Study on the employee buyout using ESOP in the closely held company

Research Project

Project/Area Number	23653022
Research Category	Grant-in-Aid for Challenging Exploratory Research
Allocation Type	Multi-year Fund
Research Field	Civil law
Research Institution	University of Toyama
Principal Investigator	ISHIDA MAKOTO 富山大学, 経済学部, 准教授 (00467094)
Project Period (FY)	2011 – 2013
Project Status	Completed (Fiscal Year 2013)
Budget Amount *help	¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000) Fiscal Year 2013: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000) Fiscal Year 2012: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000) Fiscal Year 2011: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Keywords	商法 / ESOP
Research Abstract	In the U.S., leveraged ESOP is widely used as a means of the employee buyout in the closely held company. In this study, I examined whether that would be applied also in Japan. Since there was "Japanese ESOP" in Japan, I studied with regards to it. As a result, Japan has neither a law like the U.S., nor the tax benefits, and there is also no infrastructure for carrying out the plan. Therefore, at a present stage, I think that a spread like the U.S. will not be seen in Japan.