齋藤達弘 : 三條機械の MBO とアクティビスト ファンド 171 三條機械の MBO とアクティビスト ファンド 齋藤達弘 2011 12 2 MBO MBO 50 20 MBO 1. MBO Management Buyout MBO 2014 2015!! 0.3kg 4 (C) 23530431
172 新潟大学経済論集第 99 号 2015-Ⅰ 1 2008 4 2011 3 3 1,000 2 2008 2 15 2011 12 2 1 4 MBO 23 12 2 MBO 1 076 1999 11 1 http://www.oonishi.com/076sanjo-kikai.html 2 2014 3 2014 4 840 3
齋藤達弘 : 三條機械の MBO とアクティビスト ファンド 173 1 2011 11 21 2011 12 16 11 21 202 0 1,000 11 22 11 24 200 3,000 11 25 200 0 5,000 11 28 11 29 202 1,000 11 30 12 1 203 7,000 12 2 199 4 2,000... 12 5 249 + 50 1,000 12 6 329 + 80 11,000 12 7 409 + 80 6,000 12 8 466 + 57 1,090,000 1,090,000 12 9 465 1 353,000 1,443,000 12 12 466 + 1 714,000 2,157,000 12 13 466 0 192,000 2,349,000 12 14 466 0 59,000 2,408,000 12 15 466 0 67,000 2,475,000 12 16 466 0 97,000 2,572,000 1 12 2 12 5 12 2 12 5 4 TOB 468 466 1956 4 1961 11 2 2 50 MBO
174 新潟大学経済論集第 99 号 2015-Ⅰ 3 2015 MBO 4 (1) (2) (3) MBO 50 20 MBO 2014 2 MBO 3 MBO 4 5 MBO 6 MBO 7 MBO 8 DE 1 1 9 2. MBO MBO 2011 1 MBO MBO Shleifer and Vishny 1988 Renneboog and Simons 2005 1 MBO 1 2011 11 8 200 75% 25% 2 3 2011 12 3 4 2015 MBO (1) (2) (3) (1) (3) (1) (2) (2) (3) (1) (3)
齋藤達弘 : 三條機械の MBO とアクティビスト ファンド 175 1 200 75 2 TOB 1 75 5 2 TOB 2011 12 2 5 mezzanine 2 1 2
176 新潟大学経済論集第 99 号 2015-Ⅰ 3 1 MBO http://www.dbj.jp/service/invest/lbo_mbo/index.html 23 12 2 6437 2 TOB 9,955,000 23 9 30 15,058,152 66.11% 9,955,000 15,058,152 124,870 14,933,282 14,933 3 2 9,956 1,000 1 9,955 3 2 TOB
齋藤達弘 : 三條機械の MBO とアクティビスト ファンド 177 The SFP Value Realization Master Fund Ltd. SFP SFP 3,496,000 23.22% 23 12 1 SFP 2011 102 MBO TOB TOB MBO TOB TOB MBO 23 12 1 23 12 2 3 24 8 23 24 24 9 25 MBO TOB 995 5000 468 69 8830 7976 12 5 12 1 23 50 100 700 2011
178 新潟大学経済論集第 99 号 2015-Ⅰ 2 MBO 2012 1 12 18 MBO MBO 2001 2011 16 MBO 2001 8 2 4 2003 12 2 2005 3 1 1 MBO 6 MBO 2 2005 1 MBO 2005 1 2006 1 2009 2 2011 2005 2011 10 15 MBO 80 2011 2 22 7 2012 1 12 MBO (i) (ii) (iii) (i) Leuz 2007 2015 (ii) 6 http://www.esri.go.jp/jp/mer/benkyoukai/051004-1.pdf 7 http://jp.reuters.com/article/businessnews/idjpjapan-19663920110222
齋藤達弘 : 三條機械の MBO とアクティビスト ファンド 179 (iii) MBO 3. 1938 12 1942 7 1945 11 1 1942 7 2 1970 5 52 1942 10 3 1985 6 62 1976 11 4 1991 6 59 1989 9 5 1999 6 65 6 2004 6 62 7 2011 6 68 4 5 2 1985 5 29
180 新潟大学経済論集第 99 号 2015-Ⅰ % 70 60 50 40 30 20 10 0 Tabacco Forging 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 3 1985 3 18.1% 11.9% 30.0% 3 1985 1989 3 30% 1995 3 10% 10% 40% 70% 1990 4 1990 6 1991 6 3 1985 6 1996 3
齋藤達弘 : 三條機械の MBO とアクティビスト ファンド 181 4 8 1999 4 1 1992 7 3 2 5 1999 6 2002 2004 4 2005 1999 2004 5 2 3 48 2 10 2000 2004 6
182 新潟大学経済論集第 99 号 2015-Ⅰ 2 2003 3 8 8 149 2004 7 1 http://www.oonishi.com/149sanjo.html
齋藤達弘 : 三條機械の MBO とアクティビスト ファンド 183 3 2006 3 2007 3
184 新潟大学経済論集第 99 号 2015-Ⅰ 4 2011 3 2005 3
齋藤達弘 : 三條機械の MBO とアクティビスト ファンド 185 9 1 2006 2 2007 3 3 2006 3 2007 3 2011 12 2 MBO 2.97% 2008 3 2009 3 2007 6 7 3 7 58 MBO 9 2 2009 6 2007 6 7 3 2011 6 68 4 2011 3 5 2011 6 2008 12 60 9 9 2011 3
186 新潟大学経済論集第 99 号 2015-Ⅰ 3 2006 3 4.14% 5 3 5% MBO 4. 2011 6 MBO 1 3 150 1995 1996 2009 2010 1995 3 37 1995 5 23 JT 2013 6 21
齋藤達弘 : 三條機械の MBO とアクティビスト ファンド 187 5 10 0 General Machinery including Tabacco Forging Die % 10 20 30 40 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 6 General Machinery including Tabacco JT Forging 2 4 Die 3 1995 1985 1994 10% 10 1995 11 21 10 023 1995 12 1 http://www.oonishi.com/023sanki.html
188 新潟大学経済論集第 99 号 2015-Ⅰ 7 30 Honda Suzuki 20 % 10 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 8 8 36 8 70 1998 3 9 2,000 11 10 11 076 1999 11 1 http://www.oonishi.com/076sanjo-kikai.html
齋藤達弘 : 三條機械の MBO とアクティビスト ファンド 189 1.0 % 0.5 0.0 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 9R&D intensity = 2004 2008 5 6 2008 2004 2009 2005 2007 1 2008 2009 25% 16% 35% 2008 2009 7 8 2004 8 6 1995 3 37
190 新潟大学経済論集第 99 号 2015-Ⅰ 9 2000 4 1991 2009 6 8 2009 3 MBO 5. MBO 2006 12 12 MBO The SFP Value Realization Master Fund Ltd Symphony Financial Partners SFP SFP 13 SFP SFP Value Realization Fund SFP 1990 David Baran 2000 14 18 M&A David Baran proprietary trading GCI GCI Global View 2008 6 9 SFP 12 Becht, Franks, Mayer, and Rossi 2009 Brav, Jiang, and Kim 2009 2015 Brav, Jiang, Partnoy, and Thomas 2008 Gillan and Starks 2007 Gantchev, Gredil, and Jotikasthira 2014 Klein and Zur 2009 2008 2014 13 http://symphony-fp.com.sg/ 14 http://www.fromhc.com/interview2/2010/01/post-5.html
齋藤達弘 : 三條機械の MBO とアクティビスト ファンド 191 5 EDINET : E08950 2009 135 11.27% 5.57% 167 11.55% 6,475 8.03% 1,433 16.38% 1,183 12.29% 360 13.52% 3,778 7.35% 1,323 13.25% 730 7.67% 761 16.78% 1,485 9.78% 2,315 7.64% 597 10.42% 5,347 7.40% 2,830 6.61% 310 5.64% 2,183 6.52% 269 8.43% 1,986 4.43% 621 4.45% 468 6.75% 836 15.87% 3,959 16.03% 1,597 13.72% 1,054 5.44% 623 4.58% 696 5.30% 500 2009 7 9 EDINET 15 SFP Symphony Financial Partners SFP 2005 3 1 2 1 SFP 2005 6 1 4 2009 2 SFP 2009 3 5 15 http://www.gci.jp/report/pdf/gv080609.pdf
192 新潟大学経済論集第 99 号 2015-Ⅰ 6 EDINET : E08950 4 5% 5% 5 27 23 1 1% 5 27 25 1 # # 2006 12 22 2006 12 28 # # 2006 12 22 5.47 2006 12 25 2006 12 28 981,000 6.51 562 2007 1 30 2007 2 6 1,138,000 157,000 7.56 625 2007 2 21 2007 2 28 1,292,000 154,000 8.58 605 2007 3 20 2007 3 28 1,443,000 151,000 9.58 595 2007 4 27 2007 5 9 1,600,000 157,000 10.63 604 2007 5 23 2007 5 29 1,783,000 183,000 11.84 625 2007 5 31 2007 6 7 2,024,000 241,000 13.44 663 2007 6 11 2007 6 19 2,180,000 156,000 14.48 695 2007 6 22 2007 6 29 2,352,000 172,000 15.62 769 2007 7 30 2007 8 6 2,513,000 161,000 16.69 690 2007 9 26 2007 10 3 2,667,000 154,000 17.71 637 2008 8 19 2008 8 26 2,818,000 151,000 18.71 411 2009 1 13 2009 6 29 2,906,000 88,000 19.30 222 2009 7 21 2009 7 28 2,974,000 68,000 19.75 192 2009 11 18 2009 12 10 3,040,000 66,000 20.19 170 2010 6 3 2010 6 10 2,945,000 95,000 19.56 174 2010 8 24 2010 8 31 2,359,000 586,000 15.67 155 2010 11 19 2010 11 26 2,438,000 79,000 16.19 142 2010 12 14 2010 12 21 2,642,000 204,000 17.55 166 2011 1 12 2011 1 19 2,798,000 156,000 18.58 200 2011 7 29 2011 8 5 2,959,000 161,000 19.65 205 2011 9 2 2011 9 9 3,111,000 152,000 20.66 207 2011 10 5 2011 10 13 3,332,000 221,000 22.13 208 2011 10 28 2011 11 7 3,485,000 153,000 23.14 227
齋藤達弘 : 三條機械の MBO とアクティビスト ファンド 193 10 10 http://www.nikkei.com/ 15 billion yen 10 5 0 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 11 SFP 50 15 25% MBO 16 David Baran 16 http://jp.wsj.com/articles/sb10001424052702304461804579346151034479662
194 新潟大学経済論集第 99 号 2015-Ⅰ 1 20% 1 200 300% 3 4 17 18 Brav, Jiang, and Kim 2009 Jensen 1986 cash-cows SFP 5 MBO 2 2009 7 9 David Baran 10% 19 2006 10 2009 3 2010 5 MBO 2010 12 TOB 2011 3 GCI GCI Global View 2008 6 9 Atlantic (Atlantic Investment Management) 17 http://www.fromhc.com/interview2/2010/01/post-5.html 18 Gompers, Kaplan, and Mukharlyamov 2015 MOIC Multiple On Invested Capital gross IRR Internal Rate of Return CFO Graham and Harvey 2001 CEO Graham, Harvey, and Puri 2015NPV Net Present Value division gut feel human element 19 http://jp.wsj.com/articles/sb10001424052702304461804579346151034479662
齋藤達弘 : 三條機械の MBO とアクティビスト ファンド 195 David Baran JSOX IFRS 20 SFP 6 SFP SFP 2006 12 22 5.47% 10 2006 12 500 600 2006 12 28 981,000 SFP 2006 12 15 25 10 23 1,000 75 2006 12 28 1 495 10 SFP 2005 2007 SFP 2007 10 3 17.71% David Baran 3 21 2007 11 20 SFP 2007 10 SFP 11 SFP 2007 2004 2007 SFP 2 3 2007 2 2008 9 6 SFP 2009 12 2009 12 10 1 20 http://www.fromhc.com/interview2/2010/01/post-5.html 21 http://jp.wsj.com/articles/sb10001424052702304461804579346151034479662
196 新潟大学経済論集第 99 号 2015-Ⅰ 7 2011 MBO http://delisting.info/2011/index.html#tob TOB % 1 3 6 1 7 1 17.20 26.10 22.20 1993 1 31 JASDAQ 30.60 43.40 43.10 2001 2 2 2 68.10 89.80 93.80 2006 2 3 CCC 1 27.80 35.30 48.20 2000 2 4 1 38.80 41.80 35.60 2004 2 7 JASDAQ 43.90 48.10 47.10 1997 3 4 JASDAQ 47.00 46.60 44.30 2001 7 8 JASDAQ 79.60 78.70 77.10 2004 7 29 1 63.40 65.10 47.40 1991 8 8 JASDAQ 32.00 29.20 33.80 2007 8 30 2 101.53 67.20 52.10 1961 8 30 2 56.00 46.70 40.00 1961 9 2 1 49.50 44.20 35.20 2002 9 15 RH JASDAQ SBI 45.50 40.70 35.50 1989 9 16 2 67.20 59.20 51.40 1992 10 21 JASDAQ 50.80 41.60 47.20 1999 11 7 JASDAQ 55.80 36.40 27.70 1995 12 2 2 123.90 123.90 136.40 1956 12 5 26.00 34.00 38.00 2004 12 16 1 67.50 61.00 55.60 1989 12 20 JASDAQ 107.60 102.50 92.90 1988 554 170 300 11 5,000 SFP 2010 20.19% 15.67% 2011 11 23.14% 2011 11 7 1 477 227 349 8 7,000 7 2011 MBO TOB 2007 8 9 7 2011
齋藤達弘 : 三條機械の MBO とアクティビスト ファンド 197 MBO SMBC 7 SMBC 21 9 TOB MBO SMBC 23 11 30 1 212 3 209 1 209 212 455 479 DCF 1 420 510 SMBC 23 12 2 468 SFP TOB 1 TOB SFP SFP TOB 50% 3 7 136% 22 MBO 2011 12 2 3 SFP 2011 10 28 2011 11 6. MBO 2012 1 24 MBO 22 http://jp.wsj.com/articles/sb10001424052702304461804579346151034479662
198 新潟大学経済論集第 99 号 2015-Ⅰ 2011 12 5 2012 1 23 14,172,394 66 96.45% 14,173 3.55% 2011 72 73 MBO MBO 23 2007 MBO (1) (2) (3) (4) (5) MBO 2007 (1) (5) 2007 MBO MBO 36
齋藤達弘 : 三條機械の MBO とアクティビスト ファンド 199 IFRS 2011 3 79 105 46 2004 1988 4 1 1:0.3 320 3,300,000 10 5,600 5 5,000 10 8,700 2 1989 9 7 25 1,155 1991 3 15 2,500 SFP 2007 3 19 15 13 17 19 15 SFP
200 新潟大学経済論集第 99 号 2015-Ⅰ SFP 6 2007 5 SFP 10% 2007 11 20 SFP 2011 3 6 SFP 2007 3 SFP 2007 2007 10 17.71% SFP 700 200 2010 6 8 11 2011 8 10 18% 23% SFP MBO 2011 11 2011 12 2 MBO 2011 8 SFP 8 SFP GCI Global View 2008 6 9 SFP 2011 8 SFP MBO SFP 2011 1 19 1 539 8 10 10 2011 11 7 1 477 8 200 1
齋藤達弘 : 三條機械の MBO とアクティビスト ファンド 201 SFP TOB 2007 11 20 SFP MBO 2011 6 MBO MBO MBO 2012 1 24 23 TOB SFP SFP 476 468 TOB SFP TOB SFP TOB SFP TOB M&A SFP TOB SFP TOB 2009 SFP SFP TOB 1 SFP SFP TOB 24 23 http://m-advisers.jp/blog/category/ma_news/ 24 MBO 2015 4
202 新潟大学経済論集第 99 号 2015-Ⅰ 3 Market to Book Ratio 2 1 0 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 12 Market to Book MB 4 5 62.4 25 MBO MBO MBO 12 Market to Book MB MB 1992 1 1998 PBR 1 1 20 2011 9 1 750 TOB 468 1 750 309 8 TOB 468 309 2011 12 2 MBO MBO 25 http://www.tosyodai.co.jp/topics/nakamura/040/index.html
齋藤達弘 : 三條機械の MBO とアクティビスト ファンド 203 15 25 MBO Maruti Suzuki 8 7. MBO 2012 6 29 26 MBO MBO 2012 3 2014 3 1 6 8 2011 3 1 1 2 3 6 MBO 4 DE 5 2012 3 2013 3 MBO 38 6,000 72 800 38 51 68 45 2012 2 24 26 http://www.sanjokikai.co.jp/kessan/ir-image/dkoukoku0629.pdf
204 新潟大学経済論集第 99 号 2015-Ⅰ MBO 2014 3 1 3 5,000 10 27 8 28 MBO 2012 3 2,600 2013 3 4,700 7,300 MBO 3 MBO 8. MBO 2012 4 23 MBO SFP SFP SFP 29 27 1.3% 28 2014 10 30 2015 4 8 2 29 2012 2 9 2011 50 33% IPO
齋藤達弘 : 三條機械の MBO とアクティビスト ファンド 205 MBO MBO SFP 1980 30 1980 SFP 2007 7 MBO MBO MBO MBO 2008 3 2005 2014 2014 David Baran MBO SFP MBO 30 http://jp.wsj.com/articles/sb10001424052702304461804579346151034479662
206 新潟大学経済論集第 99 号 2015-Ⅰ 50 2014 2 20 billion yen 15 10 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1 1.5 1.0 billion yen 0.5 0.0 0.5 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2
齋藤達弘 : 三條機械の MBO とアクティビスト ファンド 207 10 % 5 0 2 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 3 20 Shareholders Equity Liabilities billion yen 10 0 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 4 3 Debt / Equity Ratio 2 1 0 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 5 Debt to Equity DE 5 billion yen 4 3 2 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 6
208 新潟大学経済論集第 99 号 2015-Ⅰ 7 5 4 billion yen 3 2 1 0 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 8 9 1 2008 2008 2 56 66 2015 MBO Discussion Paper No. 14-2 2011? MBO WIASDiscussion Paper No. 2010-007 2007
齋藤達弘 : 三條機械の MBO とアクティビスト ファンド 209 MBO 2011 MBO 2014 2014 5 56 68 2009 No. 26 49 66 2015 MBO 211 3 17 33 2004 " 48 33 48 2009 Becht, Marco, Julian Franks, Colin Mayer, and Stefano Rossi, 2009, Returns to shareholder activism: Evidence from a clinical study of the Hermes UK Focus Fund, Review of Financial Studies 22, 3093 3129. Brav, Alon, Wei Jiang, and Hyunseob Kim, 2009, Hedge fund activism: A review, Foundations and Trends in Finance 4, 185 246. Brav, Alon, Wei Jiang, and Hyunseob Kim, 2015, The real effects of hedge fund activism: Productivity, asset allocation, and labor outcomes, Working Paper, Duke University, Columbia University, and Cornell University. Brav, Alon, Wei Jiang, Frank Partnoy, and Randall Thomas, 2008, Hedge fund activism, corporate governance, and firm performance, Journal of Finance 63, 1729 1775. Gillan, Stuart L., and Laura T. Starks, 2007, The evolution of shareholder activism in the United State, Journal of Apllied Corporate Finance 19, 55 73. Gompers, Paul, Steven N. Kaplan, and Vladimir Mukharlyamov, 2015, What do private equity firms say they do? NBER Working Paper No. 21133. Graham, John R., and Campbell R. Harvey, 2001, The theory and practice of corporate finance: Evidence from the field, Journal of Financial Economics 60, 187 243. Graham, John R., Campbell R. Harvey, and Manju Puri, 2015, Capital allocation and delegation of decision-making authority within firms, Journal of Financial Economics 115, 449 470. Jensen, Michael C., 1986, Agency cost of free cash flow, corporate finance, and takeovers, American Economic Review 76, 323 329. Nickolay Gantchev, Oleg Gredil and Chotibhak Jotikasthira, 2014, Governance under the gun: Spillover effects of hedge fund activism, Working Paper, University of North Carolina at Chapel Hill. Klein, April, and Emanuel Zur, 2009, Entrepreneurial shareholder activism: Hedge funds and other private investors, Journal of Finance 64, 187 229. Leuz, Christian, 2007, Was the Sarbanes-Oxley Act of 2002 really this costly? A discussion of evidence from event returns and going-private decisions, Journal of Accounting and Economics 44, 146 165. Renneboog, Luc, and Tomas Simons, 2005, Public-to-private transactions: LBOs, MBOs, MBIs and IBOs, Working Paper, McKinsey & Co. Inc. and Tilburg University. Shleifer, Andrei, and Robert W. Vishny, 1988, Management Buyouts as a response to mar-
210 新潟大学経済論集第 99 号 2015-Ⅰ ket pressure, in A. Auerbach, ed.: Mergers and Acquisitions (University of Chicago Press, Chicago, IL), 87 102.