2023 Fiscal Year Final Research Report
Examination of corporate legislation to meet the contemporary challenges of listed companies
| Project/Area Number |
19K01411
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Review Section |
Basic Section 05060:Civil law-related
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| Research Institution | Kyoto University (2020-2023)
Doshisha University (2019) |
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Principal Investigator |
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| Project Period (FY) |
2019-04-01 – 2024-03-31
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| Keywords | 上場企業 / 企業買収 / MBO / ヘッジファンド / 機関投資家 |
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| Outline of Final Research Achievements |
This study clarified contemporary issues surrounding listed companies and explored desirable corporate legislation in light of these issues. I examined the legal issues that may arise in connection with (1) and (2), and made recommendations for improving the legal system from the perspective of increasing corporate and shareholder value. With regard to (1), I focused on hedge funds among institutional investors, analyzed the functions that hedge funds can fulfill in corporate governance and takeovers, and examined how the legal system should be designed to take advantage of these functions. With regard to (2), I addressed how to protect the interests of shareholders in situations where they are forced to exit the company.
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| Free Research Field |
会社法、金融商品取引法
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| Academic Significance and Societal Importance of the Research Achievements |
本研究の意義として次の２点が挙げられる。まず、ヘッジファンドに着目してその活用を模索する本研究は、上場企業の価値向上をいかにして実現すべきかという重要課題について、伝統的な機関投資家の役割に注目してきた近年のわが国の検討の方向性とは異なる、新たな解決策を提示するものといえる。第２に、会社から退出が強制される場面における株主の利益保護の問題は、従来も取り上げられることは少なくなかったが、株主が利用可能な救済手段を比較・検討することや、Appraisal Arbitrage等の最近の事象とその機能などを考察することを通じて、企業買収法制の望ましい全体像を模索しようとする点に新規性が認められる。
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