戦前日本における会社支配権市場

―ターゲット企業の特徴と事後パフォーマンス―

抄録

This study was conducted to examine merger and acquisition (M&A) motivations and post-M&A performance in prewar Japan. More specifically, we analyzed the following points.

First, after brief introducing case studies of a target firm that was merged or acquired, the M&A motivations of each period were examined. Using the original dataset, we summarized the time of emergence and the industrial distribution of mergers and block holdings.

Second, we conducted an empirical analysis of target firms. Analysis results showed that not only low-performance firms, but also high-growth firms were targeted for corporate mergers. However, as for block holdings, high-debt-ratio firms tended to be acquired. Firms with owners having a high shareholding ratio had low probability of being targeted, which indicates the existence of entrenchment.

Third, management turnover ratio after block holdings was examined. Compared to firms paired with a firm of a similar industry and of similar size, we found that target firms with low performance had a significantly high management turnover ratio.

Last, we examined whether performance improvement occurred in target firms after M&A. Verification results showed profitability improvement for acquired firms. Additionally, we identified factors leading to improvement and clarified that target firms which underwent management turnover were improved to a level equivalent to industry average performance. In addition, firms that were acquired by zaibatsu exceeded industry average performance.

Based on the results presented above, in terms of high management turnover ratio of acquired firms with low performance and high debt ratio, we concluded that an effective market exists for corporate control in prewar Japan.