| Project/Area Number |
17K03798
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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 | Hitotsubashi University |
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Principal Investigator |
Yasuda Yukihiro 一橋大学, 大学院経営管理研究科, 教授 (10349524)
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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 |
¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000)
Fiscal Year 2019: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2018: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2017: ¥2,730,000 (Direct Cost: ¥2,100,000、Indirect Cost: ¥630,000)
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| Keywords | ゾンビ企業 / M&A / 上場・非上場 / 資産売却 / リストラクチャリング / Ｍ＆Ａ / 追い貸し / グループ経営 |
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| Outline of Final Research Achievements |
We empirically examine Japanese firms especially focusing on zombie firms. Firstly, we found that listed firms disinvest 2.0% more than unlisted firms and their disinvestment is also more sensitive to investment opportunities. Additionally, firms that disinvest show improvements in return on as-sets and increases in future investment. Secondly, we show that listed firms invest more and have greater sensitivity to investment opportunities than comparable unlisted companies. Our findings suggest that the role of listing in alleviating financial constraints and agency costs is more important than potential underinvestment due to myopic behavior.Thirdly, we showed that bank-firm relationships generally increase the likelihood and size of M&A. Contrary to conventional wisdom of the adverse effects of bank-firm relationships in Japan, such as ‘zombie lending’, our results indicate that Japanese banks facilitated restructuring and international expansion in the 2000's.
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| Academic Significance and Societal Importance of the Research Achievements |
本研究を通じて、長引く日本経済の低迷からの脱却へのいくつかのインプリケーションを得ることができたと考えられる。具体的には、資産売却といった負の投資は、さらなる投資と業績の向上につながること、また、「上場」のステータスは資金制約の緩和により投資の拡大につながる一方、グループ経営へのシフトはその効果を代替する関係にあることが示唆される。さらに、企業のM&Aは事業拡大のみならず、業績の回復の手段としても有効であることが分かった。これらの含意は、長引く投資の低迷と低収益性にあえぐ日本企業がどのようにその問題から脱却するか、その具体的処方箋を提示していると考えられる。
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