企業統治分析のフロンティア

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  • 2007年09月 07-E-056

    "The Comparative Features and Economic Role of Mergers and Acquisitions in Japan"

    ［概要］

    The Japanese economy is in the midst of a major merger and acquisition (M&A) wave for the first time in the postwar period. This paper puts a spotlight on Japan's M&A activity, which has surged since the end of 1999, and takes a look at the factors that have contributed to the surge, and its various economic dimensions. The paper places Japan's M&As in an international context, and identify the causes of the wave and its structural characteristics (sections 2 and 3). It also examines the economic role of M&A and its pros and cons. We contend that M&As contribute to raising the efficiency of resource allocation and organizations (sections 4 and 5). The last section addresses policy implications and contains concluding remarks.

  • 2007年09月 07-E-054

    "Varieties of Capitalism, Varieties of Markets: Mergers and Acquisitions in Japan, Germany, France, the UK and USA"

    ［概要］

    This paper compares the characteristics of M&A in 1991-2005 across five countries: Japan, France, Germany, the UK and USA. We ask what factors explain the growth of M&A markets across these countries, and what similarities and differences exist in the ways the M&A market operates. We find that the growth of M&A reflects a rather similar combination of sectoral, international, and financial factors. However, despite some convergence toward increasing levels, we find important differences in the characteristics of M&A transactions that reflect institutional differences found within different national 'varieties of capitalism'. We find systematic differences between what Hall and Soskice (2001) call liberal market economies (UK and USA) and coordinated market economies (Japan, France, and Germany) across a wide range of in deal characteristics: takeover bids, the size of stakes purchased, the prior stakes held, the use of private negotiation, degree of hostility, and takeover premium. In line with theories of the social embeddedness of markets (Granovetter 1985), we find that in countries with 'coordinated' market economies, M&A reflects greater 'coordination' of transactions through on going business relations. As such, the market for corporate control does not necessary entail a convergence of national business systems, but a pattern of change influenced by strong continuities.

  • 2007年06月 07-J-026

    「日本のM&Aの経済分析：その国際的特徴と経済的役割」

    ［概要］

    日本経済は、いま戦後の経済発展のなかではじめて合併･買収（Merger and acquisition, 以下M&A）の大きなブームを経験しつつある。本稿の課題は、1990年代末から急速に増加した日本のM&Aの決定要因と経済的役割を様々な角度から解明する点にある。
    第1に、本稿は、まず日本のM&Aの国際的特徴を、その発生要因、形態的特徴について検討する。近年のM&Aブームが、成長機会を拡大する技術革新、規制緩和といった世界的なブームと共通の要因だけでなく、過剰設備をもたらす経済ショックや企業結合法制の整備といった日本に独自の要因に基づくことが強調される。また、日本のM&Aの特徴としては、持株会社による統合、買収、資本参加などターゲット企業の自立性を維持する傾向が強く、基本的に当事者間の相対取引を中心とすること、こうした特徴は、合併（法人格の統合）の形を選択する傾向が強く、アームスレングスな取引によって特徴付けられる英米型のM&A市場とは大きく異なる点を指摘する。そして日本の企業システムの進化とM&Aの関係に関しては、伝統的な日本企業システムの解体がM&Aのブームを促進した側面ばかりでなく、ハイブリッドな形に進化する日本企業システムの特性が日本のM&Aに固有の特徴を与えた面のあることが強調される。
    第2に、本稿は、増加するM&Aが果たした経済的役割を、M&Aの2面性に注目する視角から総括する。1990年代末からのM&Aが日本経済の資源配分効率、企業の組織効率の上昇に寄与していること、アクティビストファンドの活動は正の株価効果をもち、ターゲットの財務政策に影響を与えつつあること、他方、経営者の過信や、株式市場の過大評価、M&Aによるステークホルダー間の信頼の破壊といったM&Aがともなうマイナスの側面はいまだシステマティックには発生していないことが、ここでの基本的なメッセージである。

  • 2007年05月 07-E-042

    "Understanding the M&A boom in Japan: What drives Japanese M&A?"

    ［概要］

    In this paper, we examine the causes of the first merger boom since the late 1990s in Japan. Using industry-level data, we show that mergers and acquisitions (M&As) are driven mainly by economic shocks. While industries with higher growth opportunities are likely to have more M&A activity, industries facing negative fundamental shocks, such as rapid sales declines, also experience larger M&A deals. These results suggest that the recent merger wave in Japan is mainly explained by the neoclassical model. At the firm level, we find that the bidder is the firm with the higher growth opportunity, and the target is the one with the lower growth opportunity. This means that Japanese firms improved their efficiency through merger activity since the 1990s. Lastly, we find that internal funds for the acquiring firm play a very important role in bidding activity, while a high probability of being targeted for M&A is associated with high leverage.

  • 2007年05月 07-E-030

    "Does Corporate Culture Matter? An Empirical Study on Japanese Firms"

    • HIROTA Shinichi (Waseda University)
      KUBO Katsuyuki (Waseda University)
      MIYAJIMA Hideaki (Faculty Fellow, RIETI / Waseda University)
    • [PDF:170KB]

    ［概要］

    Corporate culture does matter. Using Japanese firms' data from 1987-2000, we have shown that the strength of corporate culture significantly affects corporate policies such as employment policy, management structure, and financial structure. We have also confirmed that the culture and its embedding contribute to better corporate performance. These culture effects are found to be considerable in magnitude and at least as large as those of other factors. We suggest that it is important to recognize the existence of the culture for understanding corporate policies and performance.