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1 M&A TOB TOB TOB TOB TOB Grossman-Hart 1980 TOB

2 free-rider TOB TOB TOB TOB TOB TOB free-rider Grossman-Hart 1980 dilution TOB pressure-to-tender Burkart-Gromb-Panunzi 1998 TOB freezeout pressure-to-tender Amihud-Kahan-Sundaram 2004 free-rider pressure-to-tender Bebchuk-Hart proxy fights TOB TOB free-rider

3 TOB Bagnoli-Lipman 1988 Holmstrom-Nalebuff 1993 freerider Shleifer-Vishny 1986 Hirshleiher-Titman free-rider 4 Bagnoli-Lipman 1988 Holmstrom-Nalebuff TOB Grossman-Hart 1980 Burkart-Gromb-Panunzi Amihud-Kahan-Sundaram 2004 freezeout 7 Bebchuk-Hart 2002 TOB TOB 8 I 0 public firm 0 TOB I I I I

4 TOB TOB conditional TOB TOB restricted TOB any and all TOB TOB I 0 TOB I I I 3 V I Bebchuk-Hart 2001 I B I Y I V I = Y I + B I I V I B I Y I = V I B I Y I 0 I I 1 R I R 3 V R R B R Y R V R = Y R + B R I N 1 Y I /N = y I B I /N = b I V I /N = v I Y R /N = y R B R /N = b R V R /N = v R

5 TOB I I R 3 TOB I I R (i) V R V I C T 0 (ii) V R Y I C T 0 (iii) Y R Y I C T 0 (i) (iii) TOB (ii) (i) V I Y I I Bebchuk-Hart 2001 I B I I 0 TOB B I Y I (i) (ii) 0 H h H n h N = n h h H K TOB K TOB K/N = ω TOB K TOB TOB

6 h 0 < n h < N K TOB TOB C T TOB q Q = Nq Y I Y R h t h h t h m h 0 m h n h f h (m h ) t h h h m h m h n h t h = m h t = (t h ) h H h t h = (t j ) j H h T = t h, T h = t j (1) h H j H h T T h h Pr[success t] t = (t h ) h H TOB T K Pr[success t h, t h = m h ] h t h = (t j ) j H h h m h S h (q, t) S h (q, t h, t h ) S R (q, t) TOB T h K m h q t = (t h ) h H h q h t h = (t j ) j H h h t h h q t = (t h ) h H Pr[success t] Pr[success t h, t h = m h ] 0 1

7 Pr[success t] Pr[success t h, t h = m h ] (2) m h h t pivotal (2) t = (t h ) h H h m h TOB h TOB t m h = 0 TOB h t h t h free-rider TOB TOB 1 TOB TOB q y I y R y I h h TOB q < y R 3.1 h q y R TOB TOB q y R (3) free-rider

8 TOB TOB TOB TOB TOB Grossman-Hart 1980 free-rider TOB TOB q < y R γ 0 < γ < 1 q < y R γ q + (1 γ) y R < y R TOB TOB TOB q h TOB 1 TOB TOB q q y R y I 1 TOB q < y R TOB 1 TOB 1 TOB y I < q TOB 1 TOB Grossman-Hart 1980 TOB (3.2-1) q < y R 1 TOB (3.2-2) y I < q 1 TOB

9 TOB 1 0 y I < q < y R TOB q y R TOB Bagnoli-Lipman 1988 Holmstrom-Nalebuff 1993 any and all TOB R q y R y I t * = (m * h ) h H m * h = K, m * h n, h H (4) h H h (4) TOB R n h m h 1 y R (4) q y R > q > y I (4) t * m * h m * h h TOB I 1 y I q (4) S h (q, t * ) > S h (q, t h *, m h ) for any m h m h * (5) Bagnoli-Lipman 1988, p.94, Example 1 TOB y R > q > y I K TOB 1 h m h

10 m * h = K, m * h n, h H h H t * = (m * h ) h H S R (t * ) = K(y R q) + B R C T (6) q y I S R (t * ) = K(y R y I ) + B R C T = (K/N) (Y R Y I ) + B R C T (7) 4.1 S R (t * ) = (K/N) (Y R Y I ) + B R C T 0 TOB K < N 2.1 y R > q > y I q 1 #H N = #H { f 0, with probability 1 f t h =, h H (8) 1, with probability f 1 TOB f TOB 1 f t f = (t h f )h H Pr[success t f ] = N j=k ( ) N f j (1 f) N j (9) J N 1 ( ) Pr[success t h f N 1, t h = 0] = f j (1 f) N 1 j (10) J j=k K 1 ( ) (1 Pr[success t h f N 1, t h = 0]) = f j (1 f) N 1 j (11) J j=0

11 (9) t f TOB (10) (11) h (8) h TOB TOB h (8) TOB q TOB q = (1 Pr[success t h f, t h = 0]) y I + Pr[success t h f, t h = 0] y R (12) TOB TOB (12) (10) (11) f = 0 y I f = 1 y R y R > q > y I q (12) f (12) f TOB Y R Y I TOB Pr[success t f ] Pr[success t f ](Y R Y I ) + Y I (13) (12) TOB q = Pr[success t h f, t h = 0](y R y I ) + y I (10) Pr[success t h f, t h = 0] h R S R (q, t f ) = Pr[success t f ](Y R Y I ) + Y I N{Pr[success t h f, t h = 0](y R y I ) + y I } + B R C T = (Pr[success t f ] Pr[success t h f, t h = 0])(Y R Y I ) + B R C T (14) ( ) N 1 = f K (1 f) N K (Y R Y I ) + B R C T K 1 Pr[success q, t f ] Pr[success q, t h f, t h = 0] TOB h TOB h TOB h h h N 1 K 1 h h

12 Pr[success q, t f ] = Pr[success q, t h f, t h = 0] 0 R q q (12) 1 TOB f q f (12) 1 1 R(14) f (14) f 0 (14) f f K f K = K/N (15) (12) f K/N Bagnoli-Lipman 1988, p.96 Holmstrom-Nalebuff 1993, p.45 TOB 1 K/N R ( )( ) S R (t f N 1 K K ( K ) = 1 K ) N K(YR Y K 1 N N I ) + B R C T (16) K + 1 R f 4.2 f K+1 = (K + 1)/N (17) R ( S R (t f N 1 K+1 ) = K ( N 1 > K ( N 1 = K )( ) K + 1 K+1 ( 1 K ) N K 1(YR Y N N I ) + B R C T )( ) K K+1 ( 1 K ) N K 1(YR Y N N I ) + B R C T (18) )( ) K K ( 1 K ) N K(YR Y N N I ) + B R C T = S R (t f K ) (18) K + 1 R f (17) Holmstrom-Nalebuff 1993, p.46, Proposition 1

13 R R Holmstrom-Nalebuff 1993 Focal z * max{n h z *, 0} K > max{n h (z * + 1), 0} (19) h H h H z * z z TOB z (z * + 1) H z H z = {h H : n h z * + 1} (20) H z #H z (19) (n h z * ) K > (n h z * 1) (21) h H z h H z H z h (n h z * 1) TOB #H z H z Holmstrom-Nalebuff 1993, p.51. Proposition 3 TOB y R > q > y I q t h z = 0 for h H z (22)

14 t h z = m h with probability f z (m h ) m h = 1, 2,..., n h for h H z (23) f z (m h ) = 1 π for m h = n h z * 1 π for m h = n h z * 0 otherwise t z = (t h z ) h H π 0 < π < 1 Holmstrom-Nalebuff 1993 ( n h = a h n for h H N = n h = a h n = a h )n K = kn (24) h H h H h H n n K Holmstrom-Nalebuff 1993, p.51. Proposition 4 Corollary y R > q > y I q n TOB 1 R S R = ω(y R Q) + B R C T (25) Q = Nq 4.5 q y I Q Ny I = Y I R Y R Y I ω (= K/N) S R = ω(y R Y I ) + B R C T TOB R q M M TOB R M = N q y I TOB I

15 1 y I TOB 1 q TOB 1 y I N TOB q y I y I y I q > y I M = N q > y I R q > y I Bagnoli-Lipman 1988, p.100, Theorem 2 TOB y R > y I R y I TOB TOB 1 TOB R S R = (Y R Y I ) + B R C T = V R Y I C T TOB 2.1 (ii) TOB I TOB Holmstrom- Nalebuff 1993 TOB credible y R KR

16 M = K 4 free-rider free-rider free-rider ω 0 < ω < 1 ω = 0.5 TOB ω TOB ω ω ω < q Q = Nq R α 0 < α < ω TOB Shleifer-Vishny 1986 R Y R ω TOB ω = ω α TOB ω ω < 1 α β 0 β 1 α R S R TOB S R = β(y R Q) C T, if β < ω α (26)

17 S R = α(y R Y I ) + β(y R Q) + B R C T, if β ω α (27) TOB S R = C T, if β < ω α (28) S R = α(y R Y I ) + β(y R Q) + B R C T, if β ω α (29) TOB S R = C T, if β < ω α (30) S R = α(y R Y I ) + β(y R Q) + B R C T, if ω β ω α (31) S R = α(y R Y I ) + ω(y R Q) + B R C T, if β > ω (32) TOB S R = β(y I Q) C T, if β < ω α (33) S R = α(y R Y I ) + β(y R Q) + B R C T, if ω β > ω α (34) S R = α(y R Y I ) + ω(y R Q) + B R C T, if β > ω (35) (26) (28) (30) TOB TOB I β(y I Q) Q Y I Q < Y I (31) (32) TOB TOB α α(y R Y I ) β(y R Q) TOB TOB ω (32) ω(y R Q) TOB β < ω α TOB TOB TOB 3.1 TOB free-rider Q Y R Q = Y R

18 R Q = Y R TOB R S R = α(y R Y I ) + B R C T (36) R TOB S R = α(y R Y I ) + B R C T 0 (37) α(y R Y I ) B R TOB R TOB 0 α(y R Y I ) > C T (38) α R 2.1 TOB TOB TOB ToSTNET TOB R Y R B R B R V R Y R B R Y R B R

19 R F R δ 0 δ 1 δ (1 δ)f R B R (δ) B R (δ) δ 0 δ 1 δ Y R = (1 δ)f R B R = B R (δ) (39) δ R Grossman-Hart 1980 Burkart-Gromb-Panunzi 1998 Grossman-Hart 1980 δ TOB 0 Grossman- Hart 1980 dilution δ δ δ B R (δ) = δf R + B 0 (40) δf R B 0 δ credible δ = δ Y R B R 3 3 TOB

20 free-rider (3) Q (1 δ)f R (41) TOB (1 δ)f R α < ω δ (40) R TOB S R = α{(1 δ)f R Y I } + δf R + B 0 C T 0 (42) S R S R = α{(1 δ)f R Y I } + δf R + B 0 C T = αf R +(1 α) δf R + B 0 C T (43) 0 α < ω < 1 S R δ δ S R TOB TOB δ δ Y I > (1 δ)f R (44) Q Y I > Q (1 δ)f R (45) free-rider 3 TOB TOB I TOB TOB TOB TOB Q Y I > Q (1 δ)f R TOB

21 TOB Grossman-Hart 1980 p.47 8 TOB Y I > Q (1 δ)f R 2 (i) TOB 1 TOB (ii) TOB 1 TOB TOB TOB Y I > Q (1 δ)f R TOB pressure-to-tender Grossman-Hart 1980 Q Y I (46) Y I TOB Amihud-Kahan-Sundaram 2004 Y I observableverifiable (46) δ R B R (δ) (40) δf R 100 δ = 1 Burkart-Gromb-Panunzi 1998 B R (δ) B R (δ) [0, 1] 2 B R (0) = F R B R (1) = 0 B R (δ) < 0 (47) 0 B R (δ) F R δ

22 δ R δ R η R Π R Π R = η (1 δ)f R + B R (δ) (48) δ Π R δ 0 Burkart-Gromb-Panunzi 1998 p.178 Lemma 1 B R (δ) (47) TOB R η R B R (δ) = ηf R (49) δ δ δ(η) η (47) δ 5.4 Q TOB TOB Q Q < (1 δ(ω))f R (50) 5.4 Q < (1 δ( η))f R, if ω η 1 (51) TOB ω (51) TOB

23 Q > F R (52) TOB 2 (1 δ(ω))f R Q F R (53) Q = (1 δ(η))f R (54) ω η 1 η η η Q β = η Q α (55) β 55 η Q (54) Q = (1 δ(η Q ))F R β (52) Burkart-Gromb-Panunzi 1998 p.179 Lemma 2 B R (δ) (47) (1 δ(ω))f R > Y I R TOB (i) Q < (1 δ(ω))f R TOB (ii) Q > F R TOB (iii) (1 δ(ω))f R Q F R Q = (1 δ(α + β))f R ω α + β 1 β 5.5 R Q Q < (1 δ(ω))f R TOB Q > F R Q = F R R 100 Q = F R (1 δ(ω))f R Q F R Q

24 Q = (1 δ(α + β))f R (56) β R (29) Y R = (1 δ(α + β))f R Q = (1 δ(α + β))f R S R = α{(1 δ(α + β))f R Y I } + B R (δ(α + β)) C T (57) 5.4 δ(α + β) β (56) Q β 1 1 (1 δ(ω))f R Q F R R ω α + β 1 ω α β 1 α (58) (57) β S R β δ(α + β) (49) B R (δ(α + β)) = (α + β)f R (59) δ S R = αδ F R + δ B R = βδ F R < 0 (60) ω α β 1 α R β = ω α α + β = ω R S R = α{(1 δ(ω))f R Y I } + B R (δ(ω)) C T (61) TOB Q = (1 δ(ω))f R TOB 60 ω (61) R Burkart-Gromb-Panunzi 1998 p.180 Lemma 3 p.184 Lemma4 B R (δ) (47) (1 δ(ω))f R > Y I R TOB (i) α{(1 δ(ω))f R Y I } + B R (δ(ω)) < C T R TOB α{(1 δ(ω))f R Y I } + B R (δ(ω)) C T R Q =

25 (1 δ(ω))f R TOB β = ω α (ii) ω R TOB TOB ω δ (47) Burkart-Gromb-Panunzi (ii) ω TOB 5.6(ii) 4.3 TOB TOB TOB 100 Freezeout Squeeze out 2007 TOB Grossman-Hart 1980 TOB pressure-to-tender pressure-to-tender TOB Grossman-Hart 1980 (46) Amihud-Kahan-Sundaram 2004 TOB TOB I R 0 free-rider pressure-to-tender 4 1

26 TOB 1 TOB TOB 0 I p y R TOB C T 0 1 I p 0 1 I y I 0 1 TOB µ f TOB µ s p 0 = (1 µ f µ s )y I + µ f E[ TOB ] + µ s E[ TOB ] (62) E[ TOB ] TOB q y I E[ TOB ] TOB Amihud-Kahan-Sundaram 2004 TOB max{p 0, q} (63) p 0 TOB I q TOB (63) min{p 0, y I } q max{p 0, y I } (64) q < min{p 0, y I } TOB q TOB y I max{p 0, q} = p 0

27 max{p 0, y I } < q TOB max{p 0, y I } < q < q q TOB R TOB [min{p 0, y I }, max{p 0, y I }] (62) (1 µ f µ s )y I + (µ f + µ s ) min{p 0, y I } p 0 (1 µ f µ s )y I + (µ f + µ s ) max{p 0, y I } (65) (65) p 0 y I p 0 y I q = p 0 = y I (66) TOB R I 100 R S R (66) S R = Y R + B R Y I C T = V R Y I C T (67) Amihud-Kahan-Sundaram B R S R = Y R Y I C T 6.1 V R Y R Amihud-Kahan- Sundaram 2004 p.1332 Proposition 2 (63) (i) Y R Y I C T > 0 TOB (ii) Y R Y I C T < 0 TOB (iii) Y R Y I C T = 0 TOB TOB R I 6.1 B R TOB TOB

28 Y R Y I C T 0 (68) TOB 2.1(iii) B R Y R Y I C T 0 (69) TOB 2.1(ii) I B I 2.1(i) (64) Gomes 2001 TOB q Amihud-Kahan-Sundaram q y I TOB (63) TOB I q y I 6.1 (66) TOB I TOB y I TOB 6.1 TOB R I R I proxy fights

29 Y R > Y I (70) R R R R R C P (70) S R = B R C P > 0 (71) (71) R I R I α R S R = α(y R Y I ) + B R C P > 0 (72) TOB R Y R > Y I pressure-to-tender C T > C P free-rider R Y R R R I TOB Bebchuck 1985 Bebchuk-Hart 2001 Voting-on-acquisition-offers VAO R 1 q (a) R

30 (b) q R q VAO 1 qy I q > y I (73) VAO free-rider pressure-to-tender y R > q y I (74) TOB free-rider y I VAO y I > q y R (75) TOB pressure-to-tender y I VAO VAO (b) free-rider (a) pressure-totender VAO q y I S R S R = V R Y I C T (76) TOB 2.1(ii) VAO TOB TOB q Bebchuk-Hart 2001

31 VAO 0 I TOB 1 R TOB R R 0 TOB 7.1 (a) TOB 7.1 (b) VAO free-rider pressure-to-tender 6.1 TOB Staggered Board I Staggered Board TOB TOB TOB TOB Grossman-Hart 1980 free-rider TOB TOB TOB TOB

32 2 freezeout TOB pressure-to-tender 2Bebchuk-Hart 2001 TOB TOB Voting-on-acquisition-offers VAO Amihud-Kahan-Sundaram 2004 freeezeout TOB TOB 2007 freezeout Amihud-Kahan-Sundaram 2004 free-dider TOB Bagnoli- Lipman 1988 Holmstrom-Nalebuff 1993 TOB TOB free-rider TOB TOB TOB

33 3 2 TOB Bagnoli-Lipman 1988 Holmstrom- Nalebuff 1993 TOB TOB Burkart-Gromb- Panunzi 1998 TOB TOB Amihud-Kahan-Sundaram 2004 TOB Bebchuk-Hart 2001 Shleifer- Vishny 1986 TOB Hirshleifer-Titman 1988 free-rider TOB Chowdhry-Jagadeesh 1994 TOB TOB TOB TOB TOB

34 TOB TOB TOB Fishman 1989 TOB TOB TOB Amihud, Y., M. Kahan, and R. Sundaram (2004), The Foundations of Freezeout Laws in Takeovers, The Journal of Finance 59, Bagnoli, M., and B. Lipman (1988), Successful Takeovers without Exclision, Review of Financial Studies 1(1), Bebchuk, L. (1985), Toward Undistorted Choice and Equal Treatment in Corporate Takeovers, Harvard Law Review 98(8), Bebchuk, L. (1989), Takeover Bids Below the Expected Value of Minolity Shares, Journal of Financial and Quantative Analysis 24, Bebchuk, L. (1994), Efficient and Inefficient Sales of Corporate Control, The Quarterly Journal of Economics 109, Bebchuk, L. (2003), Why Firms Adopt Antitakeover Arrangements, University of Pennsylvania Law Review 152, Bebchuk, L., and O. Hart (2001), Takeover Bids vs. Proxy Fights in Contests for Corporate Control, Working Paper, Harvard Law School. Burkhart, M., D. Gromb, and F. Panunzi (1998), Why Higher Takeover Premia Protect Minority Shareholders, Journal of Political Economy 106, Chowdry, B., and N. Jagadeesh (1994), Pre-Tender Offer Share Acquisition in Takeovers, Journal of Financial and Quantitative Analysis 29, Fishman, M. (1989), Preemptive Bidding and the Role of of the Midium Exchange in Acquisitions, Journal of Finance 44, Gomes, A. (2001), Takeovers, Freezeouts, and Risk-Arbitrage, Working Paper, University of Pennsylvania. Grossman, S. and O. Hart (1980). Takeover Bids, the Free Rider Problem, and the Theory of the Corporation, Bell Journal of Economics 11, Hirshleifer, D. (1995), Mergers and Acquisitions: Strategic and Informational Issues, in Handbook in Operation Research and Management Science, edited by Jarrow, R., V. Maksimobik, and W. Ziemba: North-Holland.

35 Hirshleifer, D., and S. Titman (1990), Share Tendering Strategies and the Success of Hostile Takeover Bids, Journal of Political Economy 98, Holmstrom, B., and B. Nalebuff (1992), To the Raider Goes the Surplus? A Reexamination of the Free-Rider Problem, Jounal of Economics and Management Strategy 1, Shleifer, A., and R. Vishny (1986) Large Shareholders and Corporate Control, Journal of Political Economy 94, Stein, J. (1988), Takeover Threats and Managerial Myopia, Journal of Political Economy 95, Stein, J. (1989), Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior, Quarterly Journal of Economics 104, M&A M&A M&A 2005 M&A BP

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─

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─ q E-mail: kenji.nishizaki@boj.or.jp E-mail: kurasawa@ynu.ac.jp OECD Vives Tirole Shleifer and Vishny q %% %% % % Allen and Gale %% % Admati, Pfreiderer and Zechner Burkart, Gromb and Panunzi Cremer 1995Pagno