ファンド買収企業の株価及び長期業績に関する実証分析(セッション11【研究発表】)

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The examination of operating performance provides results that are in general consistent with the results regarding the announcement-associated abnormal returns. The positive market reaction to the buyouts is associated with some improvement in the operating performance, as far as the exit-group firms are concerned. The positive abnormal return is not only attributable to the expectation of takeover premium, but also to the expected improvement in the acquired firms' operating performance. The tests suggest the sources of value-enhancement can be attributed to more efficient use of asset, and reduction of operating costs. Meanwhile, there was no significant change in the acquired firms' R&D, capital investments, and employee wage and growth, which are considered as important in the long-term growth for the companies. The results suggest that the improvement in the profitability is not achieved at the expense of the firms' long-term growth opportunities. Some limitations of this study are worth noting. First, only a half or so of the sample buyouts in this study see the acquiring funds having "exited" from their investment in the acquired firms. To make a better informed conclusion requires a follow-up study on those cases still in the midst of commitment by the private equity funds. Also, even though there is little evidence in this study suggesting sacrifice of future prospects and transfer of wealth from the acquired firm's employees to shareholders, it is not clear about the impact on the bondholders. Further research is expected to shed more light to these issues.
経営行動科学学会の論文
2011-11-26

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国際教養大学

ファンド買収企業の株価及び長期業績に関する実証分析(セッション11【研究発表】)

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