In fluence of the Change of Ownership Structure on Corporate Performance
Project/Area Number |
19530323
|
Research Category |
Grant-in-Aid for Scientific Research (C)
|
Allocation Type | Single-year Grants |
Section | 一般 |
Research Field |
Business administration
|
Research Institution | Tohoku University |
Principal Investigator |
KANAZAKI Yoshio 東北大学, 大学院・経済学研究科, 教授 (30204572)
|
Research Collaborator |
XU Donghai 河北師範大学, 商学院
ZHANG Rongrong みずほコーポレート銀行(中国)有限公司
|
Project Period (FY) |
2007 – 2010
|
Project Status |
Completed (Fiscal Year 2010)
|
Budget Amount *help |
¥2,730,000 (Direct Cost: ¥2,100,000、Indirect Cost: ¥630,000)
Fiscal Year 2010: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2009: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2008: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2007: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
|
Keywords | 株式所有構造 / 企業パフォーマンス / 資本構成 / 中国株式のリターン / 中国株式市場 / 株式の平均収益率 / リターンの決定要因 / 過去の最大収益率 / コーポレート・ガバナンス / もの言う株主 / ペッキング・オーダー理論 / 平均収益率の説明要因 / 中国企業 / 総資産利益率 / トービンのq / リターン決定要因 / トレードオフ理論 / 外国人投資家 |
Research Abstract |
The share holding structure of Japanese corporations rapidly changed from mid 1990. The ratio of shareholding of foreign investors increased largely, while the one of financial institutions declined massively. Foreign investors require corporations to increase shareholders value much more than other investors. In this study we examine relationship between Tobin's q and the ratio of shareholding of foreign investors in 2006 and 2008. We observe that the larger the ratio of shareholding of foreign investors is, the larger Tobin's q is. High Tobin's q implies shareholders value became increased.
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Report
(6 results)
Research Products
(23 results)