@article{oai:nagoya.repo.nii.ac.jp:02005329,
 author = {塚原, 慎 and TSUKAHARA, Makoto},
 issue = {3},
 journal = {経済科学, The Economic Science},
 month = {Mar},
 note = {The purpose of this paper is to understand the financial characteristics of firms that issue preferred stock in the Japanese institutional and economic environment. In particular, I focus on the financial characteristics commonly possessed by firms that implement debt equity swaps using preferred stock (PS-DES). The results of the analysis are as follows. First, in the period immediately prior to the issuance of preferred stock, firms are less solvent, profitable, and have lower growth potential than the average of firms in the same industry in the same year.Second, we find evidence that PS-DES firms tend to be more insolvent in the short term. Third, we find that both PS-DES and PS-NOTDES firms tend to improve their solvency and profitability before and after the implementation of capital actions, although they are still below the industry average for the same year. The degree of recovery was relatively greater for PS-DES firms than for PS-NOT-DES firms, suggesting that firms continued to try to secure liquidity and reduce interest-bearing debt to avoid bankruptcy after the implementation of their capital policies., 「制度会計における課題」特集},
 pages = {59--75},
 title = {優先株式を用いた債務の株式化実施企業の財務的特徴},
 volume = {70},
 year = {2023}
}