No. 2024-01ワーキング・ペーパー

Mergers and Acquisitions in Japan: An Exploration of Conglomerate Deals

要約

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"This essay delves into the evolving landscape of mergers and acquisitions (M&As) in Japan, with a particular focus on conglomerate deals. Despite the traditional preference for internal growth among Japanese firms, there has been an overall increase in M&A activities since late 1990s, including a noteworthy rise in conglomerate M&As post-2011. This study leverages the RECOF M&A Database to analyze market trends, deal haracteristics, and sector-level patterns from 2000 to 2021. The analysis highlights a significant increase in conglomerate M&As post-Global Financial Crisis, suggesting a strategic pivot towards diversification and risk mitigation amidst economic uncertainties. Moreover, the study reveals a distinct preference of conglomerate M&As for smaller-scale deals, particularly relevant for small and medium-sized enterprises (SMEs) navigating succession challenges. Sector synergy analysis further identifies specific sector pairs that demonstrate a proclivity for conglomerate deals. The findings open new avenues for future research in exploring the strategic rationales behind conglomerate M&As, their impact on economic resilience, and their potential in facilitating corporate transformations in Japan."

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著者名　　　ZHOU Lingfeng

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