親会社-上場関係会社間における資本関係の変化に関する実証研究

抄録

This paper studies the change of the capital relationship between a parent company and the publicly listed subsidiaries in Japan. A lot of Japanese firms tend to have a subsidiary which was listed on the stock market. In addition, the relationship is affected by a lot of factors and they have a variety of capital relationships with its subsidiaries as a result. For example, in 1996 SONY had 70.2% ownership of SONY Chemicals Corporation which is a subsidiary of SONY. However, SONY had 100% ownership as a result of a stock swap in 2000. Japanese firms change the capital relationship with the subsidiaries. This paper investigates how the capital relationship has changed over the past 20 years and what kind of factors affect the change. As a result of an empirical study, two facts are found. First, 30% of Japanese firms kept the capital relationship and the rest changed the relationship over the past 20 years. Especially, a lot of firms changed after 1995. Second, the corporate performance of a parent company tends to affect the change of the relation-ship. The parent company with a poor performance tends to sell a part of the ownership of a listed subsidiary for the purpose of corporate restructuring and hence the capital relationship change.