政府と既存キャリアの関係性の変遷と国際的な差異がM&Aに与えた影響

抄録

Major nations rushed to telecom liberalization and privatization of state owned carriers since 1980s. However, there are significant duration gaps between introduction of liberalization and completion of privatization between these nations. For example, UK had released whole government shares in early 1990s. On the other hand, the government still holds incumbent's shares at the end of 2012 in France, Germany and Japan. There are also significant variations among these nations in terms of implementation timing and degree of liberalization and privatization. Focusing on these domestic gaps and international variations of telecom policies, this study introduces a hypothesis that incumbent carriers' corporate behaviors and their co-opetition relationships with new entrants incur bias, depending on timing, degree and depth of liberalization and privatization. As a result, it is assumed there appear large variations in each incumbent carrier's size, corporate value, organizational structure and especially M&A activity.