{"id":9813,"date":"2025-07-01T15:43:50","date_gmt":"2025-07-01T06:43:50","guid":{"rendered":"https:\/\/www.waseda.jp\/fpse\/winpec\/?p=9813"},"modified":"2026-04-02T16:06:20","modified_gmt":"2026-04-02T07:06:20","slug":"%e5%9b%bd%e9%9a%9b%e3%83%9e%e3%82%af%e3%83%ad%e7%b5%8c%e6%b8%88%e9%83%a8%e4%bc%9a-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/fpse\/winpec\/other\/2025\/07\/01\/9813\/","title":{"rendered":"\u4f01\u696d\u91d1\u878d\u90e8\u4f1a\u3000Corporate finance"},"content":{"rendered":"
\u90e8\u4f1a\u4e3b\u4efb\u3000Research Project Director<\/h5>\n

\u5c0f\u5009\u3000\u7fa9\u660e \u6559\u6388\u3000OGURA Yoshiaki, Professor<\/p>\n

\u7814\u7a76\u90e8\u4f1a\u533a\u5206\u3000Research Project type<\/h5>\n

\u5916\u90e8\u8cc7\u91d1\u90e8\u4f1a\u3000Outside Funding Project<\/p>\n

\u7814\u7a76\u8ab2\u984c\u3000Research Subtitle<\/h5>\n

\u7121\u5f62\u8cc7\u7523\u6295\u8cc7\u3068\u4e2d\u5c0f\u4f01\u696d\u91d1\u878d<\/p>\n

intangible investments and SME financing<\/p>\n

\u7814\u7a76\u8a08\u753b\u3000Research Project Plan<\/h5>\n

\u672c\u7814\u7a76\u3067\u306f\u3001\u65e5\u672c\u306e\u5178\u578b\u7684\u306a\u4e2d\u5c0f\u4f01\u696d\u306e\u8ca1\u52d9\u30d1\u30cd\u30eb\u30c7\u30fc\u30bf\u3001\u4e3b\u8981\u682a\u4e3b\u306e\u30ea\u30b9\u30c8\u3092\u7528\u3044\u3066\u3001\u307e\u305a\u4ee5\u4e0b\u306e\u4e8c\u70b9\u306b\u3064\u3044\u3066\u3001\u7d71\u8a08\u7684\u306a\u4e8b\u5b9f\u3092\u78ba\u8a8d\u3059\u308b\u3002
\n\u2460 \u6709\u5f62\u8cc7\u7523\u6295\u8cc7\u304b\u3089\u7121\u5f62\u8cc7\u7523\u6295\u8cc7\u3078\u306e\u30b7\u30d5\u30c8\u3068\u305d\u306e\u4f01\u696d\u696d\u7e3e\u30fb\u6210\u9577\u3078\u306e\u5f71\u97ff
\n\u2461 \u4e2d\u5c0f\u4f01\u696d\u306e\u8cc7\u672c\u6027\u8cc7\u91d1\u306e\u8abf\u9054
\n\u306a\u304a\u3001\u8cc7\u672c\u6027\u8cc7\u91d1\u306e\u8abf\u9054\u53ef\u80fd\u6027\u3068\u7121\u5f62\u8cc7\u7523\u6295\u8cc7\u306e\u76f8\u95a2\u95a2\u4fc2\u3092\u56de\u5e30\u5206\u6790\u306b\u3088\u308a\u660e\u3089\u304b\u306b\u3059\u308b\u3002\u7121\u5f62\u8cc7\u7523\u6295\u8cc7\u3068\u8cc7\u672c\u6027\u8cc7\u91d1\u306e\u95a2\u4fc2\u306b\u3064\u3044\u3066\u306f\u3001\u7406\u8ad6\u30e2\u30c7\u30eb\u306b\u3088\u308b\u6574\u7406\u3082\u8a66\u307f\u308b\u3002\u76f8\u95a2\u95a2\u4fc2\u304c\u3042\u308b\u3053\u3068\u304c\u78ba\u8a8d\u3067\u304d\u305f\u5834\u5408\u3001\u91d1\u878d\u5e02\u5834\u69cb\u9020\u306e\u5909\u5316\u3001\u7a0e\u5236\u3084\u4f1a\u8a08\u57fa\u6e96\u306e\u5909\u66f4\u306a\u3069\u81ea\u7136\u5b9f\u9a13\u3068\u3057\u3066\u5229\u7528\u53ef\u80fd\u306a\u4e8b\u8c61\u3092\u6d3b\u7528\u3057\u3066\u3001\u56e0\u679c\u95a2\u4fc2\u306e\u691c\u8a3c\u3082\u8a66\u307f\u308b\u3002
\n\u2462 \u8fd1\u5e74\u76f8\u6b21\u3044\u3060\u5730\u57df\u91d1\u878d\u6a5f\u95a2\u5408\u4f75\u306e\u3046\u3061\u3001\u5730\u57df\u3092\u4ee3\u8868\u3059\u308b\u9280\u884c\u304c\u304b\u304b\u308f\u308b\u5408\u4f75\u4e8b\u4f8b\uff08\u4f8b\uff1a\u9577\u5d0e\u770c\uff09\u3092\u53d6\u308a\u4e0a\u3052\u3066\u3001\u7533\u8acb\u8005\u81ea\u8eab\u304c\u5927\u962a\u5e9c\u306e\u30c7\u30fc\u30bf\u3092\u7528\u3044\u3066\u5b9f\u65bd\u3057\u3066\u304d\u305f\u69cb\u9020\u63a8\u5b9a\u306b\u3088\u308b\u5408\u4f75\u306e\u539a\u751f\u8a55\u4fa1\u5206\u6790\uff08\u79d1\u7814\u8cbb\u57fa\u76e4\u7814\u7a76C\u3001\u8ab2\u984c\u756a\u53f7\uff1a20K01779\uff09\u3092\u5fdc\u7528\u3057\u3066\u3001\u5730\u57df\u91d1\u878d\u6a5f\u95a2\u306e\u30b3\u30b9\u30c8\u69cb\u9020\u3001\u8cc7\u91d1\u4f9b\u7d66\u884c\u52d5\u306e\u5408\u4f75\u306b\u3088\u308b\u5909\u5316\u3068\u3001\u30e6\u30fc\u30b6\u30fc\u306e\u4fbf\u76ca\u306e\u5909\u5316\u3092\u8a08\u6e2c\u3057\u305f\u306e\u3061\u3001\u9280\u884c\u306e\u5408\u4f75\u5f8c\u306e\u878d\u8cc7\u5148\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u5909\u5316\u3084\u3001\u8cc7\u672c\u6027\u8cc7\u91d1\u4f9b\u7d66\u306e\u5909\u5316\u3092\u7d71\u8a08\u7684\u306b\u691c\u8a3c\u3059\u308b\u3002<\/p>\n

This study is an empirical study about small and medium sized enterprises (SMEs) in Japan. We investigate the following points:
\n1. Shift from tangible investment to intangible investment and its impact on corporate performance and growth,
\n2. Equity finance by SMEs.Correlation between the availability of equity finance and intangible investments will be also investigated. We will provide an explanation for this correlation by constructing a theoretical model. We will also investigate the causality between them by exploiting a natural experiment, such as the change in financial, tax and accounting systems.
\n3. Effects of mergers of regional banks.
\nWe focus on a region where dominant regional banks merged, such as Nagasaki Prefecture.\u3000We apply an empirical method developed by the applicant in the past study on the bank mergers in Osaka Prefecture ( JSPS 20K01779), and estimate the change in cost efficiency and conducts and users\u2019 surplus. We also investigate the change in loan portfolio after a merger and the availability of equity or mezzanine finance for SMEs.<\/p>\n

\u69cb\u6210\u54e1\u3000Members<\/h5>\n
\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n\u6c0f\u540d<\/strong><\/td>\n\u6240\u5c5e<\/strong><\/td>\n\u8cc7\u683c<\/strong><\/td>\n<\/tr>\n
\u517c\u4efb\u7814\u7a76\u6240\u54e1<\/strong><\/td>\n\u5c0f\u5009\u3000\u7fa9\u660e<\/td>\n\u653f\u6cbb\u7d4c\u6e08\u5b66\u8853\u9662<\/td>\n\u6559\u6388<\/td>\n<\/tr>\n
<\/td>\n\u5c71\u672c\u3000\u7adc\u5e02<\/td>\n\u653f\u6cbb\u7d4c\u6e08\u5b66\u8853\u9662<\/td>\n\u6559\u6388<\/td>\n<\/tr>\n
\u7279\u5225\u7814\u7a76\u6240\u54e1<\/strong><\/td>\n\u6298\u539f\u6b63\u8a13<\/td>\n\u4e00\u6a4b\u5927\u5b66<\/td>\n\u51c6\u6559\u6388<\/td>\n<\/tr>\n
<\/td>\n\u30b0\u30a7\u30f3\u30c9\u30a5\u30af\u30b8\u30e3\u30f3<\/td>\n\u00a0Macquarie University<\/td>\nSenior Lecturer<\/td>\n<\/tr>\n
<\/td>\n\u8521\u8d8a<\/td>\n\u65b0\u6f5f\u770c\u7acb\u5927\u5b66<\/td>\n\u51c6\u6559\u6388<\/td>\n<\/tr>\n
<\/td>\n\u9673\u4f2f\u6797<\/td>\n\u56fd\u969b\u6559\u990a\u5b66\u8853\u9662<\/td>\n\u4efb\u671f\u4ed8\u304d\u52a9\u6559<\/td>\n<\/tr>\n
\u7814\u7a76\u5354\u529b\u8005<\/strong><\/td>\n\u8b1d\u3000\u6210\u5c2d<\/td>\n\u7d4c\u6e08\u5b66\u7814\u7a76\u79d1<\/td>\n\u535a\u58eb\u8ab2\u7a0b<\/td>\n<\/tr>\n
<\/td>\n\u9867\u662d\u9060<\/td>\n\u7d4c\u6e08\u5b66\u7814\u7a76\u79d1<\/td>\n\u535a\u58eb\u8ab2\u7a0b<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

 <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n\u6c0f\u540d<\/strong><\/td>\n\u6240\u5c5e<\/strong><\/td>\n\u8cc7\u683c<\/strong><\/td>\n<\/tr>\n
Concurrent researchers<\/strong><\/td>\nOgura Yoshiaki<\/td>\nFPSE<\/td>\nProfessor<\/td>\n<\/tr>\n
<\/td>\nYamamoto Ryuichi<\/td>\nFPSE<\/td>\nProfessor<\/td>\n<\/tr>\n
Associate Researchers<\/strong><\/td>\nMasanori Orihara<\/td>\nHitotsubashi University<\/td>\nAssociate Professor<\/td>\n<\/tr>\n
<\/td>\nNguyen Duc Giang<\/td>\nMacquarie University<\/td>\nSenior Lecturer<\/td>\n<\/tr>\n
<\/td>\nCai Yue<\/td>\nUniversity of Niigata Prefecture<\/td>\nAssociate Professor<\/td>\n<\/tr>\n
<\/td>\nChen Po-lin<\/td>\nWaseda University<\/td>\nAssistant Professor<\/td>\n<\/tr>\n
Assistant Researchers<\/strong><\/td>\nXie Chengyao<\/td>\nGSE<\/td>\nDoctoral student<\/td>\n<\/tr>\n
<\/td>\nGu Zhaoyuan<\/td>\nGSE<\/td>\nDoctoral student<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n","protected":false},"excerpt":{"rendered":"

\u90e8\u4f1a\u4e3b\u4efb\u3000Research Project Director \u5c0f\u5009\u3000\u7fa9\u660e \u6559\u6388\u3000OGURA Yoshiaki, Professor \u7814\u7a76\u90e8\u4f1a\u533a\u5206\u3000Research Project type \u5916\u90e8\u8cc7\u91d1\u90e8\u4f1a\u3000Outside […]<\/p>\n","protected":false},"author":2,"featured_media":10916,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[105],"tags":[32],"class_list":["post-9813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-research"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/posts\/9813","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/comments?post=9813"}],"version-history":[{"count":2,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/posts\/9813\/revisions"}],"predecessor-version":[{"id":11375,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/posts\/9813\/revisions\/11375"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/media\/10916"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/media?parent=9813"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/categories?post=9813"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/tags?post=9813"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}