本論文は，買収対価の支払手段の違いが経営者の裁量行動にどのような影響を及ぼすかについて考察を行っている．本論文では，1999年10月に施行された

制度・移転制度後におよびTOB（現金取引）にてM&Aを行った298社（：買収企業123社，ターゲット企業80社，TOB：買収企業45社，ターゲット企業50社）をサンプルとして，比率決定日および買収アナウンス日前に利益増加型の利益調整を行っているかについて分析を行った．分析の結果，買収企業についてはを利用した企業のほうが交換比率決定日前の決算期に利益増加型の利益調整をしていることが明らかとなった．また，ターゲット企業についても一部統計的に有意でないものの買収企業と同様の結果が得られた．この結果から，比率を自社に有利なものにするために，経営者が利益増加型の利益調整を行っていることが示唆されている．

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　本稿の目的は，組織再編の公表に先立った経営者の利益調整行動と，株価形成との関連性について実証的に分析することにある。株式を対価とする組織再編では，比率や合併比率を有利に決定するため，経営者は交渉過程において，株価を意識した利益捻出を行う動機を有する。そして，実際に経営者が利益捻出を行っているのであれば，その後の会計期間では利益の反転が生じることが予想される。そのような利益捻出と反転効果は，短期的または長期的な株価形成にマイナスの影響を及ぼすであろう。本稿では，組織再編企業の公表前における裁量的発生高と，公表後における短期および長期の異常リターンとの関連性について分析を行った。その結果，組織再編企業の経営者が基本合意事項の公表前期に利益捻出をはかること，そして利益捻出が公表後の会計期間に利益の反転をもたらし，長期的な株価形成にマイナスの影響を及ぼすことを示唆する証拠を得た。

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This paper investigates why a parent company merges with publicly listed subsidiaries in Japan by focusing on the stock market reactions. A parent company may merge with the subsidiaries for corporate restructuring (the corporate restructuring hypothesis). In this case, a parent company changes some business units related to the parent company and the subsidiaries, which possibly enhances the wealth of the parent's shareholders. On the other hand, a parent company may merge to rescue subsidiaries with poor performance (the subsidiary rescue hypothesis). The wealth of the parent's shareholders does not increase if the parent company merges only to rescue such subsidiaries. As a result of empirical research, this paper has two main findings. First, the stock market does not react positively when a parent company announces parent-subsidiary mergers, which indicates that parent-subsidiary mergers do not enhance the wealth of the parent's shareholders. Furthermore, the reactions after 1999 are higher than those before 1999. Second, a parent company tends to merge with the subsidiaries with good performance after 1999, whereas a parent company tends to merge with the subsidiaries with poor performance before 1999. Over all, this paper finds evidence consistent with the subsidiary rescue hypothesis before 1999 and the corporate restructuring hypothesis after 1999.

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I. Legal Management

“Legal management” refers to the management of legal risks. There are many legal actions in the agricultural business, such as the acquisition of farmland, sales of crops, employment of employees, and M&A. Therefore, it is important to manage the legal risks in agricultural businesses. However, there are few cases of legal management in the agricultural business, although it is expected that many agricultural businesses will engage in legal management in the future.

II. M&A

There are two types of M&A : (a) acquisition of a company and (b) acquisition of a business.

(a) Acquisition of a company

There are three types of M&A for acquiring a company : transferring shares, mergers, and share exchange/share transfers. Transferring shares is the most popular type of M&A, in which only the shareholders of the company change. Two companies become one in a merger, and the effects are far-reaching. A share exchange/share transfer is a procedure that creates a parent-subsidiary relationship.

(b) Acquisition of a business.

There are two types of M&A for acquiring a business : a business transfer and a company split. A business transfer is an M&A transaction in which the business is acquired rather than the company. A company split is also a transfer of the company’s business, but it is an M&A that comprehensively transfers the assets and liabilities of the business. In addition, although not generally recognized as M&A, asset transfer, which is the transfer of assets for a business, may also produce the same effect as M&A.

The seller’s purpose in M&A of agricultural corporations is business succession, while the buyer’s purpose is to expand the business or enter a new agricultural business. However, the regulations of the Cropland Act are often an obstacle to the M&A of agricultural corporations. Due to the regulations of the Cropland Act and the complexity of M&A procedures, most M&A of agricultural corporations are business or asset transfers, and only in some cases are shares transferred. However, it is conceivable that other types of M&A, such as mergers, may be performed in the future for large-scale agricultural corporations.

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企業の合併や買収が、日本でも幅広い業種や業態の企業で実施されている。経営戦略の実践方法として、企業の合併や買収を活用する機会が増えているからである。また、組織再編をより実施しやすくするための法規制緩和や制度改正が頻繁に行われてきた。しかし、経営戦略に関する情報が的確にステークホルダーへ開示されているかは疑問視されている。そこで本研究では、企業が開示している損益計算書、貸借対照表、キャッシュフロー計算書の数値から経営指標を算出して分析を行い、日本企業で実施された組織再編の事象に財務特性が見られるかを考察した。

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Japanese corporate sector has continued to depress wages, while the current profits increased for the sixth consecutive year, and the dividends to shareholders reached their record levels in the consolidated financial statements at the end of March of 2008. This paper investigates the increased dividends to shareholders and depressed wages in the recent Japanese economy, from the viewpoint of the aims and consequences of the deregulation of M&A (mergers and acquisitions) activities since the late 1990s. Section 1 shows an increase in current profits, remuneration for directors and stock repurchases, along with stagnating wages, for firms with capital more than 1 billion yen, following the economic recovery of 2002, using the Financial Statements Statistics of Corporations by the Ministry of Finance. Section 2 investigates the deregulation of business activities under the pressure of the Japanese business circles and the United States. The Japanese business circles demanded the government to deregulate laws to promote concentration in core competence, aiming at overcoming the protracted recession and surviving the global competition. The United States demanded the Japanese government to lift the control on M&A activities through the cross-border share swap, as a way of promoting US direct investment in Japan. In line with these demands, the following deregulations were realized: the ban on pure holding companies was lifted in 1997; the share swap system and the share transfer system were introduced in 1999; the corporate divestiture system was introduced in 2001; the corporate law was revised to permit the cross-border triangular mergers in May 2007. Section 3 investigates the increased dividends to shareholders and depressed wages against the background of increased M&A activities. The above deregulations promoted M&A activities since 1997, with a rapid increase in M&A among domestic firms and in M&A of Japanese firms by foreign firms. Now that the ban on M&A through share swaps had been lifted, firms were forced to keep their stock prices up, emphasizing the return on equity. To this end, firms increased dividends to shareholders and implemented stock repurchases, with the help of stock options, while keeping wages at the same or lower level. This section shows that those industries with a higher percentage owned by foreign investors tended to have higher growth rate of total dividends relative to the growth rate of wages per capita, between 2001 and 2006, using the data from the Tokyo Stock Exchange and the Ministry of Finance. In conclusion, the deregulation of M&A activities since the late 1990s diversified the procedures for corporate restructuring and dividend payment, and affected the distribution of ownership of firms, with corporate management increasingly dependent on stock prices, and with employee wages kept at the same or lower level.

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本稿では、(1)欧米の周波数オークションやM&A戦略を振り返り、(2)その会計的な側面を整理した後、(3)通信キャリアの会計の比較を行なった。その結果、M&Aと周波数オークションによる無形資産の価値が巨額であることがわかった。国際財務報告基準いわゆるIFRS(International Financial Reporting Standards)は、M&Aや周波数オークションにおける事業計画上も大きな影響を与える。セグメント会計の管理が、その影響の解決方法のひとつとなるだろう。

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The Japanese commercial law that was enacted in 1899 has been revised frequently until today. The commercial law is the rule of the interest adjustment about the enterprise in the social system of the capitalism economy. Therefore, it is natural that the commercial law will be revised to cope with the change in the economic environment over that enterprise. I think that especially, in the territory of the corporation law, which regulates the corporation enterprise that is the main economic subject in the modern economic society, a revision must be necessarily made. Even if the whole of the company law changes by that revision, like the introduction of the American law in the commercial law revision in 1950, it should be made when the consistency with the usual commercial law theory is secured. The corporation law was never independent from the economic policy of each European country when the history of the revision of the corporation law in Europe was seen. But, as for the Japanese commercial law revision after the collapse of the bubble economy, especially as for the revision held continuously after 1997, there was a different place from the usual commercial law revision obviously. It was to give priority to more economic policy - like purposes than the logical consistency as a law in the contents and procedure of the revision. In this paper, I point out two problems of the Japanese commercial law revision after the collapse of the bubble economy. The first of those problems is to be too favorable legislation for the manager of the corporation, and the second is whether the legislation means of the member legislation was exercised suitably. And then, I show three points that will have to be revised from now on. First, the real enterprise combintion laws will have to be enacted. Next, the legislation corresponding to the scale of the corporation will have to be made. At the end, as for the large - scale public corporation, the relations between the corporation law, the accounting standard and the securities and exchange law will have to be adjusted.

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