| Project/Area Number |
16K03815
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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 |
Management
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| Research Institution | Tokyo Metropolitan University |
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Principal Investigator |
MATSUDA CHIEKO 首都大学東京, 経営学研究科, 教授 (80613140)
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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 |
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2018: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2017: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2016: ¥2,080,000 (Direct Cost: ¥1,600,000、Indirect Cost: ¥480,000)
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| Keywords | コーポレートガバナンス / 持株会社 / 非上場化 / 資本市場 / 全社戦略 / グループ経営 / 経営学 |
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| Outline of Final Research Achievements |
This study analyzes pure holding companies, which has increased in recent years. Pure holding companies do not engage in business activity themselves, but are rather formed with the goal of controlling the business activities of commercial enterprises through stock ownership. Many of these companies positively announced that the transition to pure holding companies would lead to accelerate decision-making related to business portfolio management. However, there is a possibility that the transition may cause the group management problem. As the real condition of the commercial enterprises is difficult to grasp from the capital markets, which should demonstrate the functionality of corporate governance, there are fears that the rights of shareholders and the transparency of information disclosure are inhibited. This study has revealed these negative impacts and the reaction of shareholders and the influence on corporate value, by transitioning to a pure holding company.
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| Academic Significance and Societal Importance of the Research Achievements |
我が国は、世界でも稀にみる持株会社の多い状況にある。しかし、この意義自体についてはあまり考えられてこなかった。本研究により、企業がポジティブな動きとして公表する持株会社化が、実際には株主の利益を阻害しかねない場合もあることが明らかとなった。このことは、企業のグループ経営やガバナンスのあり方に示唆を与え、経営者や株主をはじめとする利害関係者の意思決定に資する意義ある成果と考えられる。
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