新興市場国企業の企業属性による資金調達構造の分析 : アジア危機前後におけるフィリピン製造業企業負債比率の推計

This paper investigates the financial structure of manufacturing companies in the Philippine by estimating their dept ratio using panel data during 1991-2003. Estimation results show ; i) the foreign companies raise money by equity capital and debt in prosperity situation, but they depend on debt in depression situation, ii) Philippine stock market don't sufficiently function in prosperity situation, and iii) the business group companies raise money by equity capital from internal capital market of business groups in prosperity situation, but they depend on debt from business group banks in depression situation.