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|Other Titles: ||The M&A contradiction of Japanese it companies|
|Authors: ||許君璞;Hsu, Chun-pu|
|Keywords: ||時價總額經營;M&A;IT企業;livedoor;SoftBank;Market Capitalization;M&A;IT Companies;livedoor;SoftBank;時価総額;M&A;IT企業;livedoor;SoftBank|
|Issue Date: ||2010-01-10 23:50:48 (UTC+8)|
IT companies in Japan thrived in these years and tookover many traditional corporations rapidly by using the money raised from the capital market, mainly in Tokyo Stock Exchange, after they were listed in few years.
livedoor, an Internet service provider that runs a Web portal and numerous other businesses in Japan, launched its hostile takeover aiming at the traditional broadcasting company and have been widely discussed. Due to the prosperity of internet business, the young IT companies got quick and easy money from investors and bought other companies to gain celebrity and more money from capital market. Takafumi Horie, the ex-CEO of livedoor, who used this “money cycle” continuously to buy more companies, was called the “Young Samurai” in the revolution of Japan business model.
However, the CEO was under arrest and accused of accounting fraud in the beginning of 2006. The market value of livedoor slumped from 900 billion to 90 billion Yen and the company was delisted from the Tokyo Stock Exchange at April. This financial scandal was very similar with the bankruptcies of Enron in 2000 and Worldcom in 2001. Livedoor was also considered as “Enron in Japan”.
On the one hand, there are companies that gained a rapid grow from merging activities by boosting their stock prices. On the other hand, companies that cooked their books to struggle their stock prices also existed in the real world. The leverage buyout makes a big difference from the traditional Japan-style M&A, which is on the purpose of saving businesses in bad condition.
The takeover bid initiated by livedoor was offensive and hostile. It’s also regarded as a challenge to traditional Japan management style. Except for showing a stout resistance, the Japan society should have took a deeper look into the problems caused by the takeover actions. So this research focuses on the Japan companies that survived from the M&A tides, and the characters of the Japan market as well.
|Appears in Collections:||[日本研究所] 學位論文|
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