This study focuses on physical and R&D investments to examine the effect of bank shocks on corporate investment behavior at the firm and economy levels. I use matched bank-firm lending data for listed Japanese companies from 1990 to 2013 to distinguish bank loan supply shocks from firms’ borrowing shocks. Notably, bank concentration increased in Japan during this period, thereby enhancing the granularity of bank shocks. The estimation result of each investment function reveals that bank shocks become highly relevant for firms’ physical investment relative to their R&D investment. Specifically, a negative bank shock of one standard deviation decreases the physical (R&D) investment rate by 12.6% (less than 1%) for firms with the median level of debt ratio. Consistent with this, the economy-level analysis shows that granular bank shocks account for 9.4% of the variation in Japan’s aggregate physical investment but have no explanatory power for the country’s aggregate R&D investment.

本研究重点关注实物投资和研发投资，以研究银行冲击对企业和经济层面的企业投资行为的影响。我使用 1990 年至 2013 年日本上市公司匹配的银行-企业贷款数据来区分银行贷款供应冲击和企业借贷冲击。值得注意的是，这一时期日本的银行集中度有所提高，从而提高了银行冲击的粒度。每个投资函数的估计结果表明，银行冲击与企业的实物投资（相对于研发投资）高度相关。具体而言，对于负债率处于中位水平的企业来说，一个标准差的负面银行冲击会使实体（研发）投资率下降 12.6%（低于 1%）。与此相一致的是，