大阪大学　数理・データ科学教育研究センター
Center for Mathematical Modeling and Data Science,Osaka University

Measure of Bank Productivity and its Impact on the Capital Investments of Client Firms

宮川大介 （日本政策投資銀行）

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4. Measure of Bank Productivity and its Impact on the Capital Investments of Client Firms

大証寄附研究部門セミナーシリーズ 第21回

Measure of Bank Productivity and its Impact on the Capital Investments of Client Firms

宮川大介 （日本政策投資銀行）

This paper proposes one measure of bank productivity and studies how it affects the sensitivity of client firm's capital investment with respect to investment opportunity. As a direct measure of bank-level productivity, we employ the risk-adjusted profit of an individual bank, which is considered as output in a modified version of FISIM (Financial Intermediation Services Indirectly Measured) concept, per its operating cost. We combine such bank-level productivity panel-data with bank and firm characteristics as well as the loan relationship data between Japanese listed companies and banks over the last three decades. The panel estimations for an extended investment equation based on Q-theory show that firm’s capital investment becomes more sensitive to investment opportunity in statistically and economically significant levels when they hold the relationships with more productive banks and face relatively severe cash-flow constraint. These results imply that it is necessary to relate firm performances not only to the discrete characteristics of banks (e.g., mainbank relations) as in the extant literature, but to the continuously measured characteristics of the banks having relationships with the firm.