M&A の経済分析:M&A はなぜ増加したのか
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1 RIETI Discussion Paper Series 06-J-034
2 RIETI Discussion Paper Series 06-J-034 M&A の経済分析 :M&A はなぜ増加したのか 蟻川靖浩 宮島英昭 ( 早稲田大学 RIETI) 2006 年 4 月 要旨 1990 年代以降の M&A の急増の主要な要因は 産業や企業の成長性や収益性へのショックである とりわけ M&A を活発に行っている産業あるいは企業の特性としては 成長機会が豊富で収益性も高く 負債比率が低い その意味で 1990 年代以降の M&A は 成長機会の豊富な企業や産業が その成長機会を実現する手段として用いてきたということもできる 本稿は RIETI コ - ポレ - ト ガバナンスプロジェクトの一環として作成された 本稿 作成あたっては 吉岡念人氏の協力を得た 感謝申し上げる
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20 References Andrade, G., and E. Stafford (2004), Investigating the Economic Role of Mergers, Journal of Corporate Finance, 10, pp Clark, R. and C. Ioannidis (1996), On the Relation between Aggregate Merger Activity and the Stock Market: Some Further Empirical Evidence, Economics Letters, 53, pp Golbe, D. and L. J. White (1988), A Time-Series Analysis of Mergers and Acquisitions in the U.S. Economy, Auerbach, A. J. (eds.), Corporate Takeovers: Cause and Consequences, University of Chicago Press. Harford, J. (2005), What Drives Merger Waves? Journal of Financial Economics,77, pp Healy, P., K. Palepu and R. Ruback (1992), Does Corporate Performance ImproveAfter Mergers? Journal of Financial Economics, 31, pp Jensen, M C. (1993), The Modern Industrial Revolution, Exit, and the Failure ofinternal Control Systems, Journal of Finance, 48, pp Jovanovic, B. and P. L. Rousseau (2002), The Q-Theory of Mergers, American Economic Review, 92, pp Kaplan, S. (2000), Introduction, Kaplan, S. (eds.), Mergers and Productivity, University of Chicago Press. Mitchell, M. L. and J. H. Mulherin (1996), The Impact of Industrial Shocks on Takeover and Restructuring Activity, Journal of Financial Economics, 41,pp Rhodes-Kropf, M. and S. Viswanathan (2004), Market Valuation and Merger Waves, Journal of Finance, 59, pp
21 Shleifer, A. and R. W. Vishny (1992), Liquidation Values and Debt Capacity, Journal of Finance, 47, pp Shleifer, A. and R. W. Vishny (2003), Stock Market Driven Acquisitions, Journal of Financial Economics, 70, pp (2001) 2004 M&A 19
22 IN-IN IN-OUT OUT-IN OUT-OUT Total (%) (%) (%) (%) IN-IN: IN-OUT: OUT-IN: OUT-OUT:
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26 Model OLS q * *** *** * ** ER *** *** ** *** *** (ER) *** *** *** *** ROA *** ** Econshock1 ** ** ** *** Econshock2 * spread * * *** *** const *** *** ** *** Year Dummy Yes Yes Yes Yes Yes Yes Log Likelihood N
27 Econshock2
28 Model 1 2 q *** * *** * *** Lq *** *** *** *** H q ** *** * * *** *** *** *** ** ** Econshock2 const *** *** *** *** *** *** Year Dummy Yes Yes Yes Yes Yes Yes Log Likelihood N
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