An econometric analysis of the economic effect caused by the increase of the number of corporate reorganization and merger & acquisitions carried out by the buyout funds.

本文提供了经验证据，最近在日本收购基金的繁荣影响了企业重组案件的债务回收率。本研究将110个企业重组案例分为1998年前和1999年后两组，以考察收购基金热潮对经济的潜在影响。主要依靠Shleifer-Vishny的模型提供的理论考虑，解释了行业条件和投标人类型之间的关系，我开发了一个假设;深口袋假说。为了检验这一假设的经验，我把每个重组公司分为属于繁荣行业或萧条行业的公司。虽然这种分类显着影响的回归估计的回收率为“1998年以前的情况下”，它没有显示效果为“1999年以后的情况下”。研究结果表明，在不景气行业的公司重组案件中，成为发起人的收购基金数量的增加抵消了行业条件对回收率的负面影响。

This paper provides empirical evidence that recent buyout fund boom in Japan influenced debt recovery rates in corporate reorganization cases. A sample of 110 corporate reorganization cases is divided into two groups, those commenced before 1998 and after 1999,to capture potential economic influence brought by buyout fund boom. Mainly relying on the theoretical considerations provided by Shleifer-Vishny's model which explains the relationship between industry conditions and the type of bidders, I developed a hypothesis ; deep pocket hypothesis. To test this hypothesis empirically, I categorized each reorganizing firm as either a firm belonging to a prosperous industry or a depressed industry. While this categorization significantly affects the regression estimates of recovery rates for ‘before 1998 cases', it shows no effect for ‘after 1999 cases'. The results suggest that the increase of the number of buyout funds that become sponsors in corporate reorganization cases in depressed industries alleviates the negative impact for recovery rates caused by industry conditions.