政府系金融機関による金利設定が他金融機関の借入金利・貸出額に及ぼす影響

植杉威一郎 (一橋大学経済研究所), 内田浩史 (神戸大学大学院経営学研究科), 岩木宏道 (大東文化大学経済学部)

Impact of a Change in Government Loan Interest Rates on Rates and Amount of Loans Extended by Other Banks

Iichiro Uesugi (Institute of Economic Research, Hitotsubashi University), Hirofumi Uchida (Kobe University), Hiromichi Iwaki (Daito-Bunka University)

要旨Abstract

　世界の銀行部門資産の約 4 割は公的部門によって所有されており，政府が金融機関を所有・経営して資金供給を行う政策は，企業や家計への資金の流れに大きな影響力を持つ．その一方で日本では，政府系金融機関と民間金融機関の貸出先企業が重なることから，政府系金融機関が民業を圧迫しているとの批判が絶えない．本稿は，こうした批判が強い中小企業向け貸出に焦点を当て，政府系金融機関の一つである日本政策金融公庫中小企業事業本部(旧中小企業金融公庫)とそれ以外の金融機関等による貸出の金利差と，貸出の代替の有無を検証した．その結果，以下の3点が明らかになった．(1)公庫中小事業への支払金利の平均値・中位値は，それ以外への支払金利の平均値・中位値よりも低い．(2)公庫中小事業への支払金利が高格付企業で低下するという制度変更によっても，それ以外への支払金利は追随して低下していない．(3)公庫中小事業への支払金利が低下したため，高格付企業では，公庫中小事業による貸出の増加幅は低格付企業に比して大きくなった．しかしながら，これらの高格付企業では，それ以外からの貸出の増加幅も低格付企業に比して大きくなった．このため，高格付企業における公庫中小事業貸出への依存度は，制度変更により高まってはいない．

　Public sector holds about 40 percent of the assets that the banking sector around the globe owns, and policies to provide funds through financial institutions that governments owns have huge influence on flow of funds to and from firms and households. In Japan, government-affiliated financial institutions have been criticized as putting pressure on private banks because their borrowers overlap. Focusing on loans to small- and medium-sized enterprises (SMEs), this paper examines differences in the loan interest rates between the SME unit of the Japan Financial Corporation (JFC-SME, formerly Japan Finance Corporation for Small and Medium Enterprise), one of the government-affiliated financial institutions in Japan, and other banks. It also examines the existence of substitution between JFC-SME loans and those extended by other banks. Our findings are threefold: (1) The mean and the median of loan interest rates of JFC-SME are lower than those of other banks; (2) An institutional change to lower interest rates for higher-rated borrowers of JFC-SME is not followed by a subsequent decrease in loan interest rates of other banks; and (3) Although an increase in the amount of loans from JFC-SME to higher-rated firms is larger than that to lower-rated firms because of the decrease in the interest rate for the former, this is the case also for loans from other banks, and thus the dependence of higher-rated firms on loans from JFC-SME does not increase due to the institutional change.

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書誌情報Bibliographic information

Vol. 71, No. 4, 2020 , pp. 333-357
HERMES-IR（一橋大学機関リポジトリ）: https://doi.org/10.15057/70080
JEL Classification Codes: G21, G28, H81