期刊名称：Hitotsubashi Journal of Commerce and Management
印刷版ISSN：0018-2796
出版年度：2007
卷号：41
期号：1
出版社：Hitotsubashi Academy, Hitotsubashi University
摘要：Using Japanese IPOs, this paper empirically examines the roles that bank-a$liated
venture capital firms play in mitigating information asymmetries that are detrimental in small
business lending. We find that concurrent bank lending and investing via venture capital
subsidiaries benefits firms by increasing credit availability, particularly by increasing the
availability of long-term loans, but not by lowering interest rates. We also find that banks that
jointly deliver lending and investment via VC subsidiaries build close ties with firms. These
results suggest that strong bank-firm relationships, which benefit firms by availability of credit,
can be built through scope of relationships
关键词：Venture capital; Capital structure; Relationship lending; Japanese finance
