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The spread of the conception that managing corporations for stockholders is important and the behavior of the value of stockholder's equity when the news of M&A is published in Japan

为股东管理企业的重要理念的传播和股东权益价值的表现

基本信息

批准号：
14530135
负责人：
KANAZAKI Yoshio
金额：
$ 1.73万
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：
2002
资助国家：
日本
起止时间：
2002 至 2005
项目状态：
已结题

项目摘要

1 The spread of the conception that management should think stockholders' interests first and the increase of the value of stocks when the news of M&A is published in JapanAfter experiencing the long depression, severe restructurings, and a number of financial distresses for over ten years, Japanese companies recognized that the importance of shareholders' value. We examined how much degree the concept of importance of shareholders' value prevail in Japanese society by counting the number of articles that contains the words "corporate value" or "shareholders' value" in a newspaper. We found that from 1998 this concept started spreading. Next we compared the stock price movements on the day that M&A news was published in 1998, before prevalence of this conception, and 2004, after prevailing. The result is that in 1998 the average stock price decreased 3.2% compared to stock price index. In 2004, however, average stock price rose 3.6% compared to stock price index.2 Structure of corporat … More e ownership in Japan and the corporate performanceWe are interested in the change in the structure of shareholdings in Japan. Actually shares held by foreign investors and mutual funds have been increasing since late 1980s. Their behavior is different from former shareholders. They require firms to make corporate value increase. We examined whether share held by foreign investors and mutual funds affect the corporate performance. As the result we found that the higher the share held by those investors was, the greater the corporate performance measured by both Tobin's q and ROA was. We also found that this relationship became stronger in 2000 than in 1996.3 The impact of the announcement of the divestment on shareholders' valueAccording to the preceding study, which investigated whether the stock price went up on the day of the divestment publication before 1998 in Japan, there was no significant rise compared to stock price index. We try to execute the same study but in the different period, from 1998 to 2004. In the same period the Japanese public became familiar with the concept of importance of shareholders' value. On the contrary to the preceding study, we found that the stock price rose significantly compared to stock price index on the day of the divestment announcement. Less

1日本并购消息发布时，管理层应首先考虑股东利益和股票增值的观念的传播日本公司在经历了长达十多年的长期萧条、严重的重组和多次财务困境后，认识到了股东价值的重要性。我们通过统计报纸上含有“公司价值”或“股东价值”字样的文章数量，考察了股东价值的重要性概念在日本社会中的盛行程度。我们发现，从1998年开始，这个概念开始传播。接下来，我们比较了1998年并购消息发布当天的股价走势，当时这一概念还没有流行，而2004年并购盛行之后。结果是，1998年的平均股价比股票价格指数下降了3.2%。然而，在2004年，平均股价比股价指数上涨了3.6%。2公司…结构日本更多的电子所有权和公司业绩我们对日本股权结构的变化感兴趣。实际上，自上世纪80年代末以来，外国投资者和共同基金持有的股票一直在增加。他们的行为与前股东不同。他们要求公司使公司价值增加。我们考察了外国投资者和共同基金持有的股份是否会影响公司业绩。结果我们发现，这些投资者持有的股份越高，以托宾的Q和ROA衡量的公司业绩就越好。我们还发现，这种关系在2000年变得比1998年更强。1998年撤资公告对股东价值的影响根据之前的研究，即1996.3年前日本撤资公告当天股价是否上涨，与股价指数相比没有显著上涨。我们试图执行相同的研究，但在不同的时期，从1998年到2004年。在同一时期，日本公众开始熟悉股东价值重要性的概念。与前面的研究相反，我们发现，在撤资宣布的当天，股价相对于股价指数显著上涨。较少