Chapter

Changing Patterns of Corporate Financing and the Main Bank System in Japan

John Y. Campbell and Yasushi Hamao

in The Japanese Main Bank System

Published in print February 1995 | ISBN: 9780198288992
Published online August 2004 | e-ISBN: 9780191601224 | DOI: http://dx.doi.org/10.1093/0198288999.003.0010
 Changing Patterns of Corporate Financing and the Main Bank System in Japan

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This chapter examines the changing capital structure of Japanese corporations. It is argued that the main bank system continues to play an important role in Japanese corporate finance. Two types of Japanese firms are identified: firms with main banks that continue to rely on bank debt and guaranteed bond issues, and unaffiliated firms that have turned to non-guaranteed bond issues and innovative debt instruments such as warrant convertible bonds.

Keywords: Japanese main bank system; corporate financing; capital structure; bank debt; bonds; debt instruments

Chapter.  7495 words.  Illustrated.

Subjects: Financial Markets

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