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

1 .管理层应以股东利益为先的观念在日本的传播以及并购消息公布后股票价值的上升在经历了十多年的长期经济萧条、严重的重组和多次财务困境之后，日本公司认识到股东价值的重要性。我们通过统计报纸上包含“企业价值”或“股东价值”字样的文章数量，来检验股东价值的重要性概念在日本社会的盛行程度。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年并购新闻发布当天的股价走势，当时这一概念尚未普及，而2004年这一概念尚未普及。其结果是，1998年平均股价比股价指数下跌了3.2%。然而，2004年平均股价与股票价格指数相比上涨了3.6%公司结构日本更多的所有权与公司绩效我们对日本股权结构的变化很感兴趣。实际上，自20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。他们的行为与以前的股东不同。它们要求企业增加企业价值。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绩效。结果发现，投资者持股比例越高，用Tobin’s q和ROA衡量的公司绩效越高。我们还发现，这种关系在2000年比1996年更强。6.3撤资公告对股东价值的影响根据之前的研究，日本在1998年之前调查撤资公告发布当天的股价是否上涨，与股价指数相比没有明显的上涨。我们试图在1998年到2004年的不同时期进行同样的研究。在同一时期，日本公众开始熟悉股东价值重要性的概念。与之前的研究相反，我们发现在宣布撤资当天，股价相对于股价指数有明显的上升。少

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