株式保有構成と企業価値 ─コーポレート・ガバナンスに関する一考察─

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あつひろふしはら
7 years ago
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2 OECD Vives Tirole Shleifer and Vishny

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4 %% %% % % Allen and Gale

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6 %

8 Admati, Pfreiderer and Zechner Burkart, Gromb and Panunzi Cremer 1995Pagno and Röell 1998Rajan 1992

9 1 0 1 e r e r e r e r (e)> 0, r (e) < 0. e c e c(e) c (e)> 0, c (e) > 0. e

10 ec e e r (e) r (e) (0 1) (1 ) r (e) r (e) r (e) ( ) r (e) ( ( ))r(e) ( ) ( )> 0, ( ) < 0, (0) = 0, (0) = 1, (1) = 0. 0 < 1 0 < ( ) < 1 e r (e) ( ) r (e) ( ) r (e) (0 < 1) h (, ) h (0, )= 0, h (, )> 0, h (, )> 0, h (, )< 0, h (, )< 0. h h Burkart, Gromb and Panunzi

11 (1 ) r (e) (1 ) r (e) 1 e α ( )< 0 α ( )= 0Burkart, Gromb and Panunzi

12 er (e) { ( )(1 )+ (1 ) ( )}r (e) c (e), e max ( )(1 )+ (1 ) ( ). [0, 1] {(1 ( ))(1 )+ ( ) h(, )}r (e), e r (e) r (e) max (1 ( ))(1 )+( ) h(, ). [0, 1] 1 1 = 0 0 < 1 (1 ) ( )= ( ), {(1 ( ))(1 )+( )} h(, ) h(, )/h(, )

13 h (0, )= 0 ( )=h (, ), h (0, )= 0 0 < <1 0 < <1 M S S A M O

14 A h MM h h (, )< 0 M S S M B A D C O

15 S S A C M SM S D h h D e e e max (, ) r (e) c(e). e (, ) (1 ) +(1 ) ( ), (, ) r (e) =c (e). e

16 r (e) = c (e) e e (, ) e e c e r e r e O e e e e = (1 ) ( ), <0 >0 <0de d <0dr (e) d <0 e r (e) e e=e = 0 = 0 (, ) (1 )+ (1 ) ( )<1. (1 )+1. = 1

17 v F v F v F F (, ) r (e). F (, ) (1 )+( ) v F v F v F F r = r + F. r v F r v F F (, ) r r v F F (, ) rv F r v F F (, ) v F r v F F (, ) F (, ) = ( ) (1 ( )). v F ch

18 h F (, ) v F v S v T v s s (, ) r (e), v T T ( ) r (e). e r v F +?? / 0 / > 0 Fluck Fluck

19 s (, ) (1 )(1 )+( ) T ( ) (1 )+ ( ) v s v T v T hc v F v T v F v S v S v F v > > T. q v F q v S v S > 0 > v F v S v F v S v F

21 %

22 q McConnell and Servaes q Nickell, Nicolitsas and Dryden

23 Lichtenberg and Pushner q q

24 q q < 10,10 < q q it = 1 i,t + 2 i,t 1 +. Timedum +. Share i, t 1 + c + i, t. qq TimedumSharec, Timedum,, Share, c q q

25 Timedum Share KinyuHoujin KaigaiKojin Kinyu HoujinKojin Kinyu Houjin Kaigai Blockholder Kinyu Kaigai KojinHoujin KaigaiKojin c q % Kinyu HoujinKojin

26 q Blockholder Kinyu Houjin Kaigai Kojin q t 1 Blockholder t 1 Kinyu t 1 Houjin t 1 Kaigai t 1 Kojin t 1 q t 1 Blockholder t 1 Kinyu t 1 Houjin t 1 Kaigai t 1 Kojin t 1 random effect fixed effect % FGLS feasible generalized least squares Baltagi Swamy and Arora

27 % Lichtenberg and Pushner Lichtenberg and Pushner

28 p p p p p p 1 2 Blockholder Kinyu Houjin Kaigai Kojin c Adj-R 2 p p p p p p 1 2 Blockholder Kinyu Houjin Kaigai Kojin c Adj-R 2 p p p p p p p 1 2 Blockholder Kinyu Houjin Kaigai Kojin c Adj-R 2

32 M&A MBO

33 1 1 = 0 0 <1 (1 ) ( )= ( ). = 0 = 1 ( ) < 1 M h (0, ) = 0 ( )= h (, ), = 0 = SM S0 < <1 0 < <1 ( ) S A M 1 O 1

34 (1 ) ( ) d ( ) d = ( ) d, ( ) d h d = h d. ( ) h ( ) h = +, ( ) ( ) (1 ) ( ) h = +, = (1 ) ( ) h + ( ) 2 > 0, ABAC ABAC

35 q q q + + %% %% %

36 + + + q q q q q

37 q q q q

38 Admati, A. R., P. Pfreiderer, and J. Zechner, Large Shareholder Activism, Risk Sharing, and Financial Market Equilibrium, Journal of Political Economy, 102, 1994, pp Allen, F., and D. Gale, Corporate Governance and Competition, in X. Vives ed. Corporate Governance: Theoretical and Empirical Perspectives, Cambridge University Press, 2000, pp Baltagi, B. H., Econometric Analysis of Panel Data: Second Edition, John Wiley & Sons, Burkart, M., D. Gromb, and F. Panunzi, Large Shareholders Monitoring, and the Value of the Firm, Quarterly Journal of Economics, 102, 1997, pp ,, and, Why Higher Takeover Premia Protect Minority Shareholders, Journal of Political Economy, 106, 1998, pp Cremer, J., Arm's Length Relationship, Quarterly Journal of Economics, 110, 1995, pp

39 Fluck, Z., Optimal Financial Contracting: Debt versus Outside Equity, Review of Financial Studies, 11, 1998, pp Lichtenberg, F. R., and G. M. Pushner, Ownership Structure and Corporate Performance in Japan, Japan and the World Economy, 6, 1994, pp McConnell, J. J., and H. Servaes, Additional Evidence on Equity Ownership and Corporate Value, Journal Financial Economics, 27, 1990, pp Nickell, S., D. Nicolitsas, and N. Dryden, Additional Evidence on Equity Ownership and Corporate Value, European Economic Review, 41, 1997, pp OECD, OECD Principles of Corporate Governance, Pagno, M., and A. Röell, The Choice of Stock Ownership Structure: Agency Costs, Monitoring, and the Decision to Go Public, Quarterly Journal of Economics, 113, 1998, pp Rajan, R.G., Insiders and Outsiders: The Choice between Informed and Arm s-length Debt, Journal of Finance, 47, 1992, pp Shleifer, A., and R. Vishny, A Survey of Corporate Governance, Journal of Finance, 52, 1997, pp Tirole, J., Corporate Governance, Econometrica, 69, 2001, pp Vives, X., Corporate Governance: Does it Matter? in X. Vives ed. Corporate Governance: Theoretical and Empirical Perspectives, Cambridge University Press, 2000, pp

季刊企業と法創造第1巻第4号（通巻第4号）

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