著者

奥田 英信 相場 大樹

出版者

一般財団法人 アジア政経学会

雑誌

アジア研究 (ISSN:00449237)

巻号頁・発行日

vol.64, no.2, pp.1-20, 2018-04-30 (Released:2018-05-15)

参考文献数

38

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Cambodia is one of the most highly “dollarized” economies in the world. However, due to the lack of micro-level data, econometric studies of individual economic entities such as households and companies are limited, and corporate financing has not been investigated using econometric techniques. This paper is a pioneering econometric analysis to elucidate the characteristics and determinants of Cambodian companies’ bank borrowing in dollars. In addition, this paper is unique in analyzing the specific Cambodian feature that, unlike the ordinal dollarization case in which companies can select the currency in which to borrow, Cambodian companies have no other choice but to borrow in dollars. This paper uses a sample selection model to estimate the determinants of the dollar bank borrowing ratio for 103 companies by using the data set collected by the NBC-JICA joint survey in 2014. According to the estimation results, (1) Companies’ ability to provide collateral and insurance coverage has the positive effect on raising the dollar bank borrowing ratio, while (2) abundant internal funds lower the dollar bank borrowing ratio. (3) The impact of the dollar-denominated revenue ratio on dollar borrowing depends on the abundance of corporate internal funds, (4) for companies with poor financial margins it has no impact, while for companies with affordability, it has a positive impact on the dollar-denominated bank borrowing ratio. These results support the standard corporate financing hypothesis in Cambodia, where the financial development has been delayed. However, firms are facing borrowing constraints and the amount of collateral is useful for expanding dollar-denominated bank borrowing. Also, although there is a currency mismatch risk that is specific to the dollarized economy, companies lacking affordable internal funds tend to use dollar-denominated borrowing without paying attention to the accompanying currency risk. The estimated results suggest several policy tasks. First, in order to improve the asymmetry of information, efforts by financial institutions such as to improve the bank screening ability, and corporate efforts such as to improve the accounting and organization of financial information are required. Second, in order to expand the use of collateral and insurance, which is already playing an important role in corporate financing, it is important to develop the land registration system and disseminate the insurance system. Third, it is necessary to pay more attention to currency mismatches in the dollarized economy.