神戸大学附属図書館デジタルアーカイブ
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https://doi.org/10.24546/00104144
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2024-03-29
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00104144 (fulltext)
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メタデータID
00104144
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open access
出版タイプ
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タイトル
中小企業の金融成長サイクルと資本構成の変化 : 中米比較に基づく考案
ロセツ チュウショウ キギョウ ノ キンユウ セイチョウ サイクル ト シホン コウセイ ノ ヘンカ:チュウベイ ヒカク ニ モトヅク コウアン
その他のタイトル
Financial Growth Cycle and change in Capital Structure of Small and Medium-sized Firms
著者
著者名
張, 捷
Zhang, Jie
チョウ, ショウ
所属機関名
中国曁南大学経済学院教授
収録物名
国際協力論集
巻(号)
9(3)
ページ
131-146
出版者
神戸大学大学院国際協力研究科
刊行日
2002-02
公開日
2007-05-30
抄録
Financial problems of small and medium-sized firms are now prevalent throughout the world. Studies on those firms before 1990s are mainly from the point of view of industrial policies. However, economists have recently paid more attention to the issue for their theoretical and empirical analyses. This is because that we have seen greater shocks in finance for small and medium-sized firms created by international deflation after the BIS regulation in the beginning of the 90s and international financial crises in the latter half of the decade. Main objectives of the studies in the 90s are so called angel finance, venture capitals, relationship lending, trade credit, credit availability, and so on. These are mostly examined with the aid of neoclassical equilibrium analysis, the theories of asymmetric information, transaction cost and corporate governance. However, they deal with corporate finance in general and are not necessarily adequate to explain financial problems specific to small and medium-sized firms. This paper, instead, considers an approach called "financial growth cycle" which pays specific attention to those firms with self-completed theoretical background. After the basic framework of financial growth cycle is explained in the paper, we explore and compare the capital structure of firms between China and USA. Firms are classified into four groups by age, and ratios of debt and loan to total asset of Chinese firms in each group are calculated to compare with US data. Also, the paper shows the structure of financial source for investment and operating capital of Chinese small and medium-sized firms. The main conclusion of the paper is that the capital structure of Chinese small and medium-sized firms fits well in general to the basic framework of financial growth cycle. In addition, the comparison with American financial system suggests us the importance of diversified financial sources to foster further the growth of those firms. Finally, our analysis suggests that the coexistence of state owned and private firms in the present Chinese economy should be examined intensively from the financial structural view point.
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国際協力論集
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9巻
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9巻3号(2002-02)
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departmental bulletin paper
言語
Japanese (日本語)
ISSN
0919-8636
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NCID
AN10418744
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NAID
110000551605
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