An econometric analysis of the economic effect caused by the increase of the number of corporate reorganization and merger & acquisitions carried out by the buyout funds.

本文提供了实证证据，证明近期日本并购基金的繁荣影响了公司重组案例中的债务回收率。本文将110个公司重组案例分为1998年之前和1999年之后两组，以捕捉收购基金热潮带来的潜在经济影响。主要依靠Shleifer-Vishny模型提供的理论考虑，该模型解释了行业条件与投标人类型之间的关系，我提出了一个假设；财大气粗假说。为了从经验上验证这一假设，我将每个重组企业归类为属于繁荣行业的企业和属于萧条行业的企业。虽然这种分类显著影响“1998年以前病例”的恢复率回归估计，但对“1999年以后病例”没有影响。研究结果表明，在萧条行业中，收购基金成为公司重组案例发起人的数量增加，缓解了行业条件对公司重组回收率的负面影响。

This paper provides empirical evidence that recent buyout fund boom in Japan influenced debt recovery rates in corporate reorganization cases. A sample of 110 corporate reorganization cases is divided into two groups, those commenced before 1998 and after 1999,to capture potential economic influence brought by buyout fund boom. Mainly relying on the theoretical considerations provided by Shleifer-Vishny's model which explains the relationship between industry conditions and the type of bidders, I developed a hypothesis ; deep pocket hypothesis. To test this hypothesis empirically, I categorized each reorganizing firm as either a firm belonging to a prosperous industry or a depressed industry. While this categorization significantly affects the regression estimates of recovery rates for ‘before 1998 cases', it shows no effect for ‘after 1999 cases'. The results suggest that the increase of the number of buyout funds that become sponsors in corporate reorganization cases in depressed industries alleviates the negative impact for recovery rates caused by industry conditions.