Understanding partial mergers in Japan
Understanding partial mergers in Japan
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DOI：
10.1016/j.jbankfin.2010.06.008
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发表时间：
2010-12
影响因子：
3.7
通讯作者：
T. Ushijima
中科院分区：
文献类型：
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作者：
T. Ushijima
自20世纪90年代后期以来，日本出现了大量的部分合并，即两个或两个以上的企业将同一业务的整个业务剥离出来，然后将它们联合收割机合并成一个合资企业（JV）。本文为这一现象提供了第一个学术证据。我发现，部分合并通常发生的负面经济冲击的公司，更大，更多样化的公司比总合并。一项事件研究确定了部分合并公告的积极和重大回报。与价值主要归于（被收购的）小公司股东的全部合并不同，大公司和小公司在部分合并中获得的回报是相当的，这对组成平等拥有的合资企业的公司来说尤其大。本研究亦发现部分合并通常会发生事后转变，而合伙人之间的股权销售是主要的转变来源。
Since the late 1990s, Japan has witnessed a substantial increase of partial mergers where two or more firms spin off whole operations in the same business and combine them into a joint venture (JV). This paper provides the first academic evidence on this phenomenon. I find that partial mergers normally occur as a response to negative economic shocks by firms that are larger and more diversified than firms in total mergers. An event study identifies positive and significant returns to partial merger announcements. Unlike total mergers whose value accrues mostly to the shareholders of small (acquired) firms, large and small firms in partial mergers receive comparable returns, which are particularly large to firms forming an equally owned JV. This study also finds that partial mergers are often ex post transformed, with equity sale between partners being the main source of change.