Corporate Restructuring of Firm Groups Relating to Equity Alliance

• Project/Area Number: 15K03605
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Management
• Research Institution: Kyushu University
• Principal Investigator: Otsubo Minoru 九州大学, 経済学研究院, 教授 (90325556)
• Project Period (FY): 2015-04-01 – 2019-03-31
• Project Status: Completed (Fiscal Year 2018)
• Budget Amount: ¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000); Fiscal Year 2018: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000); Fiscal Year 2017: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000); Fiscal Year 2016: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000); Fiscal Year 2015: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
• Keywords: 資本提携 / アライアンス / 第三者割当増資 / 共同出資 / ジョイントベンチャー / partial acquisition / block ownership / toehold acquisition / synergy / wealth transfer / シナジー / 資金調達 / 資本関係 / 増資

Outline of Final Research Achievements

This research empirically investigated how equity alliances among independent firms affect corporate restructuring of firm group. As a result of empirical research, this research finds that equity alliances are used to rescue firms with financial distress. For example, equity placements for third parties are used to rescue issuing firms with financial distress, which enhances shareholders' wealth of issuing firm whereas underwriting firms cannot. As well, Haseko could improve its financial conditions through debt equity swap, which was supported by banks. That is, relationship of banks rescued Haseko.

Academic Significance and Societal Importance of the Research Achievements

本研究の主要な成果として、日本企業は資本提携により他企業による「救済」を受けていることが明らかとなった。これまで、資本提携に関する研究の多くが、提携に参加する企業を「対等」な立場にあると位置づけ、分析を行なってきた。たとえば、資本提携の主要な経済的効果として取り上げられるシナジー効果は、参加企業すべてが享受できることが想定されている。これに対し、本研究では、資本提携により、救済される企業と救済する企業の2種類の企業が存在し、必ずしも対等な関係ではない可能性があることを見出した点において学術的な意義を有すると考えられる。

Research Products

• [Journal Article] Why do firms underwrite private placement shares of other firms? Case of Japanese firms (2017)
  • Author(s): 大坪 稔
  • Journal Title: Pacific Basin Finance Journal Volume: 41 Pages: 75-92
  • Peer Reviewed / Int'l Joint Research / Acknowledgement Compliant
• [Journal Article] 債務の株式化:長谷工コーポレーションの成功事例 (2017)
  • Author(s): 大坪 稔
  • Journal Title: 経済学研究 (九州大学経済学会) Volume: 83 Pages: 1-18
  • NAID: 120006220529
  • Acknowledgement Compliant
• [Presentation] Partial acquisition among firms The importance of inter-firm relationship (2017)
  • Author(s): Minoru Otsubo
  • Organizer: The 2017 AFR Conference
• [Presentation] Why do firms underwrite private placement shares of other firms? Case of Japanese firms (2016)
  • Author(s): Minoru Otsubo
  • Organizer: The 29th Australiasian Finance & Banking Conference
  • Place of Presentation: Sydney(オーストラリア)
  • Int'l Joint Research
• [Presentation] Why do firms underwrite private placement shares of other firms? Case of Japanese firms (2016)
  • Author(s): Minoru Otsubo
  • Organizer: The Eleventh RUC-Kyudai-NJU Joint Conference
  • Place of Presentation: 北京(中国)
  • Int'l Joint Research
• [Presentation] 企業はなぜ他企業の第三者割当増資を引き受けるのか (2015)
  • Author(s): 大坪 稔
  • Organizer: 証券経済学会 九州部会
  • Place of Presentation: 九州大学 (福岡県)
  • Year and Date: 2015-09-12