2010 Fiscal Year Final Research Report
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
|
| 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 |
|---|
| 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.
|
