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

日本与英国资本市场短期盈利压力对管理决策影响的比较分析

基本信息

批准号：
11630118
负责人：
KANAZAKI Yoshio
金额：
$ 2.37万
依托单位：
Tohoku University
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
1999
资助国家：
日本
起止时间：
1999 至 2001
项目状态：
已结题

项目摘要

(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.

(1)对日本管理层收购基金代表董事的访谈通过访谈，我们发现并总结了日本管理层收购基金的特点。目标是大公司的子公司，收购是以友好的方式进行的。管理层收购通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MBEA想要的经济效益。管理层收购后，公司可以摆脱母公司官僚控制造成的效率低下。(2)破产概率研究我们提出了一个简单的模型，利用会计数字可以很容易地估计小公司的破产概率。(3)研究合并公告前后40天期间的股价变动。我们调查了17个合并案例在合并公告前后40天期间的股价变动。我们发现，收购公司股票的平均超额收益为13%，被收购公司股票的平均超额收益为9%。(4)税收筹划研究为了实现经济价值创造管理的目标，我们必须采用以现金流量为基础的EVA或CFROI衡量标准。这些措施是按税后基数计算的。在国际商业环境下，纳税筹划成为一个重要的研究课题。(5)并购后整合研究我们研究了促使并购成功的因素。通过对思科系统和Solectorn Nakaniida的调查，我们认为网络分析有助于完善组织文化整合的论点，构建更有价值的理论。