| Project/Area Number |
17K03488
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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 |
Civil law
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| Research Institution | Hitotsubashi University |
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Principal Investigator |
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| Project Period (FY) |
2017-04-01 – 2020-03-31
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| Project Status |
Completed (Fiscal Year 2019)
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| Budget Amount *help |
¥2,340,000 (Direct Cost: ¥1,800,000、Indirect Cost: ¥540,000)
Fiscal Year 2019: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2018: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2017: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
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| Keywords | M&A / MBO / 支配株主 / 締出し / キャッシュアウト / 少数株主 / 会社法 / 企業組織法 |
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| Outline of Final Research Achievements |
One of the research results is the method of interpreting the M&A contract. Since the content of M&A contracts is determined based on contracting parties’ precise estimation of risks and costs concerning M&A transactions, the court should interpret M&A contracts as they are without considering any extra-contract situations so as not to disturb the cost-benefit calculation performed by the parties. The other is related to the “Fair M&A Guidelines: Enhancing Corporate Value and Securing Shareholders’ Interests” (“Guidelines”), which was formulated by the Ministry of Economy, Trade and Industry (METI). Guidelines seek to ensure the fairness of consideration offered to targets’ general shareholders in M&A transactions through the efforts of independent directors (special committees). Due to the difference in incentive structure, the measures proposed by Guidelines would function properly in MBOs, but could have only a limited effect in freezeout transactions.
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| Academic Significance and Societal Importance of the Research Achievements |
M&A契約の内容は、経営資源の配分の効率性やM&A取引で生じる余剰の分配の公正性に影響を与えるため、重要な意義を有するものであるが、日本ではこれまで十分な研究がなされていなかった。本研究は、M&A契約について基礎的な概念整理を行い、M&A契約の解釈の在り方を示した点と、M&A契約に重要な影響を与える「公正なM&Aの在り方に関する指針」が提案する措置の理論的な問題点を明らかにした点に学術的な意義がある。
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