| Project/Area Number |
18K12745
|
|---|
| Research Category |
Grant-in-Aid for Early-Career Scientists
|
| Allocation Type | Multi-year Fund |
|---|
| Review Section |
Basic Section 07010:Economic theory-related
|
|---|
| Research Institution | Aoyama Gakuin University |
|---|
Principal Investigator |
Kawakami Kei 青山学院大学, 経済学部, 准教授 (90786237)
|
|---|
| Project Period (FY) |
2018-04-01 – 2024-03-31
|
| Project Status |
Completed (Fiscal Year 2023)
|
| Budget Amount *help |
¥4,290,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥990,000)
Fiscal Year 2021: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2020: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2019: ¥2,470,000 (Direct Cost: ¥1,900,000、Indirect Cost: ¥570,000)
Fiscal Year 2018: ¥520,000 (Direct Cost: ¥400,000、Indirect Cost: ¥120,000)
|
|---|
| Keywords | Announcement returns / announcement returns / M&A / Takeovers / Disclosure / Market segmentation / Asymmetric information / Tekeovers / 資源再配分 / 効率性 |
|---|
| Outline of Final Research Achievements |
We develop a self-selection model of takeovers in which tradeable "projects" and non-tradeable "organizations" are complements. Without distortions, a positive cross-partial condition generates the monotonic self-selection. With distortions, we derive a stronger complementarity condition sufficient for the monotonic self-selection. The monotonicity implies that signs of announcement returns identify a type of pre-announcement public information about firms. We discuss stylized facts about takeovers through the lens of our model. A parameterized model predicts that the relative bidder size increases in the importance of organizations in production, and also in the level of distortions if organizations are sufficiently important in production.
|
| Academic Significance and Societal Importance of the Research Achievements |
資本主義の成熟に伴い、企業が所有する経済資源をマクロ的に再配分する方法としてM&Aの重要性は高まっていく。既存のM&A研究では、M&Aを実施する企業に注目し、その手法や結果を論じる研究が主流だが、実際にM&Aを実施するのはごく一部の企業に過ぎない。従って、M&A市場のマクロ的な意義を考える上では、どのような企業がM&Aを実施するのか（すべきなのか）を明示的に考慮する必要がある。本研究では、適切なM&Aは資源配分を改善するという技術的な前提を置いたうえで、どのような企業が売り手・買い手としてM&A市場に参加するか、様々な阻害要因に対してどのような政策対応が望ましいかを理論的に分析した。
|
