親会社-上場関係会社間における合併

概要

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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.
2010-10-30