The effect of M&A on corporate research and development
| Project/Area Number |
16K03734
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Money/ Finance
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| Research Institution | The University of Tokyo |
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Principal Investigator |
TAKEDA FUMIKO 東京大学, 大学院工学系研究科(工学部), 准教授 (70347285)
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| Project Period (FY) |
2016-04-01 – 2019-03-31
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| Project Status |
Completed (Fiscal Year 2018)
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| Budget Amount *help |
¥2,730,000 (Direct Cost: ¥2,100,000、Indirect Cost: ¥630,000)
Fiscal Year 2018: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2017: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2016: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
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| Keywords | 株価 / 合併 / M&A / IFRS / 企業系列 / のれん / 研究開発 / 特許価値 / 特許 / 株価反応 / 傾向スコアマッチング |
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| Outline of Final Research Achievements |
This study investigates the relationship between M&A and R&D activities by conducting the following three analyses. (1) We focus on the three industries that are active in R&D activities, including electronic, automobile, and chemical industries. (2) We examine whether merger performance is different between group companies and independent companies. We find that the stock prices react more negatively to within-group mergers than mergers between independent firms. We also show that the acquirers of within-group mergers tend to increase the number of employees and annual salary but to decrease R&D ratio after mergers. (3) We investigate how firms’ decision to adopt IFRS is related to M&A and R&D activities. We show that the firms that actively involved in M&A and R&D activities are more likely to adopt IFRS than J-GAAP users. We also show that voluntary IFRS adopters tend to increase the number of M&A transactions, compared to J-GAAP users.
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| Academic Significance and Societal Importance of the Research Achievements |
本研究では、日本の事例を用いて、実証的課題の残っているＭ＆Ａが関連企業の研究開発に与える影響を推定し、それがどのような要因によって影響されるのかを分析することを目的としていた。また、日本の産業構造の大きな特徴である企業集団が、Ｍ＆Ａに与える影響についても分析した。さらに、2010年以降、任意適用企業が増加しているIFRSが、Ｍ＆Ａと研究開発に与える影響についても分析を行った。本研究は、Ｍ＆Ａと研究開発についての関連研究に対し、新たな知見を加えるとともに、経営者や投資家にとっても、M&Aを通じて、研究開発と技術力を高める条件を考える上で、一助となることが期待される。
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Report
(4 results)
Research Products
(21 results)
