The criteria of financial behavior of the management buy-out

Research Project

Project/Area Number	12630135
Research Category	Grant-in-Aid for Scientific Research (C)
Allocation Type	Single-year Grants
Section	一般
Research Field	Business administration
Research Institution	TOYO UNIVERSITY
Principal Investigator	OGURA Yasuhiro Faculty of Business Management, TOYO UNIVERSITY, Professor, 経営学部, 教授 (40058144)
Co-Investigator(Kenkyū-buntansha)	KAKIZAKI Youichi Faculty of Business Management, TOYO UNIVERSITY, Associate Professor, 経営学部, 助教授 (40120331)
Project Period (FY)	2000 – 2001
Project Status	Completed (Fiscal Year 2001)
Budget Amount *help	¥1,600,000 (Direct Cost: ¥1,600,000) Fiscal Year 2001: ¥700,000 (Direct Cost: ¥700,000) Fiscal Year 2000: ¥900,000 (Direct Cost: ¥900,000)
Keywords	MBO / MBI / the cost of capital / the value of the firm / Corporate Restructuring / the groth of the firm / マネジメント・バイアウト / 企業価値評価 / MBO(マネジメント・バイ・アウト) / 事業再構築 / 社内ベンチャー / ベンチャー・キャピタル / 株式公開
Research Abstract	In this research we clarified the criteria of financial behavior of the management buy-out(MBO). The following is the contents of the research. 1 We clarified the definition of MBO by management approach. Especially we clarified that MBO has the implication of managerial financial policy in relation to the restructuring of Japanese Corporation and the value creation of the firm. 2 The criteria of financial behavior of MBO request the concept the cost of the capital. The accurate measurement of the cost of capital is very important. We clarified that we selected MBO projects through the application of the cost of capital. 3 There is a relation between MBO and MBI (management buy-in).And so, management form the main constituency of that corporation. 4 We clarified the image of manager and the management idea of MBO. 5 We clarified the present analysis of MBO and the future management affairs of MBO. Especially we clarified the necessities of corporate financing of MBO and MBI. We consider that the action guide of Venture Capital and Investment Corporation is very important in MBO policy.