中小企業の金融分析 senshuasiasme M06 s

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Ⅰ はじめに

/

Boyreau-Debray

World Bank,

Investment Climate Survey_china

ICS_china

Fazzari, Hubbard,

and Petersen

ICS_china

Ⅱ 中国中小企業金融の現状：文献サーベイ

（１） 企業の所有制と資金調達パターン

,

/

.

/

（２） 企業の所在地と資金調達パターン

ADB

.

.

.

.

.

.

（４） 国際比較

World Business Environment Survey; WBES

WBES

WBES

（３） 企業規模と資金調達パターン

.

.

.

.

,

,

,

,

,

,

ICS_china

Ⅲ 資金調達パターンに関する実証分析

ICS_china

ICS_china

extended

dataset

al.

a,b

World Bank

（１） 対象企業の基本情報

ICS_china

,

,

Appendix

ICS

Micro

Small

Medium

Large

Very Large

ICS

Large

s

s

s

s

s

,

IT

（２） 資金調達に関連した調査項目

ICS_china

（３） 銀行信用の有無と関連項目に関する企業の

分布状況

.

s

.

（4） 運転資金と投資資金の調達構成

,

,

.

.

.

.

.

,

.

s

. %

Ⅳ 銀行融資利用と企業属性との関連に関する

回帰分析

ICS_china

patent

ISO

iso

accounting

legal

zone

export

group

Micro: s , Small: s , Medium: s

services

private

nstate

asset/sale_ stqt

profit/sale_ st

qt

s , s , s

g_assist

s , s , s

guarantee

（２） 銀行借入の有無に関する計測結果

s

s

（3） 銀行借入での政府機関の支援措置や信用保証

会社の利用

g_assist

Ⅴ 銀行融資の諸条件

,

,

s

s

%

s

,

,

,

.

.

.

Ⅵ おわりに

ICS_china

ICS_china

,

Wang

ICS_china

,

Investment Climate Survey Online http://iresearch.

loan guarantee companies

ICS

,

Appendix

＜参考文献＞

ADB The Development of Private Enterprise In the

People's Republic China, Manila, Asian

Develop-ment Bank.

Beck, Thorsten, Asli Demirgüç-Kunt, Luc Laeven, and

Vojislav Maksimovic The Determinants

of Financing Obstacles, World bank Policy

Research Working Paper .

Boyreau-Debray, Genevieve Financial

Interme-diation and Growth: Chinese Style, World Bank

Policy Research Working Paper .

Dollar, David, Mary Hallward-Driemeier, Anqing Shi, Scott

Wallsten, Shuilin Wang, and Lixin Colin Xu

a Improving the Investment Climate in

China, World Bank.

Dollar, David, Anqing Shi, Shuilin Wang, and Lixin Colin Xu

b Improving City Competitiveness

through the Investment Climate: Ranking

Chinese Cities, World Bank.

Fazzari, Steven, R. Glenn Hubbard, and Bruce C. Petersen

Financing Constraints and Corporate

Investment, Brookings Papers on Economic

Wang, Yanzhong Financing Difficulties and

Structural Characteristics of SMEs in China,

China & World Economy Vol. , No. .

World bank Investment Climate for Small and

Medium Enterprises SMEs In Southwest

China, World Bank, Beijing, China.

Appendix1 ICS_china2003対象企業の概要

Ⅰ はじめに

Mu

Ⅱ 中小企業、私営企業・個体、郷鎮企業によ

る工業生産と雇用

Ⅱ−1 中小企業の工業生産

,

,

,

,

Ⅱ−２ 私営企業・個体、郷鎮企業の就業者

.

Ⅲ 銀行貸出市場の現況と中小企業貸出

Ⅲ−３ 中小企業貸出

Ⅳ 銀行貸出市場の問題点

Ⅳ−１ 銀行貸出市場の地域的分断化

Feldstein and Horioka

Okura

（２） 都市商業銀行、都市信用社、農村信用社が

国内銀行市場に占める割合

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ⅳ−２ 中小企業金融機関の未発達：概況

Ⅳ−３ 都市商業銀行

（１） 都市商業銀行の貸出行動の問題点

Ferri

Ferri

ROA

ROE

cap-tive

（３） 都市商業銀行の不良債権問題と再編

.

.

.

.

.

.

,

.

.

,

.

.

,

.

（３） 農村信用社の不良債権問題と組織改革

Jianbo

Xie

directed loans

,

.

.

,

,

Ⅳ−５ 中小企業金融に関する銀行サイドのその他

の課題

（１） 貸出審査体制の問題

.

.

World

（２） 貸出金利の設定

.

.

Podpiera

注

World Bank

Mu

, %

.

.

Huang

.

a

b

. .

＜参考文献＞

［日本語］

No.

Vol. , No.

No.

No.

［中国語］

a

http://finance.ce.cn/bank/scroll/ / /t _

.shtml

b " " " ":

h t t p : / / f i n a n c e . c e . c n / b a n k / s c r o l l /

/ /t _ .shtml

http://www.icbc.com.cn/detail.jsp?column=%B %A %D

%D %BF%EC%D %B &infoid=

&info-type=CMS.STD

http://ifb.cass.cn/ show_News.asp?id=

http://economy.enorth.

com.cn/system/ / / / .shtml

[ ]

Feldstein and Horioka Domestic Saving and

International Capital Flows, The Economic Journal,

Vol. : - .

Ferri, Giovanni Banking in the People s Republic

of China: Are New Tigers Supplanting Old Mammoths?,

Genevieve Boyreau-Debray and Shang-Jin Wei Can

China Grow Faster? A Diagnosis of the Fragmentation

of Its Domestic Capital Market, IMF Working Paper

/ , International Monetary Fund.

Huang, Yiping Is Meltdown of the Chinese Banks

Inevitable?, China Economic Review, : - .

Mu, Yibin Impediments to SME Access to Finance

and Credit Guarantee Schemes in China, Harvard

University.

Okura, Masanori Resource Allocation and

Institutional Reforms of China's Banking Sector, in

Kosaka, Akira and Koichi Ohno eds., Structural

Adjustment and Economic Reform: East Asia, Latin

America, and Central and Eastern Europe, Institute of

Developing Economies, March .

Podpiera, Richard Progress in China's Banking

Sector Reform: Has Bank Behavior Changed?, IMF

Working Paper / , International Monetary Fund.

World Bank Investment Climate for Small and

Medium Enterprises SMEs In Southwest China,

World Bank, Beijing, China.

Xie, Ping Reforms of China's Rural Credit

Cooperatives and Policy Options, China Economic

Review, Vol. : - .

Zuo, Xuejin The Development of Credit Unions in

China: Past Experiences and Lessons for the Future,

Shanghai Academy of Social Sciences, at Financial

Sector Reform in China Conference, John F. Kennedy

要約

Ljungqvist,

Jenkinson and Wilhelm

１. はじめに

Small and MediumEnterprise Board

IPO

underpricing

Ljungqvist, Jenkinson and Wilhelm

.

２. シンセン中小企業ボードの概要

２.１ 開設までの経緯

China Securities Regulatory

Commission

Third Plenary

Session of the

th CPC Congress

State Council

cau-tious promotion

combination of unity and independence

strict regulation and overall

consideration

２.２ 中小企業ボードの特色と現状

Listing Qualifications

Special Provision

A

%

２.３ 中小企業ボードを分析する意義

IPO

IPO

IPO

QFII

IPO

３. 仮説

㩿න૏䋺␠䇮㪈㪇ంర䋩

㪈㪐㪐㪈ᐕ 㪍 㪏 㪋 㪋

㪈㪐㪐㪉ᐕ 㪉㪋 㪋㪍 㪈㪍 㪋㪉 㪈㪐㪐㪊ᐕ 㪎㪍 㪈㪉㪌 㪊㪐 㪈㪉㪍

㪈㪐㪐㪋ᐕ 㪈㪈㪏 㪈㪇㪊 㪊㪋 㪉㪊㪏 㪈㪐㪐㪌ᐕ 㪈㪉㪎 㪏㪏 㪊㪇 㪐㪉

㪈㪐㪐㪍ᐕ 㪉㪉㪎 㪋㪈㪊 㪈㪉㪎 㪈㪃㪉㪇㪊 㪈㪐㪐㪎ᐕ 㪊㪋㪏 㪏㪈㪉 㪉㪌㪊 㪈㪃㪍㪎㪋

㪈㪐㪐㪏ᐕ 㪋㪇㪇 㪏㪎㪎 㪉㪎㪇 㪈㪃㪈㪈㪈 㪈㪐㪐㪐ᐕ 㪋㪌㪇 㪈㪃㪈㪎㪊 㪊㪏㪊 㪈㪃㪋㪉㪉

㪉㪇㪇㪇ᐕ 㪋㪐㪐 㪉㪃㪇㪏㪍 㪎㪊㪏 㪉㪃㪐㪉㪌 㪉㪇㪇㪈ᐕ 㪋㪐㪋 㪈㪃㪌㪊㪈 㪌㪍㪉 㪈㪃㪊㪊㪎 㪉㪇㪇㪉ᐕ 㪋㪐㪋 㪈㪃㪉㪍㪈 㪋㪍㪐 㪈㪃㪇㪎㪇

㪉㪇㪇㪊ᐕ 㪋㪐㪈 㪈㪃㪉㪈㪉 㪋㪌㪈 㪈㪃㪇㪎㪊

㪉㪇㪇㪋ᐕ 㪌㪉㪉 㪈㪃㪇㪍㪇 㪊㪐㪌 㪈㪃㪌㪊㪌 㪊㪏 㪋㪈 㪈㪉 㪏㪉

㪉㪇㪇㪌ᐕ 㪌㪊㪈 㪏㪐㪌 㪊㪌㪈 㪈㪃㪉㪇㪋 㪌㪇 㪋㪏 㪈㪐 㪈㪉㪇 ᤨଔ✚㗵

䋨ోᩣ䋩

ᤨଔ✚㗵

䋨ᵹㅢᩣ䋩 ᄁ⾈ઍ㊄ ਛዊડᬺ䊗䊷䊄

䋨㪉㪇㪇㪋ᐕ㪍᦬ขᒁ㐿ᆎ䋩

ᤨଔ✚㗵 䋨ోᩣ䋩

਄႐␠ᢙ ᤨଔ✚㗵

䋨ᵹㅢᩣ䋩 ᄁ⾈ઍ㊄ ਄႐␠ᢙ 䊜䉟䊮䊗䊷䊄

䋨㪈㪐㪐㪈ᐕ㪎᦬ขᒁ㐿ᆎ䋩

ว⸘

࿕ቯଔᩰᣇᑼ

㪈㪏

㪉㪇

㪊㪏

䊑䉾䉪䊎䊦䊂䉞䊮䉫ᣇᑼ

㪍

㪍

㪈㪉

ว⸘

㪉㪋

㪉㪍

㪌㪇

IPO

Sherman,

Benveniste and Spindt

Sherman

Conelli and Goldreich,

Kaneko and Pettway

Kutsuna and

Smith

Kaneko and Pettway

.

.

Kutsuna

and Smith

Ljungqvist, Jenkinson and

Wilhelm

４. データ及び基本統計量

.

.

.

.

.

.

.

.

.

.

%

.

.

.

(

*100

ೋ୯㧙౏㐿ଔᩰ㧕

౏㐿ଔᩰ

ೋᦼ෼⋉₸

(

*100

౏㐿ଔᩰ㧙ᒁฃଔ㗵㧕

౏㐿ଔᩰ

ో䉰䊮䊒䊦 ࿕ቯଔᩰᣇᑼ 䊑䉾䉪䊎䊦䊂䉞䊮䉫 㫋㪄㫍㪸㫃㫌㪼

ೋᦼ෼⋉₸䋨ೋ୯䋩 ᐔဋ 㪇㪅㪌㪐㪈 㪇㪅㪍㪍㪊 㪇㪅㪊㪍㪊 㪈㪅㪍㪈㪊

ਛᄩ୯㩷 㪇㪅㪋㪊㪊 㪇㪅㪋㪎㪉 㪇㪅㪊㪍㪈

ᮡḰ஍Ꮕ 㪇㪅㪌㪎㪇 㪇㪅㪍㪉㪍 㪇㪅㪉㪊㪋

ೋᦼ෼⋉₸䋨⚳୯䋩 ᐔဋ 㪇㪅㪍㪇㪎 㪇㪅㪍㪏㪇 㪇㪅㪊㪎㪎 㪈㪅㪍㪊㪎

ਛᄩ୯㩷 㪇㪅㪋㪏㪍 㪇㪅㪌㪈㪐 㪇㪅㪋㪋㪏

ᮡḰ஍Ꮕ 㪇㪅㪌㪍㪏 㪇㪅㪍㪉㪋 㪇㪅㪉㪊㪊

ᒁฃᚻᢙᢱ ᐔဋ 㪇㪅㪇㪍㪋 㪇㪅㪇㪍㪇 㪇㪅㪇㪎㪏 㪄㪉㪅㪍㪎㪉 㪁㪁㪁

ਛᄩ୯㩷 㪇㪅㪇㪍㪈 㪇㪅㪇㪍㪇 㪇㪅㪇㪎㪋

ᮡḰ஍Ꮕ 㪇㪅㪇㪉㪈 㪇㪅㪇㪈㪌 㪇㪅㪇㪊㪉

⺞㆐㊄㗵 ᐔဋ 㪉㪊㪐㪋㪌 㪉㪊㪐㪍㪐 㪉㪊㪏㪍㪏 㪇㪅㪇㪊㪌

ਛᄩ୯㩷 㪉㪈㪈㪇㪌 㪉㪈㪌㪋㪇 㪈㪐㪊㪉㪍

ᮡḰ஍Ꮕ 㪏㪌㪎㪎 㪏㪈㪏㪉 㪈㪇㪈㪉㪍

਄႐⋥೨ᦼ✚⾗↥ ᐔဋ 㪊㪏㪍㪋㪏㪊㪉㪍㪈 㪊㪈㪌㪌㪍㪇㪈㪏㪏 㪍㪈㪈㪇㪎㪉㪐㪐㪈 㪄㪉㪅㪉㪍㪉 㪁㪁

ਛᄩ୯㩷 㪉㪏㪉㪎㪉㪏㪇㪉㪐 㪉㪌㪊㪏㪍㪏㪍㪈㪐 㪋㪋㪈㪇㪇㪇㪏㪊㪍

ᮡḰ஍Ꮕ 㪋㪈㪇㪎㪍㪉㪍㪇㪎 㪉㪇㪊㪈㪇㪉㪍㪌㪊 㪎㪊㪌㪈㪋㪎㪎㪏㪌

਄႐⋥೨ᦼᄁ਄㜞 ᐔဋ 㪋㪎㪐㪌㪊㪎㪌㪐㪌 㪌㪇㪇㪏㪉㪉㪐㪐㪉 㪋㪈㪉㪈㪊㪊㪏㪋㪇 㪇㪅㪊㪇㪎

ਛᄩ୯㩷 㪉㪍㪊㪌㪊㪍㪎㪊㪍 㪉㪊㪎㪐㪇㪌㪌㪉㪉 㪊㪌㪌㪎㪏㪋㪌㪋㪌

ᮡḰ஍Ꮕ 㪏㪍㪌㪉㪊㪐㪏㪌㪋 㪐㪏㪇㪉㪎㪏㪈㪊㪌 㪊㪇㪐㪐㪊㪋㪈㪏㪏

ᄢᚻ⸽೛ળ␠ ᐔဋ 㪇㪅㪉㪋㪇 㪇㪅㪉㪍㪊 㪇㪅㪈㪍㪎 㪇㪅㪍㪎㪉

ਛᄩ୯㩷 㪇㪅㪇㪇㪇 㪇㪅㪇㪇㪇 㪇㪅㪇㪇㪇

ᮡḰ஍Ꮕ 㪇㪅㪋㪊㪈 㪇㪅㪋㪋㪍 㪇㪅㪊㪏㪐

࿖༡ડᬺ䉻䊚䊷 ᐔဋ 㪇㪅㪋㪏㪇 㪇㪅㪋㪎㪋 㪇㪅㪌㪇㪇 㪄㪇㪅㪈㪌㪍

ਛᄩ୯㩷 㪇㪅㪇㪇㪇 㪇㪅㪇㪇㪇 㪇㪅㪌㪇㪇

ᮡḰ஍Ꮕ 㪇㪅㪌㪇㪌 㪇㪅㪌㪇㪍 㪇㪅㪌㪉㪉

ᄢᚻ⸽೛ળ␠ 㕖ᄢᚻ⸽೛ળ␠ ᄢᚻ⸽೛ળ␠ 㕖ᄢᚻ⸽೛ળ␠

ೋᦼ෼⋉₸䋨ೋ୯䋩 㪇㪅㪍㪇㪍 㪇㪅㪍㪏㪊 㪇㪅㪊㪌㪋 㪇㪅㪊㪍㪌

ೋᦼ෼⋉₸䋨⚳୯䋩 㪇㪅㪍㪇㪈 㪇㪅㪎㪇㪐 㪇㪅㪉㪏㪏 㪇㪅㪊㪐㪌

ᒁฃᚻᢙᢱ 㪇㪅㪇㪍㪉 㪇㪅㪇㪌㪐 㪇㪅㪇㪋㪏 㪇㪅㪇㪏㪋

䉰䊮䊒䊦ᢙ 㪈㪇 㪉㪏 㪉 㪈㪇

LN

IPO

LN

LN

Beatty and Ritter,

Chemmanur and

Paeglis

IPO

Carter and Manaster,

IPO

５. 実証分析

IPO

５.１ 初期収益率

ታ⸽ಽᨆ

ೋᦼ෼⋉₸

ೋᦼ෼⋉₸㧩

E

㧗

E

࿕ቯଔᩰ࠳ࡒ࡯㧗

E

LN

_{㧔⺞㆐㗵㧕}

㧗

E

࿖༡ડᬺ࠳ࡒ࡯㧗

E

Ꮢ႐⁁ᴫ

_㧗

6

E

ᄢᚻ⸽೛ળ␠࠳ࡒ࡯㧗

E

LN

_㧔⾗↥㧕

５.２ 引受手数料

ᒁฃᚻᢙᢱ

ᒁฃᚻᢙᢱ㧩

E

㧗

E

࿕ቯଔᩰ࠳ࡒ࡯㧗

E

LN

_{㧔⺞㆐㗵㧕}

㧗

E

࿖༡ડᬺ࠳ࡒ࡯㧗

E

Ꮢ႐⁁ᴫ

㧗

E

ᄢᚻ⸽೛ળ␠࠳ࡒ࡯㧗

E

LN

㧔⾗↥㧕

㧗

E

LN

_{㧔ᄁ਄㜞㧕㧗ǭ}

✚ᣂⷙ౏㐿⾌↪

䊝䊂䊦㪈 䊝䊂䊦㪉 䊝䊂䊦㪊 䊝䊂䊦㪋 䊝䊂䊦㪌 䊝䊂䊦㪍

ಾ  㪋㪅㪏㪐 㪌㪅㪉㪎 㪁 㪊㪅㪍㪉 㪌㪅㪇㪐 㪌㪅㪋㪏 㪁 㪊㪅㪐㪇

㩿㪈㪅㪌㪋㪀㩷 㩿㪈㪅㪎㪈㪀㩷 㩿㪇㪅㪐㪏㪀㩷 㩿㪈㪅㪍㪉㪀㩷 㩿㪈㪅㪏㪇㪀㩷 㩿㪈㪅㪇㪍㪀㩷

࿕ቯଔᩰ䉻䊚䊷 㪇㪅㪊㪍 㪁 㪇㪅㪋㪍 㪁㪁 㪇㪅㪊㪎 㪁㪁 㪇㪅㪋㪌 㪁㪁

㩿㪈㪅㪐㪎㪀㩷 㩿㪉㪅㪇㪏㪀㩷 㩿㪉㪅㪇㪈㪀㩷 㩿㪉㪅㪇㪌㪀㩷

㪣㪥㩿⺞㆐䋩 㪄㪇㪅㪈㪊 㪄㪇㪅㪈㪊 㪄㪇㪅㪊㪇 㪄㪇㪅㪉㪇 㪄㪇㪅㪈㪐 㪄㪇㪅㪊㪎

㩿㪄㪇㪅㪌㪈㪀㩷 㩿㪄㪇㪅㪌㪇㪀㩷 㩿㪄㪇㪅㪏㪐㪀㩷 㩿㪄㪇㪅㪎㪏㪀㩷 㩿㪄㪇㪅㪎㪏㪀㩷 㩿㪄㪈㪅㪈㪈㪀㩷

࿖༡ડᬺ䉻䊚䊷 㪇㪅㪉㪎 㪇㪅㪉㪏 㪁 㪇㪅㪊㪈 㪁 㪇㪅㪉㪐 㪁 㪇㪅㪊㪇 㪁 㪇㪅㪊㪋 㪁

㩿㪈㪅㪍㪌㪀㩷 㩿㪈㪅㪎㪎㪀㩷 㩿㪈㪅㪏㪋㪀㩷 㩿㪈㪅㪎㪎㪀㩷 㩿㪈㪅㪐㪇㪀㩷 㩿㪈㪅㪐㪐㪀㩷

Ꮢ႐⁁ᴫ 㪄㪊㪅㪉㪐 㪄㪋㪅㪇㪊 㪁 㪄㪋㪅㪈㪐 㪁 㪄㪉㪅㪎㪏 㪄㪊㪅㪌㪊 㪄㪊㪅㪌㪍

㩿㪄㪈㪅㪊㪍㪀㩷 㩿㪄㪈㪅㪎㪇㪀㩷 㩿㪄㪈㪅㪍㪐㪀㩷 㩿㪄㪈㪅㪈㪍㪀㩷 㩿㪄㪈㪅㪌㪇㪀㩷 㩿㪄㪈㪅㪋㪌㪀㩷

ᄢᚻ⸽೛ળ␠䉻䊚䊷 㪇㪅㪇㪎 㪇㪅㪇㪌 㪇㪅㪇㪈 㪇㪅㪇㪊 㪇㪅㪇㪈 㪄㪇㪅㪇㪉

㩿㪇㪅㪊㪍㪀㩷 㩿㪇㪅㪉㪌㪀㩷 㩿㪇㪅㪇㪋㪀㩷 㩿㪇㪅㪈㪎㪀㩷 㩿㪇㪅㪇㪍㪀㩷 㪄㩿㪇㪅㪈㪈㪀㩷

㪣㪥㩿⾗↥䋩 㪇㪅㪈㪐 㪇㪅㪈㪍

㩿㪇㪅㪎㪏㪀㩷 㩿㪇㪅㪍㪊㪀㩷

㪣㪥㩿ᄁ਄㜞䋩 㪄㪇㪅㪇㪉 㪇㪅㪇㪈

㩿㪄㪇㪅㪈㪊㪀㩷 㩿㪇㪅㪈㪇㪀㩷

⺞ᢛᷣ䉂㪩㪉 _{㪇㪅㪇㪊 㪇㪅㪇㪐 㪇㪅㪇㪍 㪇㪅㪇㪋 㪇㪅㪈㪇 㪇㪅㪇㪏}

LN

IPO

IPO

Ritter,

Hansen and Torregrosa,

LN

LN

Booth and Smith,

Benveniste and Spindt,

IPO

䊝䊂䊦㪈 䊝䊂䊦㪉 䊝䊂䊦㪊

ಾ  㪇㪅㪋㪏 㪇㪅㪋㪍 㪇㪅㪋㪉

㩿㪋㪅㪍㪎㪀㩷 㩿㪋㪅㪏㪌㪀㩷 㩿㪊㪅㪍㪎㪀㩷

࿕ቯଔᩰ䉻䊚䊷 㪄㪇㪅㪇㪉 㪁㪁㪁 㪄㪇㪅㪇㪈 㪁㪁

㩿㪄㪉㪅㪐㪍㪀㩷 㩿㪄㪉㪅㪇㪏㪀㩷

㪣㪥㩿⺞㆐䋩 㪄㪇㪅㪇㪋 㪁㪁㪁 㪄㪇㪅㪇㪋 㪁㪁㪁 㪄㪇㪅㪇㪋 㪁㪁㪁

㩿㪄㪋㪅㪋㪊㪀㩷 㩿㪄㪋㪅㪏㪉㪀㩷 㩿㪄㪊㪅㪐㪎㪀㩷

࿖༡ડᬺ䉻䊚䊷 㪇㪅㪇㪇 㪇㪅㪇㪇 㪇㪅㪇㪇

㩿㪄㪇㪅㪋㪇㪀㩷 㩿㪄㪇㪅㪌㪊㪀㩷 㩿㪄㪇㪅㪊㪌㪀㩷

Ꮢ႐⁁ᴫ 㪄㪇㪅㪇㪌 㪄㪇㪅㪇㪈 㪄㪇㪅㪇㪉

㩿㪄㪇㪅㪍㪈㪀㩷 㩿㪄㪇㪅㪈㪏㪀㩷 㩿㪄㪇㪅㪉㪈㪀㩷

ᄢᚻ⸽೛ળ␠ 㪇㪅㪇㪇 㪇㪅㪇㪇 㪇㪅㪇㪇

㩿㪇㪅㪉㪌㪀㩷 㩿㪇㪅㪋㪋㪀㩷 㩿㪇㪅㪉㪎㪀㩷

㪣㪥㩿⾗↥䋩 㪇㪅㪇㪇

㩿㪇㪅㪌㪎㪀㩷

㪣㪥㩿ᄁ਄㜞䋩 㪇㪅㪇㪇

㩿㪇㪅㪇㪊㪀㩷

⺞ᢛᷣ䉂㪩㪉 _{㪇㪅㪉㪏 㪇㪅㪊㪏 㪇㪅㪊㪍}

5.3 総新規公開費用

Ljungqvist, Jenkinson and

Wilhelm

䊝䊂䊦㪈 䊝䊂䊦㪉 䊝䊂䊦㪊 䊝䊂䊦㪋

ಾ  㪌㪅㪎㪊 㪁 㪋㪅㪊㪉 㪌㪅㪐㪌 㪁 㪋㪅㪇㪋

㩿㪈㪅㪏㪏㪀㩷 㩿㪈㪅㪈㪐㪀㩷 㩿㪈㪅㪐㪎㪀㩷 㩿㪈㪅㪈㪇㪀㩷

࿕ቯଔᩰ䉻䊚䊷 㪇㪅㪊㪌 㪁 㪇㪅㪋㪋 㪁㪁 㪇㪅㪊㪌 㪁 㪇㪅㪋㪌 㪁㪁

㩿㪈㪅㪐㪇㪀㩷 㩿㪉㪅㪇㪇㪀㩷 㩿㪈㪅㪐㪋㪀㩷 㩿㪉㪅㪇㪋㪀㩷

㪣㪥㩿⺞㆐䋩 㪄㪇㪅㪈㪍 㪄㪇㪅㪋㪈 㪄㪇㪅㪉㪊 㪄㪇㪅㪊㪋

㩿㪄㪇㪅㪍㪍㪀㩷 㩿㪄㪈㪅㪉㪌㪀㩷 㩿㪄㪇㪅㪐㪋㪀㩷 㩿㪄㪈㪅㪇㪉㪀㩷

࿖༡ડᬺ䉻䊚䊷 㪇㪅㪉㪏 㪁 㪇㪅㪊㪊 㪁㪁 㪇㪅㪊㪇 㪇㪅㪊㪈 㪁

㩿㪈㪅㪎㪎㪀㩷 㩿㪉㪅㪇㪇㪀㩷 㩿㪈㪅㪐㪇㪀㩷 㩿㪈㪅㪏㪋㪀㩷

Ꮢ႐⁁ᴫ 㪄㪋㪅㪇㪋 㪁 㪄㪊㪅㪌㪎 㪄㪊㪅㪌㪋 㪄㪋㪅㪉㪇 㪁

㩿㪄㪈㪅㪎㪉㪀㩷 㩿㪄㪈㪅㪋㪎㪀㩷 㩿㪄㪈㪅㪌㪉㪀㩷 㩿㪄㪈㪅㪎㪈㪀㩷

ᄢᚻ⸽೛ 㪇㪅㪇㪌 㪄㪇㪅㪇㪉 㪇㪅㪇㪈 㪇㪅㪇㪈

㩿㪇㪅㪉㪎㪀㩷 㩿㪄㪇㪅㪈㪇㪀㩷 㩿㪇㪅㪇㪎㪀㩷 㩿㪇㪅㪇㪌㪀㩷

㪣㪥㩿⾗↥䋩 㪇㪅㪈㪍 㪇㪅㪉㪇

㩿㪇㪅㪍㪌㪀㩷 㩿㪇㪅㪏㪇㪀㩷

㪣㪥㩿ᄁ਄㜞䋩 㪇㪅㪇㪈 㪄㪇㪅㪇㪉

㩿㪇㪅㪈㪇㪀㩷 㩿㪄㪇㪅㪈㪊㪀㩷

⺞ᢛᷣ䉂㪩㪉 _{㪇㪅㪇㪐 㪇㪅㪇㪏 㪇㪅㪈㪈 㪇㪅㪇㪍}

᷹ⷰᢙ 㪌㪇 㪌㪇 㪌㪇 㪌㪇

6. おわりに

Ljungqvist, Jenkinson and Wilhelm

注

JASDAQ

( )

Chen and Ritter,

Suzuki,

.

Ritter and Welch,

.

.

Kaneko and Pettway

Guideline

,

A

QFII Qualified Foreign Institutional

Investors A A IPO IPO IPO IPO Rock, Baron, Benveniste and Spindt, Sherman,

Sherman and Titman

Kutsuna and Smith

Kutsuna and Smith

ROE ROA

Ritter and Welch

. %

% %

＜参考文献＞

-No. -No.

Baron, D., , A model of demand for investment

banking advising and distribution services for new

issues, Journal of Finance , - .

Beatty, R. and J. Ritter, , Investment banking,

rep-utation, and the underpricing of initial public offerings,

Journal of Financial Economics , - .

Benveniste, L. and P. Spindt, , How investment

bankers determine the offer price and allocation of new

issues, Journal of Financial Economics , - .

Booth, J. and R. Smith, , Capital raising,

under-writing and the certification hypothesis, Journal of

Financial Economics - , - .

Carter, R. and S. Manaster, , Initial public

offer-ings and underwriter reputation, Journal of Finance

, - .

Chemmanur, T. and I. Paeglis, , Management

quality, certification, and initial public offerings,

Journal of Financial Economics , - .

Chen, H. and J. Ritter, , The seven percent

solu-tion, Journal of Finance , - .

Conelli, F., and D. Goldreich, , Bookbuilding: How

Informative is the Order Book? Journal of Finance ,

- .

Hansen, R., , Do investment banks compete in

IPOs? The advent of the %plus contract, Journal of

Financial Economics , - .

Kaneko, T. and R. Pettway, , Auctions versus

book building of Japanese IPOs, Pacific-Basin

Finance Journal , - .

Kutsuna, K. and R. Smith, , Why does book

build-ing drive out auction methods of IPO issuance?;

Evidence from Japan, Review of Financial Studies ,

- .

Ljungqvist, A., T. Jenkinson, and W. Wilhelm, ,

Global Integration in Primary Equity Markets: The Role

of U.S. Banks and U.S. Investors, Review of Financial

Studies , - .

Ritter, J., , The costs of going public, Journal of

Financial Economics , - .

Rock, K., , Why new issues are underpriced?,

Journal of Financial Economics , - .

Sun, Q., and W. Tong, , China Share Issue

Privatization: The Extent of Its Success, Journal of

Financial Economics, , - .

Suzuki, K., , Ownership structure and

under-writer compensation: Evidence from Japanese IPOs,

pp. - .

Sherman, A. and S. Titman, , Building IPO order

book: underpricing and participation limits with costly

information, Journal of Financial Economics , - .

Sherman, A., , A Survey of International IPO

methods, University of Notre Dame Warking Paper.

Sherman, A., , Global trends in IPO methods:

Book building versus auctions with endogenous entry,

Journal of Financial Economics , - .

Xu, X. and Y. Chen, , Ownership Structure,

Corporate Governance, and Corporate Performance,

Policy Research Working Paper , The World Bank,

はじめに

Appendix

１. 台湾の銀行情勢と銀行取引

１.１ 台湾の金融自由化と金融再編

Annual Report

Non Performing Loan Ratios of

Domestic Banks

%

%

%

%

.

%

. %

DIP

DIP

２. 台湾の証券市場と中小企業

２.１ 台湾証券市場の現状

Taiwan Stock Exchange

TSE

GreTai

TSE

Securities and Futures Commission

Ministry of Finance

Executive Yuan

Finance Supervisory Commission

Securities and Futures Bureau

SFB

SFB

MOPS Market

Observation Post System

TSE

%

GreTai

%

right-issue

NT$

,

%

２.２ 中小企業向け証券市場

２.２.１ Gre Tai Securities Market

SMEs

over-the-counter trading

Ministry of

Finance

GreTai

Securities Market

GTSM

TSE

GTSM

TSE

２.２.２ Emerging Market

GTSM

TSE

GTSM

Emerging Market

EM

EM

TSE

GTSM

EM

EM

EM

EM

TSE

GTSM

TSE

GTSM

２.３.２ 最近の制度変更

Emerging Market

/ /

/ /

IPO

IPO

Inventec

Appliances Corp

IPO

SFB

３. まとめと今後の課題

IPO

Emerging Market

Emerging Market

TSE

IPO

注

Central Bank of China

http://www.cbc.gov.tw/

EngHome/Eeconomic/Publications/year /index_

.asp

Central Bank of China

(http://www.cbc.gov.tw/

EngHome/Ebankexam/Statistics/ratios.doc)

SFB Newsletter

Appendix 出張旅程（2006年8月27日出国、30日帰国）

: - -Chang / Kuo / : - -: -

-Cheng / / Feng

/ /

:

-

-Su Yang /

Huang /

Cheng / Cho /

Huang /

:

-

-Hsu / Pan

/ Hsu /

Bebchuk and Fried

Bebchuk and Fried

２.さまざまな担保権消滅請求制度

２.１民事再生法における担保権消滅請求制度

（１）民事再生法における機能

D I P

Debtor in Possession

C

V

V

V

C

C

（２）民事再生法における問題点：担保権価値の過

小評価

（b）担保資産の価値を売却価値に限定することの問

題点

２.２会社更生法における担保権消滅請求制度

M

A

２.３破産法における担保権消滅請求制度

３．優先権と資金貸借市場

.

（２）抵当権制度の問題点

pro-rata

４.担保権消滅請求制度改正の提案

４. １Bebchuk and Fried（2001）の議論

Bebchuk and Fried

D

D

N

U

N

D

D

D

D

foreclose

foreclosure

val-ue

D

D

N=D

D

foreclosure value

Automatic Stay

solvent

Bebchuk

and Fried

Baird

Secured

cred-itor

Baird

M&A

４.２担保権消滅請求制度とBebchuk and Friedの提案

との比較

４.３担保権消滅請求制度改正の提案

Bebchuk and Fried

Bebchuk and

Fried

Bebchuk

and Fried

Bebduck and Fried

４.４どの担保権者が決定権を持つべきか

threat point

threat

謝辞

,

注

Stiglits and Weiss

)

( )

)

)p

( )

Hold out

III.

p

p

p

p

p

,

Eberhart and.Senbet

Bebchuk

Bebchuk and Fried

Bebchuk and Fried

Kanda and Levmore

IV

[ ]

III

NO.

CIRJE Discussion Paper

NBL ,

-

J-No. ,

Baird,D. The Uneasy Case for Corporate

Reorganizations , Journal of Legal Studies, :

-Bebchuk,A.L. A New Approach to Corporate

Reorganizations , Harvard Law Review, : - .

Bebchuck,L.A. Ex Ante Costs of Violating Absolute

in Bankruptcy , Journal of Finance, - .

Bebchuck,L.A. and J.M.Fried , A New Approach to

Valuing Secured Claims in Bankruptcy Harvard Law

Review .Vol. .

Eberhart.A.C,and.L.W.Senbet Absolute Priority

Rule Violations and Risk Incentives for Financialally

Distressed Firms . FINANCIAL MANAGEMENT

Kanda, H. and S. Levmore , Explaining Creditor

Priorities , Virginia Law Review, Vol. .

Myers, S. , Determinants of Corporate

Borro-wing , Journal of Financial Economics, , - .

Stiglitz, J.E., and A. Weiss., , Credit Rationing in

Markets with Imperfect Information, American

要約

１. はじめに

Jensen/Meckling

Chapter

Gilson

２. 理論モデルと検証可能な仮説

Bester/Hellwig

A

B

A

p

R

B

p

R

I

p

R

I

p

R

B

R

R

p

p

B

A

F

F

R

A

MA

B

MA MB

A

B

F

p

p

p

R

p

R

A

A

R

R

３. 実証分析

３.１ サンプルの作成

Gilson/John/Lang

. %

. %

. %

３.２ 変数

MSHARE

John

Gilson

Gilson

Gilson/John/Lang

PBR

Jensen

D/A

Brown

Gilson/John/Lang

Asquith/Gertner/Scharfstein

Gilson/John/Lang

CREDITORS

Giammarino

BANKBOARD

Hoshi/Kashyap/Scharfstein

BANKBOARD

MV

U

MSHARE

%

CREDITORS

Gilson/John/Lang

MSHARE

MV

MSHARE

PBR

D/A

注

Brealey/Myers

Bester/Hellwig

F RB

RA

Chapter

G i l s o n B r o w n / J a m e s /

Mooradian Franks/Torous James

CREDITORS

CREDITORS CREDITORS

MV

MV

CREDITORS

《参考文献》

pp.

-pp.

-pp.

-Asquith, P., R. Gertner, and D. Scharfstein ,

Anatomy of Financial Distress: An Examination of

Junk-Bond Issues, Quarterly Journal of Economics,

August, pp. - .

Bradley, M., and M. Rosenzweig , The

Untenable Case for Chapter , Yale Law Journal

, pp. - .

Brown, D. T. , Claimholder Incentive

Conflicts in Reorganization: The Role of Bankruptcy

Law, Review of Financial Studies , pp - .

Brown, D. T., C. M. James, and R. M. Mooradian

, The Information Content of Distressed

Restructurings involving Public and Private Debt

Claims, Journal of Financial Economics , pp.

-.

Bulow, J. I., and J. B. Shoven , The

Bankruptcy Decision, Bell Journal of Economics,

Autumn, pp. - .

Dewatripont, M., and J. Tirole , The Prudential

Regulation of Banks, MIT Press.

Franks, J., and W. Torous , A Comparison of

Financial Recontracting in Distressed Exchanges and

Chapter Reorganizations, Journal of Financial

Economics , pp. - .

Gertner, R., and D. Scharfstein , A Theory of

Workouts and Effects of Reorganization Law,

Journal of Finance , pp. - .

Giammarino, R. M. , The Resolution of

Financial Distress, Review of Financial Studies ,

pp. - .

Gilson, S. C. , Management Turnover and

Financial Distress, Journal of Financial Economics

, pp. - .

Gilson, S. C. , Bankruptcy, Boards, Banks,

and Blockholders: Evidence on Changes in Corporate

Ownership and Control When Firms Default, Journal

of Financial Economics , pp. - .

Gilson, S. C. , Managing Default: Some

Evidence on How Firms Choose between Workouts

and Chapter , in Bhandari, J. S., and L. A. Weis

eds., Corporate Bankruptcy, Cambridge University

Press.

Gilson, S. C., K. John, and L. H. P. Lang ,

Troubled Debt Restructurings, Journal of Financial

Economics , pp. - .

Grinblatt, M., and S. Titman , Financial

Markets and Corporate Strategy, McGraw-Hill.

Hoshi, T., A. Kashyap, and D. Scharfstein ,

The Role of Banks in Reducing the Costs of Financial

Distress in Japan, Journal of Financial Economics

, pp. - .

James, C. , Bank Debt Restruct

Financial Distress, Journal of Finance , pp. - .

Jensen, M. C. , Active Investors, LBO's and

the Privatization of Bankruptcy, Journal of Applied

Corporate Finance , pp. - .

Jensen, M. C., and W. H. Meckling , Theory

of the Firm: Managerial Behavior, Agency Costs and

Ownership Structure, Journal of Financial

Economics , pp. - .

John, K. , Managing Financial Distress and

Valuing Distressed Securities: A Survey and a Research

Agenda, Financial Management, Autumn, pp. - .

John, T. A., and K. John , Top-Management

Compensation and Capital Structure, Journal of

Finance , pp. - .

Myers, S.C. , Determinants of Corporate

Borrowing, Journal of Financial Economics ,

pp. - .

Senbet, L. W., and J. K. Seward , Financial

Distress, Bankruptcy and Reorganization, in R. A.

Jarrow, V. Maksimovic, and W. T. Ziemba eds.,

Handbooks in Operations Research and Management

Science Vol. : Finance, North-Holland.

White, M. J. , The Corporate Bankruptcy

Decision, Journal of Economic Perspectives ,

Government Control and the Higher Costs

of Going Public: Evidence from a New Stock Market