金融の国際化が企業財務に与える影響(経営,金融の国際化と企業経営)
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概要
- 論文の詳細を見る
Since the recession at the first oil shock in 1975, the Japanese corporate financing experienced the dramatic change from its dependence on the indirect financing, continued from the period of Japan's "miraculous" economic growth, to that on the direct financing and the self-financing. Due to the massive issue of goverment debt to overcome the successive recessions and to the liberalization of domestic makets pressed by the U.S. and other countries during the 1980s, the internationalization as well as the liberalization of financial and investment market rapidly proceeded, and the series of financial reforms and deregulation of government control took place. Correspondingly, the corporate financing was freed from the dependence on borrowing from banks and, instead, came to rely more on the market mechanisms through the issuance of new shares at market price and the floatation of various bonds, especially convertible deventures and foreign bonds at the current market price. In short, major changes, which characterize the recent corporate finance, are the diversification and securitalization of the financial sources in accordance with the internationalization and liberalization of capital market. In thsi paper the attempt is made to shed light on the over-time changes in corporate financing through the time-series analysis of (1) the collapse of the corporate finacing practiced in the high growth period, (2) the diversification and the internationalization of the fund-raising, and (3) the development of short-time financial markets and the activation of the fund uses.
- 日本大学の論文
- 1986-06-01