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Number of Access this item:345（2024-04-19 11:23 Counts）

Identifier to cite or link to this item: https://hdl.handle.net/10086/31114

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Title
リキャップCBを通じた資本調整行動とその決定要因
The Determinants of Recapitalization through Issuing Convertible Bond and Capital Structure Adjustment Behavior
Creator
Creator Name
塚原, 慎 塚原, 慎
Tsukahara, Makoto Tsukahara, Makoto
Affiliation
Affiliation Name
帝京大学
Creator Name
寺嶋, 康二 寺嶋, 康二
Terashima, Koji Terashima, Koji
Affiliation
Affiliation Name
千葉商科大学
Creator Name
積, 惟美 積, 惟美
Seki, Koreyoshi Seki, Koreyoshi
Affiliation
Affiliation Name
亜細亜大学
Key Word
最適資本構成
転換社債
自社株買い
裁量的行動
リキャップCB
Optimal Capital Structure
Convertible Bond
Repurchases
Discretionary Behavior
Recapitalization
Abstract
本稿の目的は，「リキャップCB」と呼ばれる特殊な資本政策を実施する企業の経済的動機を実証的に解明することにある。本稿の発見事項として，第1に，既存株主に対する配当を相対的に金額の小さい転換社債権者への支払利息に置き換えること，第2に，必ずしも企業価値の増大に直結しない，収益性指標をみかけ上改善すること，を目的として当該資本政策が実施されているという証拠が得られた。
We provide an empirical analysis concerning the determinants of capital structure adjustment behavior combining convertible bond issuance and share repurchases. The analysis suggests that there are two determinants: first, the replacement of dividends to existing shareholders with interest paid to convertible creditors in relatively small amounts, and second, the apparent improvement in profitability indicators that do not necessarily lead directly to an increase in corporate value.
Publisher
Management Innovation Research Center, School of Business Administration, Hitotsubashi University Business School
Issued Date
2020-04
Language
Japanese(jpn)
Resource Type
technical report
Version Type
NA
Is Part OfRelation -
Related Title
Working paper ; No. 233
Is Replaced ByRelation -
Related Identifier
HDL
  https://hdl.handle.net/10086/31152
Relation
Related Title
This version has been revised. The new version is available at https://hdl.handle.net/10086/31152.
Appears in Collections
Working Paper Series / Management Innovation Research Center
URL
https://hdl.handle.net/10086/31114