東アジア企業のガバナンスと設備投資―家族支配型企業に関する実証分析―, Corporate Investment and Governance in the East Asian Countries -Empirical Analysis on Family-Controlled Firms-

Masaharu Hanazaki and Qun Liu

Economic Review, 2005, vol. 56, issue 2, 132-148

Abstract: 本稿では，東アジアのコーポレート・ガバナンスを特徴づける家族支配型の構造に焦点を当て，インドネシア，韓国，マレーシア，フィリピンおよびタイの5か国の企業データを用いて設備投資関数を推計し，家族支配が企業の設備投資行動に及ぼす影響を，定量的に分析した．その結果，全体の過半を占める家族支配型企業は，家族 支配から独立している企業に比べて，設備投資の内部資金制約が厳しいことなどが明らかになった．この事実は，東アジアの家族支配型企業グループ内で，各傘下企業が円滑なグループ内金融を通じて設備投資資金を融通し合うなどのメカニズムが有効に働いているとは言い難く，加えて外部資金調達が量的あるいは質的な面で必ずし も容易ではなく，結果として設備投資が内部資金にかなりの程度制約を受けていることを示すものであると解釈できる．, Using a firm-level data set of Indonesia, Korea, Malaysia, the Philippines, and Thailand, we examine the impact of family-controlled firms on corporate investment behavior. Our results present evidence that family-controlled firms, being the majority of all firms in our data set, face more severe internal financing constraints than non-family-controlled firms. Our findings suggest that in the East Asian countries the mechanism, which is commonly assumed to permit smoothly reallocating funds across investment projects through the internal capital markets within family-controlled group firms, does not work well and that family-controlled firms have some difficulty in financing from external capital markets. As a result, strict internal financing constraints on corporate investment appear in family-controlled firms.

Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:hit:ecorev:v:56:y:2005:i:2:p:132-148

DOI: 10.15057/21363

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