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• W2157124203 abstract "The purpose of this paper is to investigate the choice of corporate financing between pub- lic and private debt. Focusing on the drastic change of financing pattern during the period of financial liberalization from the mid 1980s to the mid 2000s, this paper examines what factors determine the demand for public and private debt. We find that the growth opportunity and default risk of the issuing firm are the main determinants of the debt choice in this period. 1 Focusing on the drastic change in financing pattern during the period of financial liberalization from the mid 1980s to the mid 2000s, this paper examines what factors deter- mine the demand for public and private debt. First, using the Financial Statements Statistics of Corporations by Industry, we overview the corporate financing pattern of Japanese firms (excluding those in the financial sector) focusing on bond and bank borrowings. 2 Figure 1 shows the ratio of the bond outstanding to total asset for both of the large and small firms. A large firm is one with net worth more than one billion yen, and a small firm is one with net worth less than 1 billion yen. For large firms, the bond outstanding grew rapidly from 1985 to 1990. The ratio was around 5 percent in the early 1980s, but increased to around 10% in the 1990s. In 2005, it decreased again to 7%, because larger firms decreased the debt financing as a whole in this period. On the other hand, the ratio of bonds to total assets is much lower for small firms. For example, the average ratio of bonds to total assets from 1990 to 2000 was 9.8% for large firm, but only 0.2% for small firms. These numbers show that bonds have been used mainly by large firms in Japan. However, it should be noted that the bond issuing by small firms has been increasing on a relative basis after 2001: the ratio of bonds to total assets was 0.27% in the 2000, but increased to 0.80% in 2005." @default.
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• W2157124203 date "2008-03-01" @default.
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• W2157124203 title "The Choice between Public and Private Debt by Japanese Firms" @default.
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