| Project/Area Number |
60301097
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| Research Category |
Grant-in-Aid for Co-operative Research (A)
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| Allocation Type | Single-year Grants |
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| Research Field |
商学・経営学
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| Research Institution | Faculty of Economics, Kyushu University |
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Principal Investigator |
ICHIMURA Shozo Faculty of Economics, Kyushu University, Professor, 経済学部, 教授 (30037113)
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| Co-Investigator(Kenkyū-buntansha) |
安田 義郎 久留米大学, 商学部, 講師
立石 義明 青山学院大学, 経営学部, 助教授 (00150392)
MIZUNO Hiroshi Faculty of Commerce,Fukuoka University,professor, 商学部, 教授 (90131846)
KAMIRYO Hideyuki Faculty of Commerce, Hiroshima Shudo University, professor, 商学部, 教授 (00140632)
MURAMATSU Sinobu Faculty of Economics,Seikei University, professor, 経済学部, 教授 (60054300)
岡部 鐵男 九州大学, 経済学部, 助教授 (10127996)
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| Project Period (FY) |
1985 – 1987
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| Project Status |
Completed (Fiscal Year 1987)
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| Budget Amount *help |
¥5,400,000 (Direct Cost: ¥5,400,000)
Fiscal Year 1987: ¥1,100,000 (Direct Cost: ¥1,100,000)
Fiscal Year 1986: ¥2,000,000 (Direct Cost: ¥2,000,000)
Fiscal Year 1985: ¥2,300,000 (Direct Cost: ¥2,300,000)
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| Keywords | Share Repurchase / Optimal Capital / Structure / Corporate Merger / Debt Capacity / Financil Lererage / Divident Policy / Impricit Tax Rate of Debt / 資本構成 / 投資関数 / トービンのq / 社債金融 / 破産 |
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| Research Abstract |
Our study of this year is divided to two part ; one of them is to conduct cmpirical researches as continuing efforts to prove the validity of our theories and another part of is to build theoretical models. The former was done by Ichimura, Muramatsu, Mizuno and Kamiryou and they have alredy published their accomplishments in the academic journals. After Ichimura had surveyed empirical studies on the Capital structures of U.S. firms historically, he has extended his study as to the theoretical examination on the relationships between share repurchases and capital structures. Muramatsu has introduced the empirical research of the effcts of corporate merger on the capital stuructures of U.S. firms which was done by an American scholar. He conducted that the mergers had contributed to augment a debt capacity of merged companies and subsequently to increase the corporate profits. Mizuno also has done a comparative study on the capital structures of Japanese and Austlarian firms emprically,
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in collaboration with Dr. D.E.Allen at the University of Western Australia. Thier joint research revealed that both of holding a loaer leverage as they had a higher proditability. Kamiryou has expanded his study to the area of the optimal capital structure and dividend policy. making most of his previous empirical researches. The eatter was done by Mizuno, Yasuda, Okabe and Tateishi individually. Their accompilshments were pubilshed in the academic journals and some of them have presented papers at the academic conference. Mizuno has analyzed the effects of corporate profits and risks on the capital structure, employing a simple tax-sheeter, bank-ruptey-cost model. He has simulated many factors in using their theoretical model. Yasuda has examined the corporate-tax saving effects of debts comparing the wealth taxation system with the income taxation system which are significant issure in the area of corperate finance. He has eapoloyed a state preference model for the stady. In his reseach, he has reviewed the definition for an impricit tax rate of debt and examined the existence of optimal capital strueture using the theoretical framework of taxation only. Okabe has studied the relationship between a financial eeverage and the eorporale growth from the view point of strategic management. Tateisi has studied the literature on Bankruptey Cost Models and re-examined optimal capital structure models by analyzing the bankruptey-costs quantitatively. Less
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