日本企業における純粋持株会社形態の採用と株式市場の評価 : カンパニー制との比較における純粋持株会社形態の経済的機能

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Recently there have been lots of discussions about functions that would be enabled by taking the pure holding company system. However, it is said that other systems such as "company-form company system" also substitute for these functions. Then, we have a question whether there are any special functions that are given only by taking the pure holding company system. In this paper, we compare the functions of pure holding company system to those of "company-form company system" which became famous by adopted in Sony co. ltd. in 1994 and examine whether there are any difference between the functions that are given by each system. To be concrete, we employ an event study approach using stock exchange market reactions. This reaction is measured by stock price change when companies announce the information of planing or adopting the above systems. As a result, we reach two findings. First of all, the less performance of their parent companies are, the higher value stock market put on both systems. In fact, after the announcement, these companies' stock price goes high. This result shows that the market regards that both systems are useful to urge their parent companies to restructure their low business fields. Second, to the group to be the pure holding companies system, the less performance of parent companies compare to consolidate performance, the higher value stock market put on. On the other hand, there is no significant reaction like that to the group which will be the company-form companies. Then, it shows that the market regards that adopting the pure holding company system will not only improve a parent company's performance but also urge to restructure in all companies which belong to the group. It is clear that this is a crucial different function in both systems.
2001-07-10

著者

大坪稔
佐賀大学経済学部

日本企業における純粋持株会社形態の採用と株式市場の評価 : カンパニー制との比較における純粋持株会社形態の経済的機能

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