IDEAS home Printed from https://ideas.repec.org/p/hit/hmicwp/233.html
   My bibliography  Save this paper

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

Author

Listed:
  • 塚原, 慎
  • Tsukahara, Makoto
  • 寺嶋, 康二
  • Terashima, Koji
  • 積, 惟美
  • Seki, Koreyoshi

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.

Suggested Citation

  • 塚原, 慎 & Tsukahara, Makoto & 寺嶋, 康二 & Terashima, Koji & 積, 惟美 & Seki, Koreyoshi, 2020. "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," Working Paper Series 233, Management Innovation Research Center, School of Business Administration, Hitotsubashi University Business School.
    • Handle: RePEc:hit:hmicwp:233
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hit:hmicwp:233. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Digital Resources Section, Hitotsubashi University Library (email available below). General contact details of provider: https://edirc.repec.org/data/mihitjp.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.