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Economic Analysis on Determinants of Cross-border M&A and Greenfield Investment and Urban Agglomeration Effects

Research Project

Project/Area Number 20K01634
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Review Section Basic Section 07040:Economic policy-related
Research InstitutionAoyama Gakuin University

Principal Investigator

ITO BANRI  青山学院大学, 経済学部, 教授 (40424212)

Co-Investigator(Kenkyū-buntansha) 田中 鮎夢  青山学院大学, 経済学部, 准教授 (20583967)
白井 克典  大阪学院大学, 経済学部, 教授 (90547225)
Project Period (FY) 2020-04-01 – 2024-03-31
Project Status Completed (Fiscal Year 2023)
Budget Amount *help
¥4,030,000 (Direct Cost: ¥3,100,000、Indirect Cost: ¥930,000)
Fiscal Year 2022: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2021: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2020: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Keywords直接投資 / M&A / 重力モデル / 集積 / グローバル企業 / 都市 / クロスボーダーM&A / グリーンフィールド投資 / 集積効果 / 金融市場 / M&Aアドバイザー / 海外直接投資 / M&A / 企業データ
Outline of Research at the Start

海外直接投資は、クロスボーダーM&Asとグリーンフィールド投資に大別されるが、最近の海外直接投資の趨勢には、クロスボーダーM&Asの急増や特定の都市への極端な集中といった現象が顕著に見られる。こうした傾向の背景にはどのような要因があるのか、クロスボーダーM&Asとグリーンフィールド投資の決定要因にどのような差異があるのかといった問いに対して、本研究では、二つの投資形態を区別しながら、それらの決定要因を実証分析によって明らかにしていく。実証分析では、直接投資の決定要因として、既存研究で示唆される企業の生産性といった企業属性に加え、投資先都市の集積がもたらす影響など地域属性にも焦点が当てられる。

Outline of Final Research Achievements

This research uses deal-level microdata to conduct empirical analyses of the determinants of cross-border M&A, which is becoming increasingly important as a means of foreign direct investment. This study focuses on the effects of the agglomeration of origins and destinations in particular and examines the impact on cross-border M&A flows at the country, city, and deal levels. As a result, it was confirmed that the agglomeration of global firms and advisors who mediate M&A has the effect of increasing M&A and raising M&A premiums. This result suggests that the accumulation of knowledge and information related to M&A is important for increasing cross-border M&A.

Academic Significance and Societal Importance of the Research Achievements

海外直接投資は一般にグリーンフィールド投資とクロスボーダーM&Asに分けられるが、近年は後者の増加傾向が顕著である。海外直接投資の決定要因分析はこれまでも進められているが、クロスボーダーM&Asについては必ずしも実証的に明らかにされていない。本研究で明らかとなったM&As投資の要因としてグローバル企業やアドバイザーの集積効果が確認されたことから、M&Asに係る知識情報の生産と蓄積が重要であることが示唆される。日本の対内直接投資残高は他国と比べて極めて低いが、グローバル企業の投資誘致やM&Aアドバイザー企業の集積を進めることが対内投資の促進に寄与するものと期待される。

Report

(5 results)
  • 2023 Annual Research Report   Final Research Report ( PDF )
  • 2022 Research-status Report
  • 2021 Research-status Report
  • 2020 Research-status Report
  • Research Products

    (14 results)

All 2023 2022 2021 2020 Other

All Journal Article (7 results) (of which Peer Reviewed: 3 results,  Open Access: 4 results) Presentation (4 results) (of which Int'l Joint Research: 1 results) Book (1 results) Remarks (2 results)

  • [Journal Article] City-specific determinants of cross-border M&As: an inter-urban gravity approach2023

    • Author(s)
      Ito Banri、Shirai Katsunori
    • Journal Title

      International Economics and Economic Policy

      Volume: 21 Issue: 1 Pages: 65-88

    • DOI

      10.1007/s10368-023-00577-6

    • Related Report
      2023 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Why do people oppose foreign acquisitions? Evidence from Japanese individual-level data2023

    • Author(s)
      Ito Banri、Tanaka Ayumu、Jinji Naoto
    • Journal Title

      Japan and the World Economy

      Volume: 66 Pages: 101187-101187

    • DOI

      10.1016/j.japwor.2023.101187

    • Related Report
      2023 Annual Research Report 2022 Research-status Report
    • Peer Reviewed / Open Access
  • [Journal Article] Individual Preferences Toward Inward Foreign Direct Investment: A Conjoint Survey Experiment2023

    • Author(s)
      Tanaka, Ayumu, Banri Ito, and Naoto Jinji
    • Journal Title

      Journal of Asian Economics

      Volume: 88 Pages: 101644-101644

    • DOI

      10.1016/j.asieco.2023.101644

    • Related Report
      2023 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Why Do People Oppose Foreign Acquisitions? Evidence from Japanese Individual-Level Data2022

    • Author(s)
      伊藤萬里・田中鮎夢・神事直人
    • Journal Title

      RIETI Discussion Paper

      Volume: 22-E-002 Pages: 1-34

    • Related Report
      2021 Research-status Report
    • Open Access
  • [Journal Article] Individual Preferences Toward Inward Foreign Direct Investment: A Conjoint Survey Experiment2022

    • Author(s)
      田中鮎夢・伊藤萬里・神事直人
    • Journal Title

      RIETI Discussion Paper

      Volume: 22-E-005 Pages: 1-29

    • Related Report
      2021 Research-status Report
    • Open Access
  • [Journal Article] 新型コロナ危機を超えて、貿易のあるべき姿を考える2021

    • Author(s)
      伊藤萬里・椋寛
    • Journal Title

      経済セミナー

      Volume: 722 Pages: 5-23

    • Related Report
      2021 Research-status Report
  • [Journal Article] Cross-border mergers and acquisitions and inter-urban gravity2020

    • Author(s)
      Banri Ito
    • Journal Title

      MPRA paper

      Volume: 103985 Pages: 1-26

    • Related Report
      2020 Research-status Report
    • Open Access
  • [Presentation] City-specific determinants of cross-border M&As: an inter-urban gravity approach2023

    • Author(s)
      Ito Banri
    • Organizer
      The 2023 WEI Boston Conference
    • Related Report
      2023 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Defying Gravity: The Role of Intermediaries for Cross-Border Mergers and Acquisitions2022

    • Author(s)
      伊藤萬里
    • Organizer
      日本国際経済学会第81回全国大会
    • Related Report
      2022 Research-status Report
  • [Presentation] Why do people oppose foreign acquisitions? Evidence from Japanese individual-level data2021

    • Author(s)
      伊藤萬里
    • Organizer
      日本国際経済学会第80回全国大会
    • Related Report
      2021 Research-status Report
  • [Presentation] National security concerns over inward foreign direct investment: Evidence from a conjoint survey experiment2021

    • Author(s)
      田中鮎夢
    • Organizer
      日本国際経済学会関東支部2021年度第5回研究報告会
    • Related Report
      2021 Research-status Report
  • [Book] 現実からまなぶ国際経済学2023

    • Author(s)
      伊藤 萬里、田中 鮎夢
    • Total Pages
      348
    • Publisher
      有斐閣
    • ISBN
      9784641200012
    • Related Report
      2022 Research-status Report
  • [Remarks] 伊藤萬里研究業績ホームページ

    • URL

      https://sites.google.com/site/banriito/home/-site-banriito-home-research

    • Related Report
      2023 Annual Research Report 2022 Research-status Report 2021 Research-status Report
  • [Remarks] 研究代表者伊藤萬里研究業績

    • URL

      https://sites.google.com/site/banriito/home/-site-banriito-home-research?authuser=0

    • Related Report
      2020 Research-status Report

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Published: 2020-04-28   Modified: 2025-01-30  

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