本研究は企業と銀行の距離と,倒産および倒産態様の関係を分析した。その結果,距離が大きいほど倒産や破産に繋がる傾向があること,この傾向の強さはメインバンクの業態により異なることが明らかになった。企業と銀行の距離が遠くなればリレーションシップが希薄となる可能性は否定できない。昨今の銀行合併や経営合理化に伴う店舗の減少が企業とメインバンクの間の距離増大を通じ中小企業の不利益に繋がっている可能性がある。

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　国際通貨としての円の役割は劇的に増してこそいないが，日本の経済規模の相対的低下に比べれば相応の地位を維持している。また，国際金融危機以降，邦銀が基軸通貨のドル建てを中心とする国際金融仲介業務の最大の担い手となったことに加えて，円を含む主要通貨のドルへの転換を非常時においても担保する中央銀行間スワップ網の創設により，円はドル基軸通貨体制を補完する国際通貨としての側面が強まっている。ドルの基軸通貨としての役割に当分は陰りが見えない中，円が独自に国際通貨としての存在感を増していくことは考えにくいが，円は今後も一定の役割を果たし続けていくとみることができよう。現在進行中の日本の国際金融都市構想は，円の国際通貨としての役割を後押ししていくことになるだろう。日本の国際金融センターが，内外の企業のファイナンスの場として機能していくことは，アジア太平洋地域の企業の資金調達を支えることを通じて同地域の持続的経済発展に寄与する。円が国際通貨としての機能を適切に発揮していくためには，決済システムなどの基幹インフラの高度化や，東京市場での資金調達手段の多様化が課題である。わが国経済の持続的発展に向けて，金融面からは，日本の金融機関，円，国際金融センターの役割を一体的に捉えた上で，課題克服に向けて適切に対処していく必要がある。

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Mergers of regional banks through pure holding companies have been increasing since the latter 1990s. Such mergers were examined for this study, with emphasis on determinants of such mergers and banks’ post-merger business performance.
A cause of the increase in mergers is that, in addition to the conventional methods of mergers, a ban on the method using a bank holding company was lifted in 1998. In advance of empirical analysis, we reviewed changes in bank mergers after lifting of the ban. We categorized merger methods into (1) business consolidation, (2) combination by establishing a holding company, and (3) purchase of a bank by an existing holding company, which revealed that many mergers in recent years used the second method.
Subsequently, we examined determinants of becoming a merging bank and a merged bank. Our estimation revealed that a regional bank with low local market power and particularly intense competition with large banks was more likely to become a merging bank. The results for efficiency suggest that a bank that had raised profitability through a merger was less likely to become a merged bank. Another finding was that a bank with a high baddebt ratio was more likely to participate in a merger as a merged bank.
Additionally, we divided and assessed the sample to ascertain whether the form of merger and other conditions created differences in the subsequent business performance. First, results suggest that, as forms of merger, business consolidation was more likely to promote corporate downsizing than establishing a holding company. Secondly, analysis of the holding company method performed by dividing sellers and buyers revealed an increase in buyers’ net interest spread and sellers’ rationalization effects. Differences between mergers within an area and between areas included net interest spread growth in the former and active restructuring in the latter.

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組織を経営する実務的観点からは、ある時点での組織の優位性を作り出す企業戦略に加えて、組織の成長鈍化や衰退の初期段階に対応するため組織の盛衰メカニズムを時系列的にモデル化する意義がある。本稿では「組織の盛衰－その数理モデル」(遠田雄志、法政大学経営学会『経営志林』第53巻第2号)を、金融危機を経て大規模な再編を経験し現在はテクノロジー進展による転換期を迎えている銀行業界への適用を試みるとともに、ROE重視の事業ポートフォリオ運営や経営資源配分が従来以上に求められ一層注目が高まると思われる「選択と集中」や「M&A」および企業再編・拡大に伴う情報コスト増大への対応についても考察する。

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This paper analyzes the duality of Community Banks as one of their distinctive management features, from the point of view not only of economics but also sociology. Community Banks pursue profits rationally as economic actors, and they do not take feelings into consideration. But on the other hand they communicate with members of the community considering the feelings of other people to prove themselves worthy of the community's trust, and play a social part in bringing the community to prosperity in their role as social actors. In this way Community Banks have a different characteristic from major banks, their financial administration having a double standard. The duality of Community Banks has an influence on their financial condition through a positive feedback loop. We will describe three elements of this duality as a distinctive management feature and analyze the relation between three elements of the duality and overall financial conditions empirically.

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本稿では企業のオーナーシップが企業と銀行とのリレーションシップに与える影響の分析を行った。先行研究によると,危機時企業とメインバンクとの物理的距離が近づくほど両者のリレーションシップは強まり,企業の再生に繋がるとされる。但し,所有と経営の一致度が高い企業は外部の介入を受け入れない傾向にあるため,メインバンクとの物理的距離が近づいても再生に繋がらない可能性がある。分析の結果,代表者と筆頭株主が一致しない企業ではメインバンクとの物理的距離が近づくと再生に繋がり,代表者と筆頭株主が一致する企業では倒産前にメインバンクを変更することが再生に繋がることが示された。

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In Japan, postal services are privatized since October 2007, and the Japanese Government plans to sell off the stocks of postal financial enterprises (Japan Post Insurance Co. Ltd. and Japan Post Bank Co. Ltd.) in coming years. Looking for an appropriate privatization process of postal services, this paper intends to analyze the experience of New Zealand, which is said to be a global leader in terms of the privatization of postal services. In particular, we focus on Kiwibank, which was established as a state owned enterprise (SOE). The primary aim of this paper is to throw the light on the competitive impact of the establishment of Kiwibank on the foreign mega-banks, which had enjoyed monopolistic rents after New Zealand's liberalization of capital investment and the sale of New Zealand Post Bank to a foreign mega-bank.

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This paper analyzes the business relationship between Community Banks and small firms by focussing on the economics of financing small business. Community Bauks play a critical role in the small business finance as information producers who can assess the management quality of small firms through the activities of screening, contracting, and monitoring. In this way Community Banks solve asymmetric information problems and obtain negotiation power against small firms. Nevertheless in Japan there is not accurate evidence that Community Banks make efforts for lending business to be profitable. We will describe several distinctive features and problems in the business relationship between Community Banks and small firms, and suggest the solution of problems.

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Action Program Concerning Enhancement of Relationship Banking Function was released by Financial Services Agency (FSA) on March 28, 2003. The period during FY 2003 and 2004 were set as Intensive Improvement Period of the action program. FSA required Japanese local banks to exert for prompt business revitalization, such as establishment of corporate reconstruction funds for regional enterprises and aggressive utilization of Debt-equity Swap, DIP financing and others. The local banks were obliged to disclose their every semiannual progress during and just after the intensive improvement period. By means of the panel data analysis, this paper analyzes the correlation between the local bank's rate of changes of the loan outstanding and that for small and medium-sized business and their aggressiveness of the prompt business revitalization during the intensive improvement period, in other words, the early stage of the proactive efforts of them for prompt business revitalization. In this paper, three dummy variables which means whether banks either established their corporate reconstruction funds or utilized Debt-equity Swap or DIP financing and whether they did both of them are used in the loan-supply-curve-based model. And more panel data analyses of grouped samples clarified the characteristics of the aggressive local banks both in increasing their loan outstanding and the prompt business revitalization.

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