M&A の経済分析：M&A はなぜ増加したのか

Size: px

Start display at page:

Download "M&A の経済分析：M&A はなぜ増加したのか"

まなふじした
7 years ago
Views:

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

3 1

4 2

5 3

6 4

7 5

8 6

9 7

10 8

11 9

12 10

13 11

14 12

15 13

16 14

17 15

18 16

19 17

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:

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

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: [email protected] E-mail: [email protected] OECD Vives Tirole Shleifer and Vishny q %% %% % % Allen and Gale %% % Admati, Pfreiderer and Zechner Burkart, Gromb and Panunzi Cremer 1995Pagno