| Budget Amount *help |
¥3,510,000 (Direct Cost: ¥2,700,000、Indirect Cost: ¥810,000)
Fiscal Year 2020: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2019: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2018: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
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| Outline of Final Research Achievements |
This research constructed a dynamic model that incorporates parameters related to the future economic environment (growth rate, discount rate, uncertainty, synergy effect, etc.), and clarified corporate innovation strategies (new-product development), M&A strategies (form of amalgamation, timing of M&As), and optimal policies.
I showed the following four points: First, when launching a new product, it is important to focus on peaks and ends of consumer utility. Second, even if the synergy effect is negative, the firm has an incentive to take over. Third, even if there is no synergy effect, sequential mergers may improve social welfare. Finally, although full and partial privatization is desirable, full privatization is not desirable from the viewpoint of social welfare.
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