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1987 Fiscal Year Final Research Report Summary

The theoretical and empirical study about the relationships between the corporate capital structure and the capital market.

Research Project

Project/Area Number 60301097
Research Category

Grant-in-Aid for Co-operative Research (A)

Allocation TypeSingle-year Grants
Research Field 商学・経営学
Research InstitutionFaculty of Economics, Kyushu University

Principal Investigator

ICHIMURA Shozo  Faculty of Economics, Kyushu University, Professor, 経済学部, 教授 (30037113)

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)
Project Period (FY) 1985 – 1987
KeywordsShare Repurchase / Optimal Capital / Structure / Corporate Merger / Debt Capacity / Financil Lererage / Divident Policy / Impricit Tax Rate of Debt
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, … More 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

  • Research Products

    (41 results)

All Other

All Publications (41 results)

  • [Publications] 市村 昭三: 経済学研究(九州大学). 51-5. 13-33 (1986)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 市村 昭三: 経済学研究(九州大学). 52. 495-511 (1987623)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 市村 昭三: 経済学研究(九州大学). 53. 13-40 (1987)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 村松 司叙: 企業会計. 378. 19-73 (1985)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 村松 司叙: 金融ジャーナル. 10. 13-18 (1985)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 村松 司叙: 茨城大学政経学会雑誌. 51. 5-25 (1986)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 村松 司叙: 企業会計. 38-5. 60-69 (1986)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 村松 司叙: 証券アナリストジャーナル. 2. 19-34 (1987)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 村松 司叙: 産業経理. 473. 10-18 (1987)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 村松 司叙: 企業会計. 3912. 66-73 (1987)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 安田 義郎: 産業経済研究(久留米大学). 28-1. 171-211 (1987)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 上領 英之: OOMMON(九州産業大学情報処理センター広報誌). 51. 1-35 (1985)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 上領 英之: 商経論叢(九州産業大学). 263. 159-193 (1986)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 上領 英之: 商経論叢(九州産業大学). 264. 309-342 (1986)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 上領 英之: 産業経理. 462. 1-13 (1986)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 上領 英之: 証券経済学会年報. 21. 209-220 (1986)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 上領 英之: 修道商学(広島修道大学). 281. 1-41 (1987)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] H.,Kamiryo.,: Hirosima Shudo University Research Review.VO1.2.1-35 (1986)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 上領 英之共編: COMMON(九州大学産業大学情報処理センター広報誌). 71. 1-34 (1986)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 上領 英之: 会計. 1302. 194-212 (1986)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 水野 博志: 三田商学研究(慶応大学). 68-81 (1985)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 水野 博志: 商会論叢(福岡大学). 30-34. 443-463 (1986)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] H.Mizuno and D.E.Allen: 商学論叢(福岡大学). 32-2. (1987)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 水野 博志: 商学論叢(福岡大学). 33-1. (1988)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 市村 昭三: "日本経営財務研究学会編 資本構成理論の本質と体系 「現代経営財務の本質」" 中央経済社, 182 (1985)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 市村昭三 森昭夫 編著 立石義明執筆: "資本構成の基礎理論 「財務管理の基礎理論」" 同文舘, 352 (1986)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 村松 司叙: "合併・買収と企業評価" 同文舘, 300 (1987)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 村松 司叙: "合併・買収:その戦略と評価" 東洋経済新報社, 300 (1988)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 上領 英之: "薄価基準財務構造の基礎-会計的アプローチの深化と拡充-" 広島修道大学総合研究所(研究叢書NO.39), 255 (22)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] Shozo, Ichimura: "A Comparative Static Analysis of the Determinants of Corporate Capital Stiructure" Keizaigaku Kenkyu (Kyushu Daigaku). 49 No 4,5,6. 495-511 (1987)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Shozo,Ichimura: "The Measugnent of Capital Structure Trends of U.S.Conporations and ability of Existing Theories to Explain the Trends" Keizaigaku Kenkyu (Kyushu Daigaku). 53. 13-40 (1987)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Shinobu, Muramatsu: "Analysis of Merger effets,bascd upon financial data" Accounting. 38,No5. 60-69 (1986)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Shinobu, Muramatsu: "High yield bonds and the default rates" Journal of Industrial Management & Accounting. 47, No3. 10-18 (1987)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Shinobu, Muramatsu: "Take-over premiums and the stotk price" Security Analysis Journal. Feb.(1987)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Hiroshi Mizuno: "Re-examination of Tax Shelter-Bankruptcy Cost Model." Shogaku Ronso (Fukuoka Daigaku). 33,No.1. (forth Comisy) (1988)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] H.Mizuno and D.E. Allen.: "A Comparative Static Analysis of Corporate Capital Structure: Japanese Evideuce" Shogaku Ronso (Fukuoka Daigaku). 32.No.2. 21-45 (1987)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Yoshiro Yasuda: "An impricit Tax Rate of Corporate Bonds and Optimal Capital Structure" Sangyo Keizai Kenkyu (Kurume Daigaku). 28.No.1. 171-211 (1987)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Hideyuki Kamiryo: "Interrilationships between Income, Assets and Capital Structure -A Shift from Fixrd to Variable-" Shudo Shogaku. 28.No 1. 1-41 (1987)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Hideyuki Kamiryo: "Interrelationships between Growth Rates,Leverage, ARR. and I.R.R in the Financial Structure Using and Accounting Approach." Working Paper at Univ. of Lousisuiele. 21. 1-87 (1987)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Shinobu Muramatsu: Mergers and Acquisitions, and Corporate evaluation. Dobunkan, 300 (1987)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Shinobu Muramatsu: Mergers and Acquisitions. Strategies and Evaluations. Toyo Keizai Shinppo sha, 300 (1988)

    • Description
      「研究成果報告書概要(欧文)」より

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Published: 1989-03-30  

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