A Study in the Organizational Process of Capital Investment and M&A
| Project/Area Number |
17K04074
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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 |
Accounting
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| Research Institution | Meiji University |
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Principal Investigator |
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| Co-Investigator(Kenkyū-buntansha) |
前田 陽 明治大学, 商学部, 専任教授 (30451454)
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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 |
¥4,290,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥990,000)
Fiscal Year 2019: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2018: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
Fiscal Year 2017: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
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| Keywords | 資本投資 / M&A / リース / 資本予算 / 海外直接投資 / 設備投資 / 意思決定プロセス / 投資決定 |
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| Outline of Final Research Achievements |
In the case of capital investment, we have undertaken case studies in Dalian and Chengdu, China. In Dalian, factories, including Japanese manufacturers, are closed or moved to other developing areas due to increasing labour costs, while in Chengdu, more capital investment is to be accumulateed. Factories in Dalian are seen to be sold as M&A. Joint ventuires in Chengdu also have a factor as M&A.
In M&A, we have focussed on small and miduem sized enterprises. As M&A was not an option in Japan, executives who did not have successors tended to close down their companies. M&A has become a solution to continue their business.
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| Academic Significance and Societal Importance of the Research Achievements |
資本投資とM&Aを同時並行的に研究することでいくつかの新しい知見が得られた。まず、大企業であるが、すでに活動がグローバル化し、中国に製造工場を多く有していた。但し北部沿岸部ではすでに集積が一段落し、製造コストの上昇に直面していた。一方内陸部では引き続き資本投資が継続されていた。
中小企業の場合には、巨額の資本投資を独自に実施することは困難である。同時に後継者難から事業譲渡を希望するケースが増加しており、そうしたことから中小企業のM&Aが増加していることが確認された。
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Report
(4 results)
Research Products
(14 results)
