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Identifier to cite or link to this item: https://doi.org/10.15057/14620
Identifier to cite or link to this item: https://hdl.handle.net/10086/14620

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Title
The Benefits of Concurrent Bank Lending and Investing via Bank-affiliated Venture Capital
Creator
Creator Name
Konishi, Masaru Konishi, Masaru
小西, 大 小西, 大
Affiliation
Affiliation Name
Hitotsubashi University
Affiliation
Affiliation Name
The University of New South Wales
Creator Name
Suzuki, Katsushi Suzuki, Katsushi
Affiliation
Affiliation Name
Tokyo University of Science
Key Word
Venture capital
Capital structure
Relationship lending
Japanese finance
JEL
G21
G24
G32
G34
Abstract
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.
Publisher
Hitotsubashi University
Issued Date
2007-10
Language
English(eng)
Resource Type
departmental bulletin paper
Version Type
VoR
selfDOI
10.15057/14620
ISSN
0018-2796
NCID
AA00207536
Source Title
Hitotsubashi journal of commerce and management
Volume Number
41
Issue Number
1
Page Start
19
Page End
36
Appears in Collections
Vol. 41, no. 1 (Oct. 2007)
URL
https://hdl.handle.net/10086/14620