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リキャップCB実施のアナウンスメント効果, Market Reaction to Announcement of “Recap CB” implementation


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


本研究の⽬的は,リキャップCBと呼ばれる特殊な資本政策の実施が株式投資家に及ぼす影響を実証的に調査することにある。リキャップCBは,実質的な増資と減資の組み合わせであるといえることから,それぞれの資本政策を単独で実施した場合とは,株式投資家の反応が異なる可能性がある。本稿ではイベント・スタディの⼿法を⽤い,リキャップCBの実施公表イベントが累積超過株式リターン(Cumulative Abnormal Return: CAR)に及ぼす影響について検証を⾏っている。検証の結果,リキャップCBの実施公表に対し,サンプル全体としては統計的に有意な正または負の反応は⾒られなかったものの,リキャップCBを実施する際に発⾏企業側に説明を要請した東京証券取引所(2017)公表以降の実施サンプルに限定すると,株式投資家は平均的に負の反応を⽰していることがわかった。このことは,リターンに関するその他の決定要因をコントロールした上で実施した重回帰分析の結果によっても⽀持されており,当該期間においては,リキャップCBの実施が必ずしも企業価値向上に結びつかず,⽬標とするROE⽔準の達成などの機会主義的な⽬的のために⾏われていると株式投資家が認識していることを⽰唆している。, The purpose of this study is to empirically investigate the announcement effects of a special capital policy called "Recap CB" on stock investors. Since “Recap CB” can be said to be a combination of a substantial capital increase and a capital reduction, the reaction of stock investors may be different from that of the case where each capital policy is implemented alone. In this paper, we use an event study approach to examine the effect of public announcements of recapitalization on Cumulative Abnormal Return (CAR). As a result of the verification, we found that although there was no statistically significant positive or negative reaction to the announcement of the implementation of “Recap CB” for the sample as a whole, equity investors showed negative reactions on average when the sample was limited to the implementation after the announcement of Tokyo Stock Exchange (2017), which requested issuing companies to explain the implementation of “Recap CB”. This is also supported by the results of the multiple regression analysis after controlling for other determinants of returns. The results suggest that equity investors perceive that the implementation of recap CBs does not necessarily lead to the enhancement of corporate value in the period under review, but is done for opportunistic purposes such as achieving the target ROE level.

Suggested Citation

  • 積, 惟美 & Seki, Koreyoshi & 塚原, 慎 & Tsukahara, Makoto & 寺嶋, 康二 & Terashima, Koji, 2020. "リキャップCB実施のアナウンスメント効果, Market Reaction to Announcement of “Recap CB” implementation," Working Paper Series 239, Management Innovation Research Center, School of Business Administration, Hitotsubashi University Business School.
  • Handle: RePEc:hit:hmicwp:239
    Note: 『帝京経済学研究』第54巻第2号に掲載のため、論文データ(PDF)を取り下げ。[2021/6/8], Withdrawn due to publication. [Jun. 8, 2021]

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