Empirical Examinations of the Significance of Equity Ownership Structure in Japanese Corporate Groups

日本企业集团股权结构意义的实证检验

• 批准号: 18530228
• 负责人: ITO Akitoshi
• 金额: $ 2.43万
• 依托单位: Hitotsubashi University (2007)University of Tsukuba (2006)
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (C)
• 财政年份: 2006
• 资助国家: 日本
• 起止时间: 2006 至 2007
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-18530228/
• 关键词: Listed subsidiary company; Corporate eovernance; Internal capital market; Investment funds; Going private; Agency cost; 企業集団; 少数株主

This research has two main objectives. First, this research examines listed subsidiary companies within Japanese corporate groups from a perspective of the internal capital market by building the detailed database about listed parent and subsidiary companies for the period from 2004 to 2005. Second, this research also examines economic impacts of buyout transactions such as going-private transactions that may play a very important role in restructuring Japanese corporate groups.For the first objective, this research finds that for Japanese corporate groups the degree of diversity is not associated with performance of listed subsidiaries, which implies that the internal capital market does not function well. However, a close examination reveals that for subsidiaries with low-risk projects the business diversity of the corporate group enhances the performance of subsidiary companies. Thus, the function of the internal capital market only breaks down for subsidiary companies with high-risk projects. We interpret these results as indicating that for the subsidiaries engaging in high-risk, high-growth projects, there may be an incentive issue for the managers of the subsidiary companies due to too much control exerted by their parent companies.For the second objective, this research conducts standard event study about the buyout transactions that involve investment funds specifically launched for buyouts. We find that the stock price reactions to the buyout announcements are on average positive and statistically significant. Our examinations further reveal that sources of the positive stock price reactions to the buyout announcements are the tax effect of leverage-increasing transactions (i.e., LBO)and the reversed undervaluation of target companies.

这项研究有两个主要目标。首先，本研究通过建立2004 ~ 2005年度的母公司和子公司的详细数据库，从内部资本市场的角度对日本企业集团内的子公司进行了考察。其次，本研究还探讨了在日本企业集团重组中发挥重要作用的私有化等收购交易的经济影响。第一，本研究发现，在日本企业集团中，多元化程度与上市子公司的业绩并不相关，这意味着内部资本市场的功能不健全。然而，仔细研究发现，对于低风险项目的子公司，企业集团的业务多样性提高了子公司的业绩。因此，内部资本市场的功能只会在拥有高风险项目的子公司中失效。研究结果表明，对于从事高风险、高成长性项目的子公司，母公司对子公司的控制权过大，可能会导致子公司经理人的激励问题。第二个目的是，本研究对收购交易中涉及专门为收购而设立的投资基金进行了标准事件研究。我们发现，股票价格的反应，收购公告平均积极的和统计上显着的。我们的研究进一步揭示了收购公告的积极股价反应的来源是增加交易的税收效应（即，LBO）和目标公司的反向低估。

项目成果

Examinations of the Impact of Buyout by Investment Funds

投资基金收购影响的检验

• 发表时间: 2007
• 期刊: The 15th Japan Finance Association Annual Conference Proceedings No.15
• 作者: Nose;Yoshiaki;Ito;Akitoshi
• 通讯作者: Akitoshi

Empirical Examinations of Subsidiaries that are Publicly Held

对公开持有子公司的实证检验

• 发表时间: 2007
• 期刊: The 15th Japan Finance Association Annual Conference Proceedings No.15
• 作者: Ito;Akitoshi
• 通讯作者: Akitoshi

Empirical Examinations of Subsidiaries that are" Publicly Held"

对“公开持有”子公司的实证检验

• 发表时间: 2007
• 作者: Ito;Akitoshi
• 通讯作者: Akitoshi

上場子会社の実証分析

上市子公司实证分析

• 发表时间: 2007
• 期刊: 日本ファイナンス学会第15回大会予稿集Proceedings 15
• 作者: Shin-ichi Fukuda;Munehisa Kasuya;and Jouchi Nakajima;Shin-ichi Fukuda and Masanori Ono;福田慎一;福田慎一・粕谷宗久・赤司健太郎;Shin-ichi Fukuda;Shin-ichi Fukuda;Shin-ichi Fukuda and Sanae Ohno;Shin-ichi Fukuda;Shin-ichi Fukuda and Sanae Ohno;Shin-ichi Fukuda and Satoshi Koibuchi;Shin-ichi Fukuda and Satoshi Koibuchi;Shin-ichi Fukuda and Yoshifumi Kon;Shin-ichi Fukuda;Shin-ichi Fukuda;Shin-ichi Fukuda;Shin-ichi Fukuda;Shin-ichi Fukuda;Shin-ichi Fukuda;Shin-ichi Fukuda;Shin-ichi Fukuda;Shin-ichi Fukuda;Shin-ichi Fukuda;Shin-ichi Fukuda;寺西重郎・福田慎一・奥田英信・三重野文晴;寺西重郎・福田慎一・奥田英信・三重野文晴;寺西重郎・福田慎一・奥田英信・三重野文晴編著;福田慎一・小川英治;伊藤 彰敏
• 通讯作者: 伊藤 彰敏

バイアウト・ファンドによる買収のインパクトに関する分析

收购基金收购的影响分析

• 发表时间: 2007
• 期刊: 日本ファイナンス学会第15回大会予稿集 Proceedings 15
• 作者: 野瀬 義明;伊藤 彰敏
• 通讯作者: 伊藤 彰敏