2009 Fiscal Year Final Research Report
Stock Ownership and Legal System---from the perspective of private benefit.
| Project/Area Number |
20730053
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Single-year Grants |
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| Research Field |
Civil law
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| Research Institution | Hokkaido University |
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Principal Investigator |
TOKUTSU Akira Hokkaido University, 大学院・法学研究科, 准教授 (30376389)
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| Project Period (FY) |
2008 – 2009
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| Keywords | 株式所有構造 / 私的利益 / 会社法 / 商法 |
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| Research Abstract |
Under the idea that stock ownership structure depends on legal rules, this research was implemented. Controlling shareholders and business partners' shareholders gain "private benefit" because they are not prohibited business favorable terms with hold companies. Private benefit impairs the other shareholders (e.g., minority shareholders), and it is demerit that company cannot be funded on favorable conditions from minority shareholders because of the existence of private benefit. But, there is merit too, because shareholders who get private benefit often possess good monitoring faculties to managers. Because "private benefit" has both merit and demerit, my research does not recommend establishing unified legal regulation against private benefit.
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