日本語フィールド
著者：吉田 友紀題名：事業部門再編(スピンオフ・事業譲渡)の企業価値への影響発表情報：九州共立大学研究紀要 = Study journal of Kyushu Kyoritsu University 巻: 10 号: 2 ページ: 47 - 55キーワード：概要：In recent years, as one of business reorganizations, methods such as spin-off, carve-out, andbusiness transfer have been frequently adopted. In Japan, many corporate restructurings are withdrawingfrom unprofitable businesses as a result of diversification failures, and there are not many cases ofsplitting profitable divisions, but in the United States where maximizing shareholder value is the mostimportant. Even profitable companies are often able to make quick and optimal decisions by dividingbusinesses other than core businesses. In order to eliminate conglomerate discounts and appropriatelyevaluate each business, restructuring methods such as spin-off or business transfer are very useful.This paper focuses on business restructuring in the sense of increasing corporate value, not onreorganization in the sense of organizing businesses that are unprofitable sectors, and analyzes theeffects of spin-offs and business transfers on corporate value.The main conclusions are that the size of the company is maximized when the business istransferred, that the board does not always make socially efficient choices, and that the second businessunit can decide on the company to transfer. He said that the amount of the takeover debt would belarger than it would be if the transfer could be determined, and that those with a higher type of synergyeffect from the takeover debt would enjoy rent.抄録：英語フィールド
Author：Title：An Impact of Business Unit Restructuring (spin-off/business transfer) on Corporate ValueAnnouncement information: Vol: 10 Issue: 2 Page: 47 - 55An abstract：In recent years, as one of business reorganizations, methods such as spin-off, carve-out, andbusiness transfer have been frequently adopted. In Japan, many corporate restructurings are withdrawingfrom unprofitable businesses as a result of diversification failures, and there are not many cases ofsplitting profitable divisions, but in the United States where maximizing shareholder value is the mostimportant. Even profitable companies are often able to make quick and optimal decisions by dividingbusinesses other than core businesses. In order to eliminate conglomerate discounts and appropriatelyevaluate each business, restructuring methods such as spin-off or business transfer are very useful.This paper focuses on business restructuring in the sense of increasing corporate value, not onreorganization in the sense of organizing businesses that are unprofitable sectors, and analyzes theeffects of spin-offs and business transfers on corporate value.The main conclusions are that the size of the company is maximized when the business istransferred, that the board does not always make socially efficient choices, and that the second businessunit can decide on the company to transfer. He said that the amount of the takeover debt would belarger than it would be if the transfer could be determined, and that those with a higher type of synergyeffect from the takeover debt would enjoy rent.