The Benefits of Concurrent Bank Lending and Investing via Bank-affiliated Venture Capital

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概要

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• Using Japanese IPOs, this paper empirically examines the roles that bank-affiliated venture capital firms play in mitigating information asymmetries that are detrimental in small business lending. We find that concurrent bank lending and investing via venture capital subsidiaries benefits firms by increasing credit availability, particularly by increasing the availability of long-term loans, but not by lowering interest rates. We also find that banks that jointly deliver lending and investment via VC subsidiaries build close ties with firms. These results suggest that strong bank-firm relationships, which benefit firms by availability of credit, can be built through scope of relationships.

• 一橋大学の論文

著者

• 小西 大

  一橋大学大学院商学研究科

• 小西 大

  Graduate School Of Commerce And Management Hitotsubashi University

• 鈴木 健嗣

  School Of Banking And Finance The University Of New South Wales

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