外国企业并购日本企业的效果

作者 田中清泰(日本贸易振兴机构亚洲经济研究所)
发表日期/编号 2023年3月 23-J-011
研究课题 有关直接投资的效果与障碍因素以及政策变化的影响的研究
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概要

Inward foreign direct investment can contribute to the Japanese economy. However, there remains a question as to whether mergers and acquisitions (M&A) by foreign firms can improve business conditions for the acquired Japanese firms. To estimate the causal impact of foreign M&A on Japanese firms, this paper constructs a new panel dataset for the period 2000-2019 by linking the Survey of Trends in Business Activities of Foreign Affiliates with the Basic Survey of Business Structure and Activities. Specifically, this paper examines the impact of foreign M&A on sales, profits, and employment of Japanese firms and investigates the characteristics of acquired Japanese firms. A propensity-score weighting regression is employed to address a selection issue by foreign firms. My panel data include the firms that survived as corporate entities subsequent to the acquisition, but do not cover the firms that are merged by foreign investors and the business divisions that were carved out. The results show that sales, profits, and employment of acquired Japanese firms tend to decrease after foreign M&A. Acquired Japanese firms in non-manufacturing sectors can increase their sales, suggesting that it is crucial to further investigate the underlying conditions for which foreign M&A improves the business conditions.