Takeover measures and ownership structure of target firms

目标公司收购措施及股权结构

• 批准号: 21530179
• 负责人: KOBAYASHI Mami
• 金额: $ 2.66万
• 依托单位: Kinki University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (C)
• 财政年份: 2009
• 资助国家: 日本
• 起止时间: 2009 至 2011
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-21530179/
• 关键词: ミクロ経済学; コーポレート・ファイナンス; 市場リスク; 金融機関; レポ市場; 流動性; 有担保負債; 資本構成; 企業買収; 株式保有割合; 相対交渉; 公開買付; ブロック・プレミアム

The first and main research shows that the size of a toehold which is accumulated by a potential acquirer of a target firm depends on the inside ownership concentration of the firm, a ratio of the value of synergy created by the merger to the destroyed value by the takeover defense, and the threshold of the size of a toehold which is specified under a disclosure rule. The results shed additional lights on the decisions of the acquirer on the size of a toehold and the allocation of control right of the target firm in equilibrium.The second research analyzes the mechanism of which the market risk affects the investment decisions of a bank. Considering a bank which finances itself through a repo market, the research shows that the credit risk of the bank increases with the market risk. This research also shows the mechanism in which the bank terminates its investment in the midst of the investing project if the future liquidity in the market of the collateral asset is anticipated to be reduced by the bankruptcy of the bank.

第一个也是主要的研究表明，目标公司的潜在收购者所积累的立足点的大小取决于该公司的内部股权集中度，即合并所创造的协同价值与合并所破坏的价值的比率。收购防御，以及披露规则规定的立足点大小阈值。研究结果进一步揭示了均衡时收购方对目标公司的立足点规模和控制权配置的决策。第二个研究分析了市场风险影响银行投资决策的机制。考虑到一家通过回购市场为自己融资的银行，研究表明银行的信用风险随着市场风险的增加而增加。本研究还揭示了如果预计抵押资产市场的未来流动性因银行破产而减少，银行在投资项目进行中终止投资的机制。

项目成果

Toehold Strategy in Negotiated Transfer of Corporate Control under a Disclosure Rule

披露规则下企业控制权谈判转让的立足点策略

• 发表时间: 2012
• 期刊: 近畿大学経済学部Working Paper Series
• 作者: Matsumoto;A.;et.al;Mami Kobayashi
• 通讯作者: Mami Kobayashi

Market Liquidity and the Capital Structure of Financial Institutions

市场流动性与金融机构资本结构

• 发表时间: 2010

Financial Contagion through a Repo

通过回购协议传播金融危机

• 发表时间: 2011

Financial Contagion through the Repo

通过回购协议蔓延的金融危机

• 发表时间: 2012
• 期刊: 近畿大学経済学部Working Paper Series
• 作者: Matsumoto;A.;et.al;Mami Kobayashi;小林磨美
• 通讯作者: 小林磨美