The Management and restructuring of corporate subsidiaries in Japan

这项研究调查了影响日本公司决定剥离子公司的因素，以及那些影响公司选择撤资模式的因素(即关闭与出售)。我们发现，关闭和抛售针对的是不同类型的子公司：关闭主要用于移除无利可图的子公司，而抛售通常针对非核心子公司，这些非核心子公司比公司其他部门更具销售能力。这一发现表明，尽管关闭和抛售都是裁员的一种方法，但它们在公司重组中扮演着不同的角色。

This study investigates factors affectingthe Japanese firm's decision to divest a subsidiary and those influencing the firm's choice of divestment mode(i. e. closure vs. selloff). We find that closure and selloff target differentkinds of subsidiaries : While closure is mainly used to remove an unprofitable subsidiary, selloff normally targets non-core subsidiaries which are more salable than the rest of the firm. This finding suggests that, though closure and selloff are both amethod of downsizing, they play heterogeneousroles in corporate restructuring.