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    Title: 日本IT企業のM&Aの矛盾
    Other Titles: The M&A contradiction of Japanese it companies
    日本IT企業M&A的矛盾
    Authors: 許君璞;Hsu, Chun-pu
    Contributors: 淡江大學日本研究所碩士班
    蔡錫勲;Tsai, Hsi-hsun
    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
    Date: 2006
    Issue Date: 2010-01-10 23:50:48 (UTC+8)
    Abstract: 近年日本IT企業夾帶著驚人的成長力大量興起,並以迅雷不及掩耳的速度對傳統或經營不善的企業進行購併。而這些IT企業多半是藉由在日本東京證交所Mothers市場上場後在成立後短短數年間籌措到大量的資金。
      2005年2月以營運入口網站為主的日本livedoor公司對具有歷史傳統的日本放送公司進行惡意收購一事與同年網路購物為主的企業樂天公司亦對TBS東京電視台進行股份收購等都在日本國內造成極大的話題。由於近年時價總額經營風潮的影響,使得成立只有十幾年或者只有幾年的新興IT企業得以擁有強力的資本能力。IT企業上市並在股票市場籌得資金進而對其他公司進行購併藉以提升企業知名度,由此股票價格便會再度升高並再籌得大量資金。livedoor公司的前社長堀江貴文即是利用此一循環對經營陷入困境的公司進行收購。喚起日本經營上固有問題的堀江社長當時甚至被譽為顛覆日本傳統的年輕武者。
    然而2006年初livedoor公司的經營陣由於疑似作假帳與不當會計行為等罪行被逮捕。該公司的時價總額從頂點時的9000億日圓跌落到10分之1的900億日圓,4月時更面臨了下市的命運。這一連串的事件與2000年恩隆案件和2001年的World.com的破產有異曲同工之妙等指責聲浪不斷。甚至有人將livedoor事件稱為「日本版的恩隆事件」。近年以股價上升為槓桿進行敵對買收的企業達到急速成長的另一面,為了防止股價跌落而將利益灌水的企業亦不在少數。而且以股價作為槓桿而進行買收的行為與日本舊有的M&A有相當大的差距。舊有的M&A並不是為了要產生綜效而是為了要對經營不善的企業伸出援手罷了。
    livedoor公司與樂天公司的買收行動是積極的、敵對的。也可以說是美式的經營手段對舊有的日本式經營的挑戰。而守護舊有傳統的日本社會除了表現強烈的反彈外,更應該對此一買收行動所喚起的問題進行深入的檢討。本論文即以日本市場為研究的中心,在分析過日本市場的特色後對能適應今後M&A潮流的日本企業進行探討。
    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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