営業譲渡・譲受と成果の分配

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概要

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• Sales of all or substantially all assets are consummated not only to restructure corporations in financial difficulties but also to make businesses efficient. In the case of sales of assets synergistic effects could be produced as in the case of mergers or consolidations. As for the distribution of synergistic efects, there could be two basic theories. First, synergistic gains can be divided unequally, subject to the constraint that no invester be made worse-off by sales of assets. Second, synergistic gains should be divided fairly between the transferring corporation and the acquiring corporation in proportion to the contributiuon or the value of each corporation. But depending on the latter theory in the case of sales of assets will raise the question of determining how the amount of synergistic gains should be allocated to the acquiring and transferring corporations, because the fairness of evaluating the assets including good-will to be transferred and the value of each corporation and the synergistic effects is difficult to be practically realized. By taking it into account to entrust the specialists with examinining the evaluation of the good-will and the value of each corporation and the synergistic efects, the disclosure system that enables investers in the market to monitor how sinergistic effects to be divided to the transferring corporation are included into the consideration of the transaction should be legislated. However, it would be necessary to study the legal system which enables the transferring corporation to distribute the shares of stock of the acquiring corporation which the transferring corporation acquires as the consideration of the sale, to the shareholders of the transferring corporation in the following transaction, reduction of capital, because the allocation of synergistic effects could be realized through the increase of the value of the shares of stock of the acquiring corporation without the procedure of evaluating the synergistic effects. But this system has a limit, because to obtain the consents of the shareholders in each corporation which cannot be always expected is required.

• 滋賀大学の論文

著者

• 原 秀六

  滋賀大学経済学部

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