| Project/Area Number |
05301082
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| Research Category |
Grant-in-Aid for Co-operative Research (A)
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| Allocation Type | Single-year Grants |
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| Research Field |
Business administration
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| Research Institution | Kyushu Sangyo University (1994-1995)
Kyushu University (1993) |
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Principal Investigator |
MUTA Masahito (1995, 2000) Kyushu Sangyo University, Faculty of Commerce, Associate Professor, 商学部, 助教授 (20219851)
片山 伍一 (1994) 九州産業大学, 商学部, 教授 (80037100)
丑山 優 (1993) 九州大学, 経済学部, 教授 (40108626)
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| Co-Investigator(Kenkyū-buntansha) |
URANO Norihira Kyushu Sangyo University, Faculty of Management, Associate Professor, 商学部, 助教授 (10232919)
SUGINO Hiroki Kyushu International University, Faculty of International Business, Professor, 経済学部, 教授 (00206418)
USHIYAMA Masaru Kyushu University, Faculty of Economics, Professor, 経済学部, 教授 (40108626)
IKEGAMI Kyoko Kumamoto Gakuen University, Faculty of Commerce, Associate Professor, 商学部, 助教授 (60253390)
ICHIMURA Makoto Chuo University, Faculty of Commerce, Associate Professor, 商学部, 助教授 (70245984)
牟田 正人 九州産業大学, 商学部, 助教授 (20219851)
片山 伍一 九州産業大学, 商学部, 教授 (80037100)
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| Project Period (FY) |
1993 – 1995
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| Project Status |
Completed (Fiscal Year 2000)
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| Budget Amount *help |
¥7,000,000 (Direct Cost: ¥7,000,000)
Fiscal Year 1995: ¥1,000,000 (Direct Cost: ¥1,000,000)
Fiscal Year 1994: ¥2,000,000 (Direct Cost: ¥2,000,000)
Fiscal Year 1993: ¥4,000,000 (Direct Cost: ¥4,000,000)
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| Keywords | financial strategy / stock listing / equity capital system / derivatives / private pension system / M＆A in the U.S.and tax / MBO in the U.K. / MBO in Germary / 経営財務 / 国際企業財務 / 企業年金 / 会計政策と企業財務 / M&A / 企業税務政策 / 日米欧比較研究 / 資本組入制度 / 資本構成 / エージェンシー理論 / 経営財務戦略 / M & A(日・米・英・独) / エージエンシーセオリー / 資本金 |
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| Research Abstract |
We summarized the topics emerging in recent years concerning in financial strategies. In chapter 1, an author analyses the significance of stock listing from the viewpoint of national economics, and the strategies of individual enterprises. In chapter 2, Sugino analyses the new situation of retirement of shares, after examining the equity capital system in Japan. In chapter 3, Muta analyses the effects of swap and transfer pricing, keeping eyes on the global financial strategies. In chapter 4, Muta analyses the effects of private pension funds on corporate finance in the U.S.A., concerning with ones of Japanese. In chapter 5, Ichimura analyses the free cash flows in Japanese industrial enterprises, after examining the conflict of shareholders, management, and creditors, using the concept of "agency cost." In chapter 6, Ikegami analyses the 1980's M＆A boom and 1990's bankruptcy boom in the U.S.A., after examining the M＆A movements in the U.S.A.In chapter 7, Urano analyses the different character of City's financial institutions from ones of the U.S.A., after examining the MBO boom in UK under the Thatcher era. In chapter 8, Ushiyama analyses the effectiveness of MBO in the former East German small size enterprises, under taking up the privatization of the former East German enterprises, after the unionization of Germany.
Through the whole research, we comprehensively examined the topics mere taken up to this time. After this research, we intend to try harder about the joining the new ideas to corporate finance theory hitherto.
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