Why do firms underwrite private placement shares of other firms? Case of Japanese firms
Why do firms underwrite private placement shares of other firms? Case of Japanese firms
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DOI：
10.1016/j.pacfin.2016.12.006
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发表时间：
2017-02-01
影响因子：
4.6
通讯作者：
Otsubo, Minoru
中科院分区：
文献类型：
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作者：
Otsubo, Minoru
本文以日本上市公司作为私募股权承销商为研究对象，探讨了上市公司通过私募承销其他公司股权的原因。在私募中，承销公司不一定能增加股东的财富，这与发行公司的情况不同，因为它们必须承担通过承销获得金融支持的相关成本。但在私募后，以商业联盟计划获得发行公司的控制权，可以增加财富。这一结果表明，承销公司在获得控制权后承销其他公司的私募以获得协同效应。(C) 2016 Elsevier B.V.版权所有
This paper focuses on listed firms as underwriters of private placement shares in Japan and investigates why they underwrite equity of other firms through private placements. In private placements, underwriting firms cannot necessarily enhance their shareholders' wealth, unlike the case of issuing firms, because they must incur costs associated with financial support through underwriting. However, they can enhance wealth when they acquire the control rights of issuing firms with a plan of business alliances after private placements. This result indicates that underwriting firms underwrite other firms' private placements to obtain a synergistic effect after acquisition of the control right. (C) 2016 Elsevier B.V. All rights reserved.