The first chapter, Creation of Corporate Value by M&A, includes examples of completed Japanese M&A (Merger and Acquisition) cases and some emerging M&

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1 Consideration on Corporate Value and M&A Satoshi Uehara Research Paper Series No ( 18 1 Research Paper Series No

2 The first chapter, Creation of Corporate Value by M&A, includes examples of completed Japanese M&A (Merger and Acquisition) cases and some emerging M&A s that are garnering attention, some of which are similar to recent M&A s in the United States. It also presents the corporate-value pros and cons of M&A. The second chapter, A Case Study of the Acquisition of Nippon Broadcast Shares by Livedoor, focuses on the looting that was triggered by the acquisition, and discusses the role that judicial adjudication plays in determining the corporate value created by M&A in the Japanese market. The third chapter, Conclusion, summarizes Chapters 1 & 2 and argues for the corporate and shareholder value created by M&A from a comprehensive perspective. Furthermore, It raises the questions of what the definition of corporate value is in the Japanese market, who creates it, and for whom, among customers, shareholders and employees. TOB 2

3 3

4 M&A...5 M&A...5 M&A M&A

5 M&A The corporate value creation by M&A M&A 5

6 JFE JFE M&A

7 NEC M.Baghi,S.Coley and D.White, The Alchemy of Growth,London,Orion,1999, P.83.Reprodeced by Premission of McKinsey & Company. 7

8 M&A HP HP W HP Larry Magid, Many Would Lose in Hewlett-Packard, Compaq Merger, Los Angeles Times, : Mike Elgan and Susan B.Shor, Gloves Are Off in Merger Fight, HP World 5, no.2, 8

9 9

10 ( ) ( )

12 12

13 13

14 Robert G.Eccles,Kersten L.Lanes and Thomas C.Wilson, are you paying Too Much for That Acquisition? Harvard Business Review,Vol.77,No.4,Jury-August 1999,pp

15 M&A R&D 15

16 16

17 Un ed Sensational Entertainment Network GMO 17

18 The LIVE DOOR case study TOB 18

19 4,064, ( ) ToSTNeT 19

20 20

21 NIKKEI NET VS 21

22 Take Over Bit Tender Offer Bit 22

23 7,896,354 4,064,660 NIKKEI NET VS 23

24 Almar Latour and Kevin Delaney, Outside the U.S.Executives Face Little Legal Peril, The wall treet Journal,August 16,2002,A1 24

25 TOB 25

26 TOB TOB 26

27 TOB TOB 8 NIKKEI NET VS 27

28 NIKKEI NET VS 28

29 Time Smart, An Eye-Popping Year for Executive Pay, Washington Post,March 22,1998,HI. 29

30 SMBC 30

31 SMBC 31

32 SMBC ( ) 2 32

33 NIKKEI NET VS 33

34 32,800,000 11,961,014 16,400,

35 35

36 10,627,

37 22,588,424 5,772,770 32,800,000 75,

38 133,740, ,322, ,049,062,

39 ,588, ,772,

41 The conclusion 41

42 Consolidated Gas Company Lee Clifford, Bring Me the Head of Your Board Chairman! Fortune October 2,2000 P252 42

43 Stu Gillan and Laura Starks, Corporate Governance Proposals and Shareholder Activism:The Role of Institutional Investors, Journal of Financial Economics P

44 Why Too Many Mergers Miss the Mark, The Economist,4 January

45 Richard A.Brearley and Stewart C.Myers,Principles of Corporate Finance,4 th Edition,New York:McGraw-Hill,

46 William J.Meggison, Corporate Finance Theory (Reading,MA:Addison Wesley,1997),P

47 Robert G.Eccles,Kersten L.Lanes and Thomas C.Wilson, Are You Paying Too Much for That Acquisition? Harvard Business Review,Vol.77,No4,July-August 1999,pp

48 Rite Aid Corporation,Accounting and Auditing Enfocement Release No.1579,Srcurities and Exchange Commission,June 21,

49 49

50 Paul Milgrom and John Roberts,Economics,Organization & Management,Prentice Hall,1992 NTT Zvi Bodie and R.C.Merton,Finance,Prentice Hall,1998 Why Too Many Mergers Miss the Mark, The Economist,4 January1997. Richard A.Brearley and Stewart C.Myers,Principles of Corporate Finance,4 th Edition,New York:McGraw-Hill,1999. Robert G.Eccles,Kersten L.Lanes and Thomas C.Wilson, Are You Paying Too Much for That Acquisition? Harvard Business Review,Vol.77,No4,July-August 1999,pp

戦間期日本企業の資金調達、資本コスト、資本構成：最適資本構成理論からみた1930年代における企業財務

戦間期日本企業の資金調達、資本コスト、資本構成：最適資本構成理論からみた1930年代における企業財務 1930 Modigliani and Miller [1958] 170 1930 2008 7 16 I E-mail: takashi.nanjou@boj.or.jp E-mail: cc00881@srv.cc.hit-u.ac.jp //2009.7 81 1. 1 2 M&A 3 4 1965 1969 1995 1995 1993 1 2008 2008 1985 2006 10 ROA