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The Positive Analysis and Theoretical Restructuring of Financial Strategies in the Changing in Economic Environment-Focusing on Japan, EC, and the U.S.A.-

经济环境变化下金融战略的实证分析与理论重构——以日本、欧共体、美国为中心——

基本信息

批准号：
05301082
负责人：
MUTA Masahito
金额：
$ 4.48万
依托单位：
Kyushu Sangyo University (1994-1995)Kyushu University (1993)
依托单位国家：
日本
项目类别：
Grant-in-Aid for Co-operative Research (A)
财政年份：
1993
资助国家：
日本
起止时间：
1993 至 1995
项目状态：
已结题

项目摘要

We summarized the topics emerging in recent years concerning in financial strategies. In chapter 1, an author analyses the significance of stock listing from the viewpoint of national economics, and the strategies of individual enterprises. In chapter 2, Sugino analyses the new situation of retirement of shares, after examining the equity capital system in Japan. In chapter 3, Muta analyses the effects of swap and transfer pricing, keeping eyes on the global financial strategies. In chapter 4, Muta analyses the effects of private pension funds on corporate finance in the U.S.A., concerning with ones of Japanese. In chapter 5, Ichimura analyses the free cash flows in Japanese industrial enterprises, after examining the conflict of shareholders, management, and creditors, using the concept of "agency cost." In chapter 6, Ikegami analyses the 1980's M＆A boom and 1990's bankruptcy boom in the U.S.A., after examining the M＆A movements in the U.S.A.In chapter 7, Urano analyses the different character of City's financial institutions from ones of the U.S.A., after examining the MBO boom in UK under the Thatcher era. In chapter 8, Ushiyama analyses the effectiveness of MBO in the former East German small size enterprises, under taking up the privatization of the former East German enterprises, after the unionization of Germany.Through the whole research, we comprehensively examined the topics mere taken up to this time. After this research, we intend to try harder about the joining the new ideas to corporate finance theory hitherto.

总结了近年来财务战略研究中出现的一些热点问题.第一章从国民经济的角度分析了股票上市的意义，并分析了企业上市的策略。在第二章中，杉野在考察了日本的股权资本制度之后，分析了日本股票退股的新情况。在第三章中，穆塔着眼于全球金融战略，分析了互换和转移定价的影响。在第四章中，穆塔分析了美国私人养老基金对公司融资的影响，与日本人有关。在第五章中，市村在考察了股东、管理层和债权人之间的冲突后，运用“代理成本”的概念分析了日本工业企业的自由现金流量。在第六章中，池上分析了美国20世纪80年代的并购热潮和90年代的破产热潮，在第七章中，Urano分析了城市金融机构与美国金融机构的不同特征，在考察了撒切尔时代英国MBO热潮之后，第八章分析了德国工会化后，在原东德企业私有化的背景下，MBO在原东德小型企业中的有效性，通过整个研究，我们全面考察了这一时期的问题。通过本文的研究，我们打算在公司财务理论中加入到迄今为止的新思想方面做更大的努力。