On the Costs of a Bank‐Centered Financial System: Evidence from the Changing Main Bank Relations in Japan
研究日本银行与企业关系对企业绩效的影响，发现紧密的银企关系虽增加资本可得性，但未提升盈利或增长，银行攫取大部分收益并抑制企业投资风险项目，而金融自由化削弱了银行的市场力量。
ABSTRACT We examine the effects of bank–firm relationships on firm performance in Japan. When access to capital markets is limited, close bank–firm ties increase the availability of capital to borrowing firms, but do not lead to higher profitability or growth. The cost of capital of firms with close bank ties is higher than that of their peers. This indicates that most of the benefits from these relationships are appropriated by the banks. Finally, the slow growth rates of bank clients suggest that banks discourage firms from investing in risky, profitable projects. However, liberalization of financial markets reduces the banks' market power.