A Comparative Analysis of Impacts on Managerial Decision Making Caused by Short-term Earnings Pressure from Capital Markets in Japan and the United Kingdom

(1)对日本MBO基金代表理事的访谈从访谈中，我们发现并总结了日本MBO的特点。1)日本MBOsa的特点。目标是大公司的子公司，收购是以友好的方式进行的。mbo经常在成熟的行业中进行，在这些行业中公司可以获得稳定的现金流。2)日本外资银行的经济利益。通过MBO，公司可以摆脱母公司官僚控制带来的低效率。管理层有提高公司业绩的强烈动机，因为他们拥有自己公司的股票。(2)破产概率的研究我们提出了一个简单的模型，通过该模型可以很容易地使用会计数字来估计小企业的破产概率。（三）并购公告前后40天内股价变动情况的研究。我们调查了17个并购案例在并购公告前后40天内的股价走势。我们发现，收购公司股票的平均超额收益率为13%，被收购公司股票的平均超额收益率为9%。(4)税收筹划的研究为了实现经济价值创造管理的目标，我们必须采用基于现金流的EVA或CFROI度量。这些措施是在税后基础上计算的。在国际商业环境下，税收筹划成为一个重要的问题。(5)并购后整合研究我们研究了促使并购成功的因素。通过对思科系统公司和中田硕硕的调查，我们认为网络分析有助于完善组织文化整合的论证，构建更有价值的理论。

(1) Interview with the Representative Director of Japanese MBO FundFrom the interview, we found and summarized characteristics of Japanese MBOs.1) Characteristics of Japanese MBOsa. The targets are subsidiaries of large corporations and acquisitions are conducted in a friendly manner.b. MBOs are frequently carried out in mature industries, where companies can earn stable cash flow.2) Economic benefits intended by Japanese MBOa. After MBO, corporations can get rid of inefficiency caused by bureaucratic control from parent companies.b. The management has strong motives to improve performance of their company because they have stocks of their own company.(2) A study of bankruptcy probabilitiesWe proposed a simple model, by which bankruptcy probabilities of small corporations can be estimated easily using accounting numbers.(3) A study of stock price movements during the period of 40 days before and after publication of mergers.We investigate stock price movements in 17 merger cases during the period of 40 days before and after publication of mergers. We found that average excess return on acquiring company's stocks is 13% and 9% for acquired firm's stocks.(4) A study of Tax planningToward the goal of an economic value creating management, we must adopt a cash flow-based measure of EVA or CFROI. These measures are calculated on an after tax base. In the international business circumstances, Tax planning becomes an importantpoint of issue now.(5) A study of post merger integrationWe studied factors that encourage achievement of a successful merger. From our investigation of Cisco Systems and Solectorn Nakaniida we claim that network analysis is useful to improve the argument of organizational culture integration and construct more valuable theory.