ビジネス・リスクと資本構成(企業は如何に危機をのりこえるかNo.2)

概要

論文の詳細を見る
Japanese corporations used to maintain low equity rations during the period of high economic growth, when they did not have to worry about business risks-and, accordingly, were able to raise capital predominantly through debts, the least costly source of funds. However, the shift to the floating exchange rate system, the liberalization of international capital transfers, and the deregulation of domestic controls-which took place in the mid-1970s to the early 1980s-resulted in increased business risks. In order to ensure the payment of steady dividends to stockholders on a long-term basis, business managers found it necessary to absorb the increase in business risks by increasing equity capital. As a result, equity ratios started to assume an upward curve. On the other hand, although the level of business risks virtually remained constant from 1986 on, the rise in stock-market prices led to a relative drop in the cost of capital which, in turn, activated equity-related financing to a level that pushed the equity ratios of Japanese companies even beyond those of their U.S. counterparts. At the same time, however, the drop in capital cost due to the rise in stock-market prices revealed the difference in the perceptions of capital cost among the various suppliers of capital: the financial institutions, companies belonging to integrated corporate groups and the general private investors.
日本大学の論文
1992-06-30