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Study on Merger Movement -- The Concentration and Merger of the Industrial Capitals through the Financial Transaction

并购运动研究——通过金融交易实现产业资本的集中与并购

基本信息

批准号：
60301094
负责人：
FUKAMACHI Ikuya
金额：
$ 5.5万
依托单位：
KYUSHU UNIVERSITY
依托单位国家：
日本
项目类别：
Grant-in-Aid for Co-operative Research (A)
财政年份：
1985
资助国家：
日本
起止时间：
1985 至 1987
项目状态：
已结题

项目摘要

In this study we have the aim to make an analysis on the contemporary features of the conglomerate mergers during the 1960s (the 3rd wave) and the megamergers which have been caused since the mid-1970s (the 4th wave). We have adopted the method to compare historically the today's mergers and aquisitions (M & A) with those which were brought about in the periods of 1895 - 1905 (the 1st wave) and in the later half of the 1920s (the 2nd wave).The industrial aspect of the preceeding two waves of mergers were of the concentrations among the same industrial sections and (or) the absorption of down-stream businesses which produced some related finished products, in accordance with the expansion of markets, domestic and international. In the financing aspect of these mergers was prevalent "the capitalization of the corporate" -- the capitalization of the expected return of a corporate -- and "the watering" of the shares issued.In studying the today's M & A, we have made use of the historical and comparative method. Our target was the United States and Germany. The conglomerate mergers of 1960s in the U.S., we could conclude, were brought about between corporates of unrelated industrial sections. On the contrary, the megamergers have occurred in the same and related sections. Regarding the financing process, there was a stark contrast between the two waves. The traditional way of financing merger was "the equity-swapping" which made the cash-saving possible. The conglomerate mergers have followed suit.On the contrary,in the newly-occurred megamergers since the mid-1970s, "the cash tender" has been the overwhelming way of the hostile TOB. We have analysed the macro-economic situation underlying the two merger waves: the change from the economic growth and the tight money market condition into the stagnation and the depressed state of securities market after 1974; the financial innovations, especially the securitization undergoing in this decade.

在本研究中，我们的目的是分析20世纪60年代（第三波）的企业集团合并的当代特征和70年代中期以来（第四波）造成的巨型合并。我们采用了历史上的方法来比较今天的合并和收购（并购）与1895 - 1905年（第一波）和20世纪20年代后半期（第二波）的合并和收购。前两次兼并浪潮的产业方面，是同一产业部门之间的集中和（或）吸收生产一些相关成品的下游企业，以适应扩大国内和国际市场。在这些并购的融资方面，普遍存在“公司资本化”——公司预期回报的资本化——以及发行股票的“浇灌”。在对当今企业并购的研究中，我们运用了历史法和比较法。我们的目标是美国和德国。我们可以得出结论，20世纪60年代美国的企业集团合并是在不相关的产业部门之间进行的。相反，大型合并发生在相同和相关的部门。在融资过程方面，这两波浪潮形成了鲜明对比。传统的并购融资方式是“股权交换”，这使得现金节约成为可能。企业集团的合并也紧随其后。相反，在20世纪70年代中期以来新出现的大型并购中，“现金收购”一直是敌意收购的压倒性方式。分析了两次并购浪潮背后的宏观经济形势：1974年以后，经济增长和货币市场紧缩状况转变为证券市场的停滞和低迷状态；近十年来的金融创新，尤其是证券化。