, a lower liquidity to asset ratio decreased their temporary agency worker ratio to a greater extent after the crisis. The result suggests that temporary agency workers serve as a buffer to demand shocks.
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研究種目 : 基盤研究(C)
研究期間 : 2011~2013
課題番号 : 23530310
研究分野 : 社会科学
科研費の分科・細目 : 経済学・応用経済学・国際経済学
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