There is a significantly negative relation among asset backed secu-rities ratio, asset backed commercial paper ratio and own equity ratio of Japanese banks.It corresponds to regulatory tax hypothesis.

• 2.；本研究发现日本银行的资产担保证券比率、资产担保之商业本票比率对自有资本率呈相当显著的负向关系，因而符合管制税假说。