◊✲ࣀ࣮ࢺ୰ᅜ௻ᴗ࡟ࡼࡿᅜ㝿 M&A ࡢ≉ᚩ࡟㛵ࡍࡿヨㄽ̿୰ᅜ໬ᕤ㞟ᅋࡢ஦౛ࢆ୰ᚰ࡟̿The Analysis of the Chinese Corporation·s Cross-border M&A:
A Case Study of ChemChina Corporation

㢗 㞞⩬
LAI, YaQiong(රᗜ┴❧኱Ꮫ኱Ꮫ㝔)(Graduate School of Business, University of Hyogo)

せ᪨㏆ᖺࠊ୰ᅜ௻ᴗ࡟ࡼࡿᅜ㝿 M&A ࡀᛴቑࡋ࡚࠸ࡿࠋࡑࡢ⫼ᬒ࡟ࡣࠊ୰ᅜᨻᗓࡢᚋᢲࡋࠊேẸඖࡢษୖࡆࠊᅜ㝿㈠᫆ᦶ᧿ࡢᅇ㑊ࠊᅜ㝿➇தࡢ⃭໬࡞࡝ࡀ࠶ࡗࡓࠋቑຍࡋࡘࡘ࠶ࡿ୰ᅜ௻ᴗࡢᅜ㝿 M&A ࡀࠊ࡝ࡢࡼ࠺࡞≉ᚩࢆᣢࡗ࡚࠸ࡿࡢ࠿࡟ࡘ࠸࡚ࠊ
ᮍࡔ᫂ࡽ࠿࡟ࡉࢀ࡚࠸࡞࠸ࠋ
ᮏ✏ࡣࠊ୰ᅜ໬ᕤ㞟ᅋࡢᅜ㝿 M&A࡜࠸࠺ලయⓗ࡞஦౛ࢆྲྀࡾୖࡆࠊM&A ඲యࡢࣉࣟࢭࢫࢆヲࡋࡃศᯒࡍࡿࡇ࡜࡟ࡼࡗ࡚ࠊ୰ᅜ௻ᴗ࡟ࡼࡿ
ᅜ㝿 M&A ࡢ≉ᚩࡢ୍㠃ࢆゎ᫂ࡍࡿࠋศᯒ࡟࠶ࡓࡗ࡚ࡣࠊLarsson & Finkelstein(1999)ࡢࠕM&A ࣃࣇ࢛࣮࣐ࣥࢫࣔࢹࣝࠖࢆ฼⏝ࡍࡿࠋศᯒࡢ⤖ᯝࠊ୰ᅜ໬ᕤ㞟ᅋࡢᅜ㝿 M&A ࡟ࡣࠊḟࡢࡼ࠺࡞≉ᚩࡀぢࡽࢀࡓࠋձ⤒Ⴀ㈨※ࡢ⋓ᚓ࡟ᑐࡍࡿᙉ࠸ᇳ╔ᚰࠊղ᏶඲ᡤ᭷ᚿྥࠊճ⤌⧊⤫ྜࡢࣞ࣋ࣝࡢపࡉࠊմ⤌⧊Ꮫ⩦ࡢ㔜ど࡜࠸࠺ 4 ࡘ࡛࠶ࡿࠋ

Abstract
In recent years, the number of the cross-border M&A by Chinese corporations has been increasing
rapidly. There are several factors behind the scenes, such as the support of the Chinese government,
the appreciation of the Chinese yuan, avoiding the trade friction, intensifying global competition andso on. This paper aims at identifying the features of the Chinese corporations· cross-border M&A, by
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taking ChemChina Corporation as a case and analyzing its whole M&A process. The ´M&A
performance modelµ from Larsson & Finkelstein(1999) is used to analyze the case. There are fourfeatures of ChemChina Corporation· cross-border M&A; ձthe strong eager to acquire themanagement resource, ղthe orientation towards the holly ownership, ճthe low degree oforganizational integration, մemphasis on organizational learning.

࣮࣮࢟࣡ࢻ୰ᅜ໬ᕤ㞟ᅋࠊᅜ㝿 M&Aࠊ⤌⧊⤫ྜࠊ⤌⧊Ꮫ⩦ࠊࢩࢼࢪ࣮ຠᯝ

Keywords
ChemChina Corporation, Cross-border M&A, Organizational Integration, Organizational Learning,
Synergy Realization

1. ◊✲┠ⓗ୰ᅜ௻ᴗࡢᅜ㝿 M&A ࡀጞࡲࡗࡓࡢࡣ 1980 ᖺ௦࡛࠶ࡗࡓࠋᩥ(2009)࡟ࡼࢀࡤࠊ୰ᅜ௻ᴗࡢᅜ㝿 M&A࡟ࡣࠊ኱ࡁࡃ 2 ࡘࡢἼࡀ࠶ࡿࠋ1 ࡘࡣ 1980 ᖺ௦࠿ࡽ 1997 ᖺࡲ࡛࡛࠶ࡾࠊࡶ࠺ 1 ࡘࡣ 1997 ᖺ࠿ࡽ⌧ᅾ࡟⮳ࡿࡲ࡛࡛࠶ࡿࠋ๓⪅ࡢ➨ 1 ẁ㝵࡟ẚ࡭ࠊᚋ⪅ࡢ➨ 2 ẁ㝵ࡢ᪉ࡣᅜ㝿 M&A ࡢ㔠㢠ࡶ௳ᩘࡶࡣࡿ࠿࡟
ከ࠸ࠋࡑࡢ⫼ᬒ࡟ࡣࠊ₶ἑ࡞እ㈌‽ഛࡢά⏝ࢆ㏕ࡽࢀࡓ୰ᅜᨻᗓ࠿ࡽࡢᚋᢲࡋ1ࠊேẸඖࡢษୖࡆࠊᅜ㝿㈠᫆ᦶ᧿ࡢᅇ㑊ࠊᅜ㝿➇தࡢ⃭໬࡞࡝ࡀ࠶ࡗࡓࠋᅜ㝿 M&A ࡢ኱ከᩘࡣ୰ᅜᅜႠ௻ᴗ࡟ࡼࡗ࡚⾜ࢃࢀࡓࡶࡢ࡛࠶ࡾࠊ㏆ᖺࠊᐇຊࡢ࠶ࡿ኱ᡭẸႠ௻ᴗ࡟ࡼࡿᅜ㝿 M&A ࡶቑ࠼࡚ࡁࡓࠋࡇࢀࡽࡢ୰ᅜ௻ᴗࡣࠊᙉ
࠸㈨㔠ຊࢆᣢࡕࠊ⮬♫ࡢࡉࡽ࡞ࡿᡂ㛗࡟ᚲせ࡞⤒Ⴀ㈨※ࢆ▷᫬㛫࡛⋓ᚓࡍࡿࡓࡵ࡟ࠊ✚ᴟⓗ࡟ᅜ㝿 M&Aࢆᒎ㛤ࡋ࡚࠸ࡿࠋ
ቑຍࡋࡘࡘ࠶ࡿ୰ᅜ௻ᴗࡢᅜ㝿 M&A ࡀࠊ࡝ࡢࡼ࠺࡞≉ᚩࢆᣢࡗ࡚࠸ࡿࡢ࠿࡟ࡘ࠸࡚ࠊᮍࡔ᫂☜࡛ࡣ࡞࠸ࠋᮏ✏ࡣࠊ୰ᅜ໬ᕤ㞟ᅋࡢᅜ㝿 M&A ࡜࠸࠺ලయⓗ࡞஦౛ࢆྲྀࡾୖࡆࠊM&A ඲యࡢࣉࣟࢭࢫࢆヲࡋࡃศᯒࡍࡿࡇ࡜࡟ࡼࡗ࡚ࠊ୰ᅜ௻ᴗ࡟ࡼࡿᅜ㝿 M&A ࡢ≉ᚩࡢ୍㠃ࢆゎ᫂ࡍࡿࠋศᯒ࡟࠶ࡓࡗ࡚ࡣࠊ
ᚋ࡛㏙࡭ࡿࡼ࠺࡟ࠊLarsson & Finkelstein(1999)ࡢࠕM&A ࣃࣇ࢛࣮࣐ࣥࢫࣔࢹࣝࠖࢆ฼⏝ࡍࡿࠋ

1䞂ੁ (2010)p.1Ǆ

2100

୰ᅜ໬ᕤ㞟ᅋࡣࠊ2004 ᖺ 5 ᭶࡟⸛ᫍ㞟ᅋࡸᪿ⳹໬ᕤ࡞࡝ࡢᅜႠ௻ᴗࢆ⤫ྜࡋ࡚タ❧ࡉࢀࡓ኱ᆺᅜႠ௻
ᴗ࡛࠶ࡾࠊ໬Ꮫ〇ရࡸࢦ࣒〇ရࠊ໬Ꮫᕤᴗタഛ࡞࡝ࡢ⏕⏘࣭㈍኎఍♫࡛࠶ࡿࠋྠ♫ࡣࠊ⏕⏘ཎᩱࡸ⏕⏘ᢏ⾡ࢆ⋓ᚓࡍࡿࡓࡵ࡟ࠊ✚ᴟⓗ࡟ᅜ㝿 M&A ࢆᒎ㛤ࡋࠊ2006 ᖺࡢ 1 ᖺ㛫ࡔࡅ࡛ 2 ♫ࡢࣇࣛࣥࢫ௻ᴗ࡜ 1♫ࡢ࣮࢜ࢫࢺࣛࣜ࢔௻ᴗࢆ㈙཰ࡋࡓࠋ௻ᴗᡂ❧࠿ࡽࢃࡎ࠿ 1 ᖺࡢ㛫࡟ 3 ࡘࡢእᅜ௻ᴗࢆ㈙཰ࡋࠊ⏕⏘㔞ࡢቑ኱ࡸᕷሙࡢᣑ኱࡞࡝ࠊ୍ᐃࡢᡂᯝࢆ཰ࡵࡓ஦౛ࡣࠊ୰ᅜ࡛ࡣᴟࡵ࡚ᑡ࡞࠸ࠋࡲࡓࠊྠ♫ࡢᅜ㝿 M&A஦౛ࡣࠊࡼࡾ㧗࠸ࣃࣇ࢛࣮࣐ࣥࢫࢆ࠶ࡆࡓ࡟ࡶ࠿࠿ࢃࡽࡎࠊ◊✲ࡉࢀࡓࡇ࡜ࡀࡇࢀࡲ࡛࡯࡜ࢇ࡝࡞࠸ࠋ
ᮏ✏࡛ࡣࠊࡲࡎ஦౛◊✲࡟౑࠺ศᯒᯟ⤌ࡳࢆㄝ᫂ࡍࡿࠋḟ࡟ࠊ୰ᅜ໬ᕤ㞟ᅋࡢᴫせ࡜୰ᅜ໬Ꮫ⏘ᴗࡢ⌧≧ࢆ⤂௓ࡍࡿࠋࡑࡢᚋࠊ୰ᅜ໬ᕤ㞟ᅋࡀ 2006 ᖺ࡟ᒎ㛤ࡋࡓ 3 ࡘᅜ㝿 M&A ࡢ஦౛ࢆྲྀࡾୖࡆࠊࡑࢀࡒ
ࢀࡢ㈙཰⤒⦋ࠊ㈙཰┠ⓗࠊ⤫ྜෆᐜࠊ㈙཰ᡂᯝࢆ᫂ࡽ࠿࡟ࡍࡿࠋ᭱ᚋ࡟ࠊศᯒᯟ⤌ࡳࢆ฼⏝ࡋࠊ୰ᅜ໬
ᕤ㞟ᅋ࡟ࡼࡿᅜ㝿 M&A ࡢ≉ᚩ࡟ࡘ࠸᳨࡚ウࡍࡿࠋ

2. ඛ⾜◊✲࡜ศᯒᯟ⤌ࡳ

M&A ࡣᡓ␎ࠊ⤌⧊ࠊ㈈ົ࡞࡝࡟㛵ࢃࡿከ㠃ⓗ࡞⌧㇟࡛࠶ࡾࠊM&A ࡟㛵ࡍࡿඛ⾜◊✲ࡶᵝࠎ࡞ศ㔝ࡢ
どⅬ࠿ࡽᒎ㛤ࡉࢀ࡚ࡁࡓࠋ౛࠼ࡤࠊᡓ␎ㄽ࡟࠾ࡅࡿ M&A ◊✲ࡣࠊM&A ࢆ௻ᴗࡢከゅ໬ᡓ␎ࡢ 1 ࡘ࡜ࡋ࡚ㄆ㆑ࡋࠊM&A ࡢືᶵ࠾ࡼࡧ஦ᴗ㛵㐃ᛶࡀ㈙཰ຠᯝ࡟୚࠼ࡿᙳ㡪࡟↔Ⅼࢆᙜ࡚ࡿ(Jensen & Ruback,1983㸹Lubatkin, 1983㸹Jensen, 1986㸹Roll, 1986㸹బ⸨, 1987㸹Walter & Barney, 1990㸹Datta, 1991㸹
୰ᮧ, 2003㸹Mitchell & Philip, 2011)ࠋ⤒῭Ꮫ࡟࠾ࡅࡿ M&A ◊✲ࡣࠊM&A ࡟ࡼࡿ⤒῭ຠᯝࡢศᯒࢆ୰
ᚰ࡟ࠊ఍ィ࣮࣋ࢫࡢ᪉ἲ࠾ࡼࡧィ㔞⤒῭Ꮫࡢᡭἲࢆ฼⏝ࡋ M&A ࡢᡂᯝࢆホ౯ࡍࡿ(Meeks, 1977㸹
Mueller, 1980㸹Hoshino, 1982㸹ᮧᯇ, 1986㸹Ravenscraft et al. , 1987㸹Yeh & Hoshino, 2001㸹῝ᑿ,
2005㸹ᒸ㒊࣭㛵, 2006㸹Kruse et al. , 2007 ࡞࡝)ࠋ㈈ົㄽ࡟࠾ࡅࡿ M&A ◊✲ࡣࠊᰴᘧᕷሙ࣮࣋ࢫࡢ᪉
ἲ࡛ M&A ࡢࣃࣇ࢛࣮࣐ࣥࢫࢆホ౯ࡍࡿࡇ࡜ࡀከࡃࠊ▷ᮇᰴ౯ຠᯝࡸࠊ㛗ᮇᰴ౯ຠᯝࠊᰴ౯ຠᯝࡢᙳ㡪せᅉ࡞࡝࡟㛵ࡍࡿศᯒࡀ୺せ࡛࠶ࡿ(Jensen & Ruback, 1983㸹Richard & Yamada, 1986㸹Healy et al. ,1992㸹Sirower, 1997㸹Kang et al. , 2000㸹Yeh & Hoshino, 2001㸹ⷧ஭, 2001㸹᭹㒊, 2004㸹஭ୖ&ຍ⸨,
2006㸹 Nitin, 2012 ࡞࡝)ࠋ⤌⧊ㄽ࡟࠾ࡅࡿ M&A ◊✲ࡣࠊ࣏ࢫࢺ M&A ࡢ⤫ྜࣉࣟࢭࢫ࡟↔Ⅼࢆᙜ࡚ࠊ⤌⧊⤫ྜࡢ࣐ࢿࢪ࣓ࣥࢺࡸࠊ⤌⧊⤫ྜࡢ⛬ᗘ࣭⠊ᅖ࡜㈙཰ືᶵࠊ㈙཰ᡂᯝ࡜ࡢ㛵ಀᛶ࡞࡝ࢆࡵࡄࡗ࡚㆟ㄽࢆᒎ㛤ࡍࡿ(Merell, 1985㸹Shrivastava, 1986㸹ᯘ, 1989㸹Deiser, 1994㸹Lajoux, 1998㸹୰ᮧ, 2003㸹
すཱྀ, 2007㸹ஂಖ, 2009 ࡞࡝)ࠋࡇࢀࡽࡢඛ⾜◊✲ࡢ኱ࡁ࡞≉ᚩ࡜ࡋ࡚ࡣࠊྛศ㔝ࡢ◊✲ࡀࡑࢀࡒࢀ⊂❧ࡋࠊ┦஫ࡢ㛵㐃ᛶࡀᑡ࡞ࡃࠊ
ྛᏛၥ㡿ᇦࡢどⅬ࠿ࡽ M&A ࡜࠸࠺⌧㇟ࢆศᯒࡋࡓࠋࡋ࠿ࡋࠊ୰ᮧ(2003)࡟ࡼࢀࡤࠊM&A ࡣពᛮỴᐃ࠿
3101ࡽ⤫ྜࡲ࡛ࡢ୍㐃ࡢࣉࣟࢭࢫ࡛࠶ࡾࠊM&A ࡢᡂຌせᅉࡸၥ㢟Ⅼࢆ᳨ウࡍࡿࡓࡵ࡟ࡣࠊಶูࡢどⅬࡔࡅ࡛ࡣᤊ࠼ࡁࢀ࡞࠸ࠋࡲࡓࠊM&A ࣉࣟࢭࢫࡢ୍㒊ศࢆศᯒࡍࡿࡔࡅ࡛ࡣࠊM&A ࡢ౯್๰㐀࡟㛵ࡍࡿ㆟ㄽࡀ୙༑ศࡔ࡜࠸࠺ࠋLarsson & Finkelstein(1999)ࡶࠊࡇࢀࡽࡢศ㔝ࡢ⌮ㄽࡀᐇ㝿࡟ࡣ⧅ࡀࡗ࡚࠸ࡿࡇ࡜ࢆ
ᣦ᦬ࡋࠊᚑ᮶ࡢ◊✲ࡀࡇࢀࡽࡢ⌮ㄽࡢ㐃⤖ࢆヨࡳ࡚࠾ࡽࡎࠊM&A ࡟㛵ࡍࡿ◊✲ࡀ㟼ែⓗ࡛୙᏶඲ࡔ࡜㏙
࡭ࡓࠋ➹⪅ࡶࠊM&A ࡣ㟼ែⓗ࡞ࡶࡢ࡛ࡣ࡞ࡃࠊ‽ഛࠊ஺΅ࠊ⤫ྜ࡞࡝୍㐃ࡢࣉࣟࢭࢫ࠿ࡽ࡞ࡿࡶࡢࡔ࡜
⪃࠼ࡿࠋM&A ࡟㛵ࡍࡿ⌮ㄽ◊✲࡟࠾࠸࡚ࡶࠊືែⓗどⅬ࠿ࡽ M&A ࢆᤊ࠼ࠊᡓ␎ㄽࠊ㈈ົㄽࠊ⤒῭Ꮫࠊ⤌⧊ㄽ࡞࡝ከᵝ࡞Ꮫၥศ㔝࡛⵳✚ࡉࢀࡓ⌮ㄽࢆ฼⏝ࡋࠊ⥲ྜⓗ࡞ほⅬ࠿ࡽ M&A ◊✲ࢆᒎ㛤ࡍ࡭ࡁ࡜ᛮ
ࢃࢀࡿࠋࡑࡢࡓࡵࠊ஦౛ศᯒ࡟࠾࠸࡚ࡣࠊLarsson & Finkelstein(1999)ࡢࠕM&A ࣃࣇ࢛࣮࣐ࣥࢫࣔࢹࣝࠖ(ᅗ⾲ 1)ࢆ฼⏝ࡍࡿࠋࡇࡢࣔࢹࣝࡣࠊM&A ࡟㛵㐃ࡍࡿྛᏛၥศ㔝ࡢ⌮ㄽⓗ◊✲ࡢᡂᯝࢆ㋃ࡲ࠼ࡓ࠺࠼࡛ࠊ
⌧ᐇࡢ௻ᴗഃࡢᐇ᝟ࡶ⪃៖ࡋࠊM&A ࡢࢩࢼࢪ࣮ຠᯝ࡟ᙳ㡪ࢆཬࡰࡍㅖせᅉࢆゎ᫂ࡋࡓ⥲ྜⓗ࡞ࣔࢹ࡛ࣝ
࠶ࡿࠋ
Larsson & Finkelstein(1999)ࡣࠊḟࡢࡼ࠺࡞ᡭ㡰࡛ࡇࡢࣔࢹࣝࢆᑟ࠸ࡓࠋࡲࡎࡣᡓ␎ㄽࠊ⤌⧊ㄽࠊேⓗ㈨※ㄽࠊ⤒῭Ꮫ࣭㈈ົㄽࡢどⅬ࠿ࡽ M&A ⌮ㄽ◊✲࡟࡜ࡗ࡚㔜せ࡞せ⣲ࢆ 4 ࡘᢳฟࡋࡓࠋࡍ࡞ࢃࡕࠕᡓ
␎ⓗ㐺ྜᛶࠖ
ࠊࠕ⤌⧊⤫ྜࠖ
ࠊࠕᚑᴗဨࡢ᢬ᢠࠖ
ࠊࠕࢩࢼࢪ࣮ຠᯝ࡛ࠖ࠶ࡿࠋ
ࠕᡓ␎ⓗ㐺ྜᛶࠖ
ࠊࠕ⤌⧊⤫ྜࠖ
ࠊࠕᚑᴗဨࡢ᢬ᢠࠖࡀࠕࢩࢼࢪ࣮ຠᯝࠖ࡟୚࠼ࡿᙳ㡪ࢆ୰ᚰ࡟ࠊࡇࢀࡽࡢせ⣲ࡢᅉᯝ㛵ಀࢆࢣ࣮ࢫ࣭ࢧ࣮࣋࢖ཬࡧᐇドศᯒ᳨࡛ドࡋࡓࠋḟ࡟ࠊࡇࡢ᳨ド⤖ᯝ࡟ᑐࡋ࡚ࠊ
ࠕ⤒Ⴀࢫࢱ࢖ࣝࡢ㢮ఝᛶࠖࠊࠕᅜ㝿ⓗ⤖ྜࠖࠊࠕ௻ᴗつᶍࡢ㢮ఝᛶࠖ࡜࠸࠺ 3 ࡘࡢせ⣲ࢆຍ࠼ࡓࠋࡇࢀࡽ 3 ࡘࡢせ⣲ࡀࠕᡓ␎ⓗ㐺ྜᛶࠖࠊࠕ⤌⧊⤫ྜࠖ࠾ࡼ
ࡧࠕᚑᴗဨࡢ᢬ᢠࠖ࡟࡝ࡢࡼ࠺࡟ᙳ㡪ࡍࡿ࠿ࢆ ᐃࡋࠊ㛫᥋ⓗ࡟ M&A ࢩࢼࢪ࣮ຠᯝ࡬ࡢᙳ㡪ࢆ᳨ドࡋࡓࠋࡇࡢࡼ࠺࡟ࠊࡇࡢࣔࢹࣝࡣ⌮ㄽⓗ◊✲ࡢ⠊ᅖ࡟࡜࡝ࡲࡽࡎࠊ௻ᴗഃࡢ≉ᛶࡶ⪃៖ࡋ࡞ࡀࡽࠊM&A ◊✲࡟㛵ࡋ࡚⥲ྜⓗ࡞どⅬࢆᥦ♧ࡋࡓࠋࡇࡇ࡛ࡣࠊࡇࡢࣔࢹ࡛ࣝᥦ♧ࡉࢀࡓ 7 ࡘࡢせ⣲ࢆ஦౛ศᯒࡢᣦᶆ
࡜ࡋ࡚౑࠸ࠊࡼࡾ⥲ྜⓗ࡞どⅬ࠿ࡽ஦౛ࢆྫྷ࿡ࡋࠊ୰ᅜ௻ᴗ࡟ࡼࡿᅜ㝿 M&A ࡢ≉ᚩࢆ᥈ࡾࡓ࠸ࠋࡋࡓ
ࡀࡗ࡚ࠊLarsson & Finkelstein(1999)ࡢࠕM&A ࣃࣇ࢛࣮࣐ࣥࢫࣔࢹࣝࠖࡢᅉᯝ㛵ಀࢆ෌᳨ドࡍࡿࡇ࡜ࡣᮏㄽᩥࡢ┠ⓗ࡛ࡣ࡞࠸ࠋ௨ୗ࡛ࡣࠊࡇࢀࡽ 7 ࡘࡢせ⣲ࡢᴫせࢆㄝ᫂ࡍࡿࠋ

4102

ᅗ⾲ 1㸸M&A ࣃࣇ࢛࣮࣐ࣥࢫࣔࢹࣝ

ฟᡤ: Larsson & Finkelstein(1999)p.13
ձ ࢩࢼࢪ࣮ຠᯝ
M&A ࣃࣇ࢛࣮࣐ࣥࢫࡢ ᐃ࡟ࡘ࠸࡚ࠊ⤒῭Ꮫ࡛ࡣ఍ィ࣮࣋ࢫࡢ᪉ἲ࡛ࠊ㈈ົㄽ࡛ࡣᰴᘧࣜࢱ࣮ࣥࡢ᪉
ἲ࡛ィ⟬ࡉࢀࡿࡇ࡜ࡀከ࠸ࠋࡋ࠿ࡋࠊLarsson & Finkelstein(1999)࡟ࡼࡿ࡜ࠊࡇࡢ 2 ࡘࡢィ⟬᪉ἲ࡜ࡶ࠸ࡃࡘ࠿ࡢၥ㢟ⅬࡀᏑᅾࡍࡿࠋ౛࠼ࡤࠊᰴᘧࣜࢱ࣮ࣥࡢ᪉ἲ࡛ィ⟬ࡍࡿሙྜࠊ௻ᴗࡢࣃࣇ࢛࣮࣐ࣥࢫࡀ
ྥୖࡋࡓཎᅉࡣࠊࡑࢀࡀ M&A ࡟ࡼࡿࡶࡢ࡞ࡢ࠿ࠊࡲࡓࡣ㏻ᖖࡢ௻ᴗ⤒Ⴀ࡟ࡼࡿࡶࡢ࡞ࡢ࠿ࡀ᭕᫕࡛ࠊ
᫂☜࡟ุ᩿ࡍࡿࡇ࡜ࡀ࡛ࡁ࡞࠸ࠋࡲࡓࠊࡇࡢ 2 ࡘィ⟬᪉ἲ࡜ࡶࠊ⤌⧊⤫ྜࡸᚑᴗဨࡢ᢬ᢠ࡞࡝᫂☜࡟ᩘ್໬ࡋ࡟ࡃ࠸せ⣲ࢆ⪃៖࡛ࡁࡎࠊ⌧ᅾධᡭ࡛ࡁࡿᩘ್ࡔࡅ࡛ M&A ࡢࣃࣇ࢛࣮࣐ࣥࢫࢆィ⟬ࡍࡿࡇ࡜ࡀ
ከ࠸ࠋࡇࢀࡽࡢၥ㢟Ⅼࢆゎᾘࡍࡿࡓࡵ࡟ࠊLarsson & Finkelstein(1999)ࡣࠊM&A ࡢከ㠃ᛶࢆ⪃៖ࡋࠊࣃࣇ࢛࣮࣐ࣥࢫࢆ ᐃࡍࡿ᫬ࠊࢩࢼࢪ࣮ຠᯝ࡜࠸࠺ᇶ‽ࢆ㑅ᢥࡋࡓࠋᙼࡽࡣࠊࢩࢼࢪ࣮ຠᯝࢆࠕ୧௻ᴗ
㛫࡛ M&A ࡟ࡼࡗ࡚ᐇ㝿࡟⏕ࡳฟࡉࢀࡓ⣧౯್ࠖ࡜ᐃ⩏ࡋࠊ㈈ົࠊ఍ィࠊᡓ␎ࠊ⤌⧊ࠊேⓗ㈨※࡞࡝ࡢせ⣲ࢆ⪃៖ࡋࡓࢩࢼࢪ࣮ຠᯝࡢᇶ‽࡛ M&A ࡢᡂᯝࢆ ࡿࠋࢩࢼࢪ࣮ຠᯝࡢ ᐃ࡟ࡘ࠸࡚ࠊᙼࡽࡣࠊࢥ
ࢫࢺࡢ๐ῶࠊ⏕⏘ຊࡢቑ኱ࠊ᪂ᕷሙࡢ㛤ᣅ࡞࡝ࡢ 11 ಶࡢ㡯┠ࢆタᐃࡋࠊM&A ࡟ࡼࡗ࡚ྛ㡯┠ࡀ࡝ࡢ⛬ᗘᙉ໬ࡉࢀࡓࡢ࠿࡟ࡘ࠸࡚ࠊ0 ࠿ࡽ 2 ࡲ࡛ 3 ẁ㝵࡟ศࡅ࡚᥇Ⅼࡋᡂᯝࢆุ᩿ࡍࡿ2ࠋղᡓ␎ⓗ㐺ྜᛶ
ᡓ␎ⓗ㐺ྜᛶ࡟ࡣࠊ㢮ఝⓗ㐺ྜᛶ࡜⿵᏶ⓗ㐺ྜᛶࡢ 2 ࡘࡀ࠶ࡿ3ࠋ㢮ఝⓗ㐺ྜᛶࡣࠊM&A ࡟ཧຍࡍࡿ
௻ᴗྠኈ࡛ࠊ〇ရศ㔝ࠊࢱ࣮ࢤࢵࢺᕷሙࠊ⤒Ⴀ᪉ᘧ࡞࡝ࡀ㢮ఝࡍࡿࡇ࡜ࢆᣦࡍࠋᡓ␎ⓗ㐺ྜᛶࡀ㢮ఝࡍ

2 ྛせ⣲ࡢලయⓗ࡞ุ᩿ᇶ‽ࡣ௜⾲1 ࢆཧ↷ࠋ
3

Larsson & Finkelstein(1999)p.5Ǆ

5103

ࢀࡤࡍࡿ࡯࡝ࠊつᶍࡢ⤒῭࡟ࡼࡿࢥࢫࢺࢲ࢘ࣥࡸᕷሙไᚚຊࡢྥୖ࡞࡝ࡀᮇᚅ࡛ࡁࡿࡓࡵࠊᡓ␎ⓗ㐺ྜᛶࡶ㧗ࡃ࡞ࡿࠋ୍᪉ࠊ⿵᏶ⓗ㐺ྜᛶࡣ௻ᴗ㛫ࡢ〇ရࡸᕷሙࠊ⤒Ⴀ᪉ᘧ࡞࡝ࡀ⿵᏶ⓗ࡛࠶ࡿࡇ࡜ࢆᣦࡍࠋ
ࡑࢀ࡟ࡼࡗ࡚ࠊࣂ࣮ࣜࣗࢳ࢙ࣥ඲యࡢࢥࣥࢺ࣮ࣟࣝࡸ┦஫ࡢඃ఩ᛶࢆ฼⏝ࡍࡿࡇ࡜ࡀ࡛ࡁࡿࡓࡵࠊᡓ␎
ⓗ㐺ྜᛶࡶ㧗࠸ࠋᡓ␎ⓗ㐺ྜᛶࡢ ᐃ࡟ࡘ࠸࡚ࠊLarsson & Finkelstein(1999)ࡣࠊᕷሙࡢ㢮ఝᛶࠊ〇ရࡢ㢮ఝᛶࠊᕷሙࡢ⿵᏶ᛶࠊ〇ရࡢ⿵᏶ᛶ࡜࠸࠺ 4 ࡘࡢ㡯┠ࢆタᐃࡋࠊ1 ࠿ࡽ 5 ࡲ࡛ࡢ⠊ᅖ࡛㐺ྜᛶࢆホ
౯ࡍࡿࠋ
ճ⤌⧊⤫ྜ
M&A ࡢ┠ⓗࢆ㐩ᡂࡍࡿࡓࡵ࡟ࠊ㈙཰ᚋ࡟࠾ࡅࡿ⤌⧊㛫ࡢㄪᩚ࡜⤫ྜࡀ୙ྍḞ࡛࠶ࡿࠋLarsson &Finkelstein(1999)ࡣࠊ⤌⧊⤫ྜࢆࠕ㈙཰࡟ཧຍࡍࡿ௻ᴗྠኈࡢ┦஫స⏝ࡸ༠ㄪࠖ࡜ᐃ⩏ࡋࠊ⤌⧊⤫ྜࡢ㔜せᛶࢆᣦ᦬ࡋࡓࠋᙼࡽࡣࠊ⤌⧊⤫ྜࡢ⛬ᗘࡀ M&A ࡢࣃࣇ࢛࣮࣐ࣥࢫ࡟┤᥋࡟ᙳ㡪ࡋࠊ⤌⧊⤫ྜࡢ⛬ᗘࡀ㧗࠸࡯࡝ M&A ࡢࢩࢼࢪ࣮ຠᯝࡀ㧗࠸࡜࠸࠺௬ㄝࢆ❧࡚ࡓࠋ⤌⧊⤫ྜࡢ⛬ᗘࡢ ᐃ࡟ࡘ࠸࡚ࠊ
Larsson & Finkelstein(1999)ࡣࠕ௻ᴗ㛫ࡢ┦஫స⏝ࠖ࡜ࠕ⤫ྜࡢࡓࡵࡢດຊࠖࡢ 2 ࡘࡢ㡯┠ࢆタᐃࡋࠊ1
࠿ࡽ 5 ࡲ࡛ࡢࢫࢣ࣮࡛ࣝ᥇Ⅼࡋᡂᯝࢆุ᩿ࡍࡿࠋ
մᚑᴗဨࡢ᢬ᢠ
Larsson & Finkelstein(1999)ࡣࠊᚑᴗဨࡢ᢬ᢠࢆࠕ௻ᴗ㛫ࡢ⤖ྜࡸ⤫ྜ࡟ᑐࡋ࡚ࠊᚑᴗဨࡀಶேⓗ࡟ࡶࡋࡃࡣ㞟ᅋⓗ࡟⾜࠺᢬ᢠࠖ࡜ᐃ⩏ࡋࠊᚑᴗဨࡢ᢬ᢠࡀ M&A ࣃࣇ࢛࣮࣐ࣥࢫ࡟࣐࢖ࢼࢫࡢᙳ㡪ࢆ୚࠼ࡿ࡜࠸࠺௬ㄝࢆ❧࡚ࡓࠋᚑᴗဨࡢ᢬ᢠ࡟ࡘ࠸࡚ࡢ ᐃࡣࠊ⤫ྜࣉࣟࢭࢫ࡟࠾ࡅࡿᚑᴗဨࡢ✚ᴟⓗ࡞᢬ᢠ(౛:⮬Ⓨⓗ㏥⫋ࠊࢫࢺࣛ࢖࢟)࡜ࠊᾘᴟⓗ࡞᢬ᢠ(౛:↓᩿Ḟ໅ࠊ୙᭹ᚑ)ࡢ⛬ᗘࢆ 1 ࠿ࡽ 5 ࡲ࡛ࡢ⠊ᅖ࡛ ᐃࡍࡿࠋյ⤒Ⴀࢫࢱ࢖ࣝࡢ㢮ఝᛶ
Larsson & Finkelstein(1999)ࡣࠊ⤒Ⴀࢫࢱ࢖ࣝࡢ㢮ఝᛶࢆࠕ⤌⧊ࢆ⤫ྜࡋࡼ࠺࡜ࡍࡿ࣐ࢿࢪ࣮ࣕࡀࠊ
ࣜࢫࢡ࣭ࢸ࢖࢟ࣥࢢࠊᶒ㝈ࠊ⤌⧊ᵓ㐀ࢆ࡝ࡢ⛬ᗘ㔜どࡋ࡚࠸ࡿ࠿ࠖ࡜ᐃ⩏ࡍࡿࠋᙼࡽࡣࠊ⤒Ⴀࢫࢱ࢖ࣝ
ࡢ㢮ఝᛶࡀ⤌⧊⤫ྜ࡜ᚑᴗဨࡢ᢬ᢠ࡜ࡢ㛫࡛ࠊ࡝ࡢࡼ࠺࡞㛵ಀᛶࢆᣢࡘࡢ࠿࡟ࡘ࠸᳨࡚ドࡋࡓࠋ⤒Ⴀࢫࢱ࢖ࣝࡢ㢮ఝᛶࡢ ᐃࡣ⤫ྜࡢึᮇẁ㝵࡟⾜ࢃࢀࠊ௻ᴗࡢ⤒Ⴀࢫࢱ࢖ࣝࡣᶒጾ୺⩏ⓗ⟶⌮࠿ࠊཧຍⓗ⟶⌮࠿ุ࡛᩿ࡍࡿࠋ࡞࠾ࠊᙼࡽࡣࡇࡢ୧ࢫࢱ࢖ࣝࡢලయⓗ࡞ุ᩿ᣦᶆ࡟ࡘ࠸࡚㏙࡭࡚࠸࡞࠸ࠋ
նᅜ㝿ⓗ⤖ྜ
M&A ࡟ཧຍࡍࡿ௻ᴗࡢᮏ♫ࡀྠࡌᅜ࡛࠶ࡿ࠿࡝࠺࠿ࡶࠊM&A ࡢࢩࢼࢪ࣮ຠᯝ࡟ᙳ㡪ࢆ୚࠼ࡿࠋ
Larsson & Finkelstein(1999)ࡣࠊᅜ㝿ⓗ⤖ྜࡀ M&A ࡢࢩࢼࢪ࣮ຠᯝ࡟࡝ࡢࡼ࠺࡞ᙳ㡪ࢆ୚࠼ࡿࡢ࠿࡟
ࡘ࠸࡚ࠊᡓ␎ࠊ⤌⧊ࠊᚑᴗဨࡢ᢬ᢠ࡜࠸࠺ 3 ࡘࡢ㠃࠿ࡽ㛫᥋ⓗ࡟᳨ドࡋࡓࠋM&A ࡟ཧຍࡍࡿ௻ᴗࡢᮏ♫ࡀྠࡌᅜ࡛࠶ࡿሙྜࡣ 0 ࡜ࡋࠊ␗࡞ࡿᅜ࡛࠶ࡿሙྜࡣ 1 ࡜ࡋࡓࠋ6104

շ௻ᴗつᶍࡢ㢮ఝᛶ
Larsson & Finkelstein(1999)ࡣࠊ㈙཰௻ᴗ࡜⿕㈙཰௻ᴗࡢつᶍࡀ㢮ఝࡍࢀࡤࡍࡿ࡯࡝ࠊࢩࢼࢪ࣮ຠᯝ
ࡀ㧗࠸࡜᝿ᐃࡋࡓࠋᙼࡽࡣࠊ௻ᴗつᶍࡢ㢮ఝᛶࡀࠊᡓ␎ⓗ㐺ྜᛶ࡜⤌⧊⤫ྜ࡜ࡢ㛫࡛ࠊ࡝ࡢࡼ࠺࡞㛵ಀᛶࢆᣢࡘࡢ࠿࡟ࡘ࠸࡚ ᐃࡋࠊ㛫᥋ⓗ࡟ࢩࢼࢪ࣮ຠᯝ࡬ࡢᙳ㡪ࢆ᳨ドࡋࡓࠋ௻ᴗ㛫ࡢつᶍࡀ㢮ఝࡍࡿ࠿࡝࠺࠿ࡣࠊ㈙཰௻ᴗ࡜⿕㈙཰௻ᴗࡢᖺ㛫኎ୖ㧗ࡢẚ⋡ࢆᇶ‽࡟ホ౯ࡍࡿࠋ᫂☜࡞኎ୖ㧗ࡀィ⟬࡛ࡁ࡞࠸ሙྜࠊ௻ᴗࡢ⥲㈨⏘ࡲࡓࡣ⥲ᚑᴗဨᩘุ࡛᩿ࡍࡿࠋ

3. ୰ᅜ໬ᕤ㞟ᅋ࡟ࡼࡿ 3 ࡘࡢᅜ㝿 M&A

3.1 ୰ᅜ໬ᕤ㞟ᅋࡢᴫせ୰ᅜ໬ᕤ㞟ᅋࡣࠊ2004 ᖺ࡟୰ᅜᅜົ㝔ࡢᢎㄆࢆᚓ࡚ࠊᪧ໬Ꮫᕤᴗ㒊┤ᒓࡢ௻ᴗࢆ෌⦅ࡋ࡚タ❧ࡉࢀࡓ኱ᆺᅜ᭷௻ᴗ࡛࠶ࡾࠊᅜ᭷㈨⏘ጤဨ఍ࡀ┤㎄ࡍࡿࠋྠ♫ࡣࠊ㧗࠸ᅜ㝿➇தຊࢆᣢࡘ୍ὶࡢ໬Ꮫᕤᴗ௻ᴗ
ࢆ┠ᣦࡋࠊᛴ㏿࡞ᡂ㛗ࢆ㐙ࡆ࡚ࡁࡓࠋ୰ᅜᅜෆ࡛ࡣࠊ୰ᅜ⸛ᫍ㞟ᅋ⥲බྖ(௨ୗࡣ⸛ᫍ㞟ᅋ࡜␎⛠)ࠊ୰ᅜᪿ⳹໬ᕤ㞟ᅋ⥲බྖࠊ୰ᅜ໬ᕤ᪂ᮦᩱ⥲බྖࠊ୰ᅜ໬ᕤᅜ㝿᥍⫤࡞࡝ 9 ♫ࡢ኱ᆺᏊ఍♫ࢆ᭷ࡋࠊ106 ♫௨ୖࡢ⏕⏘࣭⤒Ⴀ఍♫࡜ 24 ࡢ⛉Ꮫ◊✲ᡤ࣭タィᶵ㛵ࢆᣢࡕࠊA ᰴୖሙ௻ᴗ 10 ᩘ♫ࡢᰴᘧࢆᨭ㓄ࡋ࡚࠸ࡿࠋࡲࡓࠊᾏእ࡟࠾࠸࡚ࡣ 140 ࣨᅜ࣭ᆅᇦ࡟◊✲㛤Ⓨ࣭⏕⏘࣭㈍኎ᣐⅬࢆࡶࡕࠊࣇࣛࣥࢫࡸ࣮࢜ࢫࢺࣛ
ࣜ࢔࡞࡝࡛ 6 ♫ࡢᾏእᏊ఍♫ࢆ᭷ࡋࠊ඲ୡ⏺࡛㍺ฟධ㈠᫆ࡸᢏ⾡ࡢ◊✲㛤Ⓨࢆᒎ㛤ࡋ࡚࠸ࡿࠋࡑࡢᴗົ
⠊ᅖࡣࠊᅗ⾲ 2 ࡛♧ࡍࡼ࠺࡟ᗈ⠊ᅖ࡟ཬࢇ࡛࠸ࡿࠋ2011 ᖺ࡟ࠊྠ♫ࡢ⥲㈨⏘㢠ࡀ 2485 ൨ඖ࡟࡞ࡾࠊ኎
ୖ㧗ࡶ 1724 ൨ඖ࡟㐩ࡋࡓ(ᅗ⾲ 2)ࠋ2012 ᖺࠊྠ♫ࡣ⣙ 277 ൨ࢻࣝࡢ኎ୖ㧗࡛ࠊࣇ࢛࣮ࢳࣗࣥㄅࡢⓎ⾲ࡋࡓࠕ2012 ᖺ ୡ⏺ࢺࢵࣉ௻ᴗ 500 ♫ࣛࣥ࢟ࣥࢢࠖࡢ୰࡛ 402 ఩࡟ࣛࣥࢡ࢖ࣥࡉࢀࡓ4ࠋ

4 http://www.fortunechina.com/fortune500/c/2012-07/09/content_106535_5.htm(࢔ࢡࢭࢫ᪥:2013 ᖺ4 ᭶12 ᪥)ࠋ

7105

ᅗ⾲ 2:୰ᅜ໬ᕤ㞟ᅋබྖࡢᴫせ␎⛠୰ᅜ໬ᕤ㞟ᅋࠊCHEMCHINAࠊࢣ࣒ࢳࣕ࢖ࢼ

ᮏ♫ᡤᅾᆅ

୰ᅜ࣭໭ி

タ❧

2004 ᖺ

௦⾲⪅

௵ᘓ᪂

ᴗ✀

໬Ꮫᕤᴗ

⤒Ⴀ┠ᶆ

㧗࠸ᅜ㝿➇தຊࢆᣢࡘ୍ὶࡢ໬Ꮫᕤᴗ௻ᴗ

ᴗົ⠊ᅖձ໬Ꮫᕤᴗࡢ᪂ᮦᩱ࠾ࡼࡧ≉Ṧ໬Ꮫ〇ရࠊղ▼Ἔຍᕤ࠾ࡼࡧ໬Ꮫᕤᴗཎᩱࠊճ
ᇶ♏໬Ꮫ〇ရࠊմࢦ࣒࠾ࡼࡧࢦ࣒〇ရ㛵㐃ᶵᲔࠊյ㎰ᴗ⏝໬Ꮫ〇ရࠊն໬Ꮫᕤᴗタഛ࡞࡝ࡢ㛤Ⓨ࣭⏕⏘࣭㈍኎

⥲㈨⏘

2485 ൨ඖ(2011 ᖺ)኎ୖ㧗1742 ൨ඖ(2011 ᖺ)ᚑᴗဨᩘ

14 ୓ே(2011 ᖺ)୺せᏊ఍♫ᅜෆ:୰ᅜ⸛ᫍ㞟ᅋ⥲බྖࠊ୰ᅜ໬ᕤ᪂ᮦᩱ⥲බྖ࡞࡝ 9 ♫ࡢ኱ᆺᏊ఍♫ࠊ106♫௨ୖࡢ⏕⏘࣭⤒Ⴀ఍♫ࠊ24 ࡢ◊✲ᡤ࣭タィᶵ㛵ᾏእ:140 ࣨᅜ࣭ᆅᇦ࡟◊✲㛤Ⓨ࣭⏕⏘࣭㈍኎ᣐⅬࠊ6 ♫ࡢᾏእᏊ఍♫ฟᡤ: ୰ᅜ໬ᕤ㞟ᅋࡢ࣮࣒࣮࣍࣌ࢪ࡟ᇶ࡙ࡁࠊ➹⪅సᡂ

3.2 ୰ᅜ໬Ꮫ⏘ᴗࡢ⌧≧㏆ᖺࠊ୰ᅜࡢ➨ 2 ḟ⏘ᴗࡀ┠ぬࡲࡋࡃⓎᒎࡋ࡚࠸ࡿࠋ➨ 2 ḟ⏘ᴗࡢ୰࡛ࡶࠊ▼Ἔ໬Ꮫ࡞࡝ࡢ㔜ᕤᴗࡢẚ౛ࡀ㧗ࡃ࡞ࡾࠊ໬Ꮫᕤᴗ〇ရ࡟ᑐࡍࡿ㟂せࡀᛴቑࡋ࡚࠸ࡿࠋࡋ࠿ࡋࠊ⏕⏘ཎᩱࡢ୙㊊ࡸ⏕⏘ᢏ⾡ࡢపࡉ࡞࡝ࡀཎᅉ࡛ࠊᅜෆ⏕⏘ࡀᅜෆ㟂せ࡟㏣࠸ࡘ࠿ࡎࠊ໬Ꮫᕤᴗ〇ရࡢከࡃࡣᾏእ㍺ධ࡟౫Ꮡࡋ࡚࠸ࡿࠋ
౛࠼ࡤࠊ2004 ᖺ࡛ࡣ⇞ᩱἜࠊྜᡂᶞ⬡ࠊ࣏࢚ࣜࢳࣞࣥ࡞࡝ࡢᑐእ౫Ꮡᗘࡀ 50㸣ࢆ㉸࠼ࡓ5ࠋ
໬Ꮫᕤᴗ〇ရࡢᑐእ౫Ꮡᗘࢆపࡵࡿࡓࡵ࡟ࠊ୰ᅜᨻᗓࡣᵝࠎ࡞ດຊࢆ㔜ࡡࡓࠋ౛࠼ࡤࠊື≀㣫ᩱࡢ㔜せ࡞ῧຍ๣࡛࠶ࡿ࣓ࢳ࢜ࢽࣥࡢ⏕⏘㔞ࢆቑຍࡍࡿࡓࡵ࡟ࠊ୰ᅜᨻᗓࡣ 1980 ᖺ௦࡟ 17 ൨ඖࡢ㈨㔠ࢆᢞධࡋࠊᖺ㛫 1 ୓ࢺࣥࡢ⏕⏘㔞ࢆᣢࡘ࣓ࢳ࢜ࢽࣥࡢ⏕⏘タഛࢆᑟධࡋࡓࠋࡋ࠿ࡋࠊࢥ࢔⏕⏘ᢏ⾡ࡀศ࠿ࡽࡎࠊ
⏕⏘ᕤ⛬࡟࠾ࡅࡿၥ㢟ࢆゎỴ࡛ࡁ࡞࠸ࡓࡵࠊ⏕⏘タഛࡀ౑ࢃࢀ࡚࠸࡞࠸ࡲࡲᗫᲠࡉࢀࡓ6ࠋࡇࡢࡼ࠺࡟ࠊ

5 ⋤(2007)p.128ࠋ
6 ఱ࣭ᰓ(2010) p.177ࠋ

8106

⏕⏘タഛࡢᑟධࡔࡅ࡛ࡣࠊ୰ᅜ໬Ꮫᕤᴗᴗ⏺ࡢ┤㠃ࡍࡿၥ㢟ࢆゎỴ࡛ࡁ࡞࠿ࡗࡓࠋ2001 ᖺࠊ୰ᅜඹ⏘ඪ➨༑භḟ඲ᅜ௦⾲኱఍࡛⟇ᐃࡋࡓࠕᅜẸ⤒῭࡜♫఍Ⓨᒎ➨༑ࡢ 5 ᖺィ⏬⥘せࠖ(2001-2005 ᖺ)ࡢ୰࡛ࠊ୰
ᅜ௻ᴗ࡟ࡼࡿᑐእ┤᥋ᢞ㈨ࡢ㔜せᛶࢆ୍ᒙᙉㄪࡋࠊM&A ࡞࡝࡟ࡼࡿᾏእ㈨※ࡢࡉࡽ࡞ࡿ㛤Ⓨ࡜฼⏝ࢆಁࡋࡓࠋලయⓗ࡟ࡣࠊᢞ㈨ㄆྍࡢ⦆࿴(౛:ᅜࣞ࣋ࣝ࠿ࡽ┬ࣞ࣋ࣝ࡬ࡢ⛣⟶)ࡸࠊつไࡢ⦆࿴(౛:ᡭ⥆ࡁࡢ⡆⣲໬)ࠊ⛯㔠ࡢඃ㐝࡞࡝ࡢᨭ᥼⟇ࢆ⟇ᐃࡋࠊ₶ἑ࡞እ㈌‽ഛࢆ⏕࠿ࡋ࡞ࡀࡽࠊ୰ᅜ௻ᴗࡢᾏእ㐍ฟࢆᚋᢲࡋ
ࡋࡓ7ࠋ኱ᡭᅜ᭷௻ᴗ࡜ࡋ࡚ࡢ୰ᅜ໬ᕤ㞟ᅋࡶࠊࡇࡢࡼ࠺࡞ᨻ⟇ࡢࡶ࡜࡛ࠊᙉ࠸㈨㔠ຊࢆά⏝ࡋ࡞ࡀࡽࠊ
ᢏ⾡ຊࡢ㧗࠸ᾏእ௻ᴗࡢ㈙཰࡟஌ࡾฟࡋࠊᾏእࡢ⏕⏘ᢏ⾡ࡸ⏕⏘ཎᩱ࡞࡝ࡢྲྀᚓࢆ≺ࡗࡓࠋ

3.3 3 ࡘࡢ㈙཰஦౛
୰ᅜ໬ᕤ㞟ᅋࡣࠊ2006 ᖺࡢ 1 ᖺ㛫࡛ 3 ࡘࡢᅜ㝿 M&A ࢆᒎ㛤ࡋࡓࠋ2006 ᖺ 1 ᭶࡟㸲൨࣮࡛ࣘࣟࣇࣛ
ࣥࢫࡢ࢔ࢹ࢕ࢵࢯ(Adisseo)♫ࠊ4 ᭶࡟ 2.325 ൨࣮࢜ࢫࢺࣜ࢔ࢻ࡛࣮ࣝ࢜ࢫࢺࣛࣜ࢔ࡢࢣࣀࢫ(Qenos)♫ࠊ
10 ᭶࡟㸲൨࣮࡛ࣘࣟࣇࣛࣥࢫࡢ࣮ࣟࢹ࢕࢔♫(Rhodia)ࡢ᭷ᶵࢩࣜࢥࣥ஦ᴗ࡜◲໬≀஦ᴗࢆ㈙཰ࡋࡓ8ࠋࡇࡇ࡛ࡣࠊࡇࡢ 3 ࡘࡢ㈙཰஦౛ࢆࠊ⿕㈙཰఍♫ࡢᴫせࠊ㈙཰⤒⦋ࠊ㈙཰┠ⓗࠊ⤫ྜෆᐜࠊ㈙཰ᡂᯝ࡜࠸࠺ 5ࡘࡢ㠃࠿ࡽㄝ᫂ࡍࡿࠋ

3.3.1 ࢔ࢹ࢕ࢵࢯ♫ࡢ㈙཰
ձ⿕㈙཰௻ᴗࡢᴫせ9࢔ࢹ࢕ࢵࢯ♫ࡣࠊ2002 ᖺ࡟ⱥᅜࡢ CVC ࢟ࣕࣆࢱࣝࣃ࣮ࢺࢼ࣮ࢬ(CVC Capital Partners)ࡀ࢔࣋ࣥࢸ
࢕ࢫ(Aventisࠊ⌧ᅾࡣ Sanofi Aventis)ࡢື≀ᰤ㣴〇ရ㒊㛛ࢆ㈙཰ࡋ࡚タ❧ࡋࡓ఍♫࡛࠶ࡾࠊ࣓ࢳ࢜ࢽࣥࠊ
ື≀㣫ᩱࠊࣅࢱ࣑ࣥࠊ㣫ᩱ⏝㓝⣲࡞࡝ࢆ〇㐀࣭㈍኎ࡍࡿࣇࣛࣥࢫ௻ᴗ࡛࠶ࡿࠋྠ♫ࡣୡ⏺ 140 ࢝ᅜ࡛ 1200
ேࡢᚑᴗဨࢆ࠿࠿࠼ࠊ3 ࡘࡢ◊✲ᡤࠊ4 ࣨᡤࡢ⏕⏘ᣐⅬ㸦ࣇࣛࣥࢫ࡟ 2 ᕤሙࠊࢫ࣌࢖ࣥ࡜⡿ᅜ࡟ࡑࢀࡒࢀ
1 ᕤሙ㸧
ࠊ4 ࡘࡢ㈍኎ᮏ㒊(ᡤᅾᆅ:ࢩ࣏࣮ࣥ࢞ࣝࠊ࢔ࢺࣛࣥࢱࠊࢧࣥࣃ࢘ࣟࠊ࢔ࣥࢺࢽ࣮)ࢆᣢࡗ࡚࠸ࡿࠋ
ື≀㣫ᩱࡢῧຍ≀࡛ࡣୡ⏺➨ 3 ఩࡛࠶ࡾࠊᖹᆒᖺ㛫኎ୖ㧗ࡣ 5 ൨࣮࡛ࣘࣟ࠶ࡿࠋ
࢔ࢹ࢕ࢵࢯ♫ࡢ୺せ࡞〇ရ࡛࠶ࡿ࣓ࢳ࢜ࢽࣥࡣࠊື≀ࡢᡂ㛗ࢆಁ㐍ࡋࠊ㣫⫱ᮇ㛫ࢆ▷⦰ࡍࡿῧຍ≀࡛࠶ࡾࠊື≀㣫⫱ᴗ⏺࡛㠀ᖖ࡟㔜せ࡞ᙺ๭ࢆᯝࡓࡋ࡚࠸ࡿࠋྠ♫ࡣ᭱ඛ➃ࡢ࣓ࢳ࢜ࢽࣥ⏕⏘ᢏ⾡࡜⏕⏘タഛࢆᣢࡕࠊᖺ㛫 20 ୓ࢺࣥࡢ࣓ࢳ࢜ࢽࣥࢆ⏕⏘ࡋࠊ29㸣ࡢୡ⏺ࢩ࢙࢔ࢆ༨ࡵ࡚࠸ࡿࠋ
ղ㈙཰⤒⦋
2002 ᖺࠊ୰ᅜ໬ᕤ㞟ᅋࡣ࣓ࢳ࢜ࢽࣥࡢ⏕⏘ᢏ⾡ࢆᑟධࡍࡿࡓࡵ࡟ࠊ࢔ࢹ࢕ࢵࢯ♫࡜ᢏ⾡ᑟධࡢ஺΅ࢆ

7 㓇ྥ(2010)p. 1ࠋ
8 ⋤(2007) p.129-131ࠋ
9 օ࣭ḟ(2010) p.183-184ǃhttp://knak.cocolog-nifty.com/blog/2009/12/post-3763.html(ȪȷɃɁᰕ:2013 ᒤ4 ᴸ18 ᰕ)Ǆ

9107ࡋࡓࡀࠊ࢔ࢹ࢕ࢵࢯ♫ࡢྠពࢆᚓࡿࡇ࡜ࡀฟ᮶ࡎኻᩋࡋࡓࠋࡑࡢᚋࠊ୰ᅜ໬ᕤ㞟ᅋࡢ♫㛗࡛࠶ࡿ௵ᘓ᪂
ࡣᢏ⾡ᑟධࡼࡾࠊ௻ᴗ㈙཰ࡢ᪉ࡀᢏ⾡ࡔࡅ࡛ࡣ࡞ࡃࠊᕷሙࡸேᮦࡶ⋓ᚓ࡛ࡁࡿ࡜ุ᩿ࡋࠊ࢔ࢹ࢕ࢵࢯࡢ㈙཰ࢆィ⏬ࡋࡓࠋ㈙཰ࢆᡂຌࡉࡏࡿࡓࡵ࡟ࠊ௵ᘓ᪂ࡣ✚ᴟⓗ࡟࢔ࢹ࢕ࢵࢯ♫ࡢᙺဨࡸ⟶⌮ᒙ࡜᥋ゐࡋࠊ⮬♫ࡢᐇຊ࡜㈙཰ពḧࢆ♧ࡋ࡞ࡀࡽࠊ㈙཰࡟ࡼࡿ࣓ࣜࢵࢺࢆ࢔ࣆ࣮ࣝࡋࡓࠋࡉࡽ࡟ࠊ࢔ࢹ࢕ࢵࢯ♫ࡢᙺဨࡸ⟶⌮ᒙࡀ୰ᅜࢆゼࡡࡿࡓࡧ࡟ࠊ௵ᘓ᪂ࡣ⮬ࡽᙼࡽࢆ᥋ᚅࡋࠊᙼࡽࡢᐙ᪘ࡢࡓࡵ࡟୰ᅜࡢグᛕရࡸࣉࣞࢮࣥࢺࢆ⏝ពࡋࡓࠋࡇࡢࡼ࠺࡞⾜ືࢆ⧞ࡾ㏉ࡋࡓ⤖ᯝࠊ௵ᘓ᪂ࡣ࢔ࢹ࢕ࢵࢯഃࡢಙ㢗ឤࢆᚓ࡚ࠊྠ♫ࡢ⟶⌮ᒙ࡜ࣉࣛ࢖࣮࣋ࢺ࡛ࡶⰋዲ࡞㛵ಀࢆᣢࡘࡼ࠺࡟࡞ࡗࡓࠋ
2002 ᖺᮎࠊ୰ᅜࡢᗈᕞᕷ࡛ SARS(㔜⑕ᛴᛶ࿧྾ჾ⑕ೃ⩌)ࡀⓎ⏕ࡋࠊSARS ࢘࢖ࣝࢫࡀࡲࡶ࡞ࡃୡ⏺
୰࡟⶝ᘏࡋࠊឤᰁ⪅ࡸṚஸ⪅ࡀ┦ḟࡔࠋSARS ࢘࢖ࣝࢫࢆศᯒࡋࡓ⤖ᯝࠊࡑࡢ⑓ཎయࡣື≀࡟࠶ࡾࠊ≉࡟ᐙ⚺࡟ࡼࡿே㛫࡬ࡢឤᰁࡀከ࠸ࡇ࡜ࡀุ᫂ࡋࡓࠋࡑࡢࡓࡵࠊୡ⏺୰ࡢ㣫⫱ື≀ࡢᩘࡀᛴῶࡋࠊ࢔ࢹ࢕
ࢵࢯ♫ࡢ኎ୖ㧗ࡸ฼┈⋡࡟ࡶ኱ࡁࡃᙳ㡪ࡋࡓࠋື≀㣫⫱ᴗࡀ୙ἣ࡟㝗ࡿ୰ࠊ୰ᅜ໬ᕤ㞟ᅋࡣ෌ࡧᴗ⦼ࡢ
ఙࡧᝎࡳࢆᢪ࠼ࡓ࢔ࢹ࢕ࢵࢯ♫࡟㈙཰ࡢពḧࢆ♧ࡋࡓࠋ஺΅ࢆ⧞ࡾ㏉ࡋࡓ⤖ᯝࠊ2006 ᖺ 1 ᭶ 17 ᪥ࠊ୰ᅜ໬ᕤ㞟ᅋ࠾ࡼࡧࡑࡢ᏶඲Ꮚ఍♫࡛࠶ࡿ୰ᅜ⸛ᫍ㞟ᅋබྖࡀࠊ࣋ࣝࢠ࣮ࡢࣈࣜࣗࢵࢭ࡛ࣝⱥᅜࡢ CVC ࢟ࣕࣆࢱࣝࣃ࣮ࢺࢼ࣮ࢬ࡜ࠊ࢔ࢹ࢕ࢵࢯ♫ࡢ㈙཰ዎ⣙ࢆ⥾⤖ࡋࡓࠋ୰ᅜ໬ᕤ㞟ᅋࡣࠊ4 ൨࣮ࣘࣟ(⣙ 40 ൨ඖ)࡛࢔ࢹ࢕ࢵࢯ♫ࡢᰴᘧࢆ 100㸣ྲྀᚓࡋࠊྠ♫ࡢ᪂ࡋ࠸ᡤ᭷⪅࡜࡞ࡗࡓࠋ
ճ㈙཰┠ⓗ኱ࡁ࡞⤒῭ᡂ㛗ࢆ㐙ࡆ࡚࠸ࡿ୰ᅜ࡛ࡣࠊ࣓ࢳ࢜ࢽࣥ࡟ᑐࡍࡿ㟂せࡀ㠀ᖖ࡟㧗ࡃࠊ2005 ᖺࡔࡅ࡛ࡶ 8 ୓
ࢺࣥ㏆ࡃࡢ࣓ࢳ࢜ࢽࣥ(⣙2 ൨ࢻࣝ)ࢆ㍺ධࡋࡓࠋࡉࡽ࡟ࠊ௒ᚋࡢᩘᖺ㛫࡛࣓ࢳ࢜ࢽࣥࡢᾘ㈝㔞ࡀ 10㸣-15㸣࡟ఙࡧࡿ࡜ண᝿ࡉࢀ࡚࠸ࡿ10ࠋ୍᪉ࠊ୰ᅜᅜෆ࡛ࡣ࣓ࢳ࢜ࢽࣥࡢ⏕⏘ᢏ⾡ࡸ⏕⏘⬟ຊࡀ࡜࡚ࡶపࡃࠊᅜෆ
⏕⏘ࡀᅜෆᕷሙࡢ㟂せࢆ‶ࡓࡍࡇ࡜ࡀฟ᮶ࡎࠊ࣓ࢳ࢜ࢽࣥࡣᾏእ࠿ࡽࡢ㍺ධ࡟኱ࡁࡃ㢗ࡗ࡚࠸ࡿࠋ
ࡇࡢཝࡋ࠸⌧≧ࢆኚ࠼ࡿࡓࡵ࡟ࠊ୰ᅜ໬ᕤ㞟ᅋࡣ࣓ࢳ࢜ࢽࣥࡢ኱ᡭ〇㈍఍♫࡛࠶ࡿ࢔ࢹ࢕ࢵࢯ♫ࡢ㈙཰࡟஌ࡾฟࡋࡓࠋ࢔ࢹ࢕ࢵࢯ♫ࡢ㈙཰࡟ࡼࡗ࡚ࠊྠ♫ࡢ⏕⏘ᢏ⾡ࡸ⏕⏘タഛࡔࡅ࡛ࡣ࡞ࡃࠊ⏕⏘⟶⌮ࡸᏳ඲⟶⌮ࡢࣀ࢘ࣁ࢘ࡢ⋓ᚓࠊᕷሙࡢᣑ኱ࡶ≺ࡗ࡚࠸ࡓࠋࡲࡓࠊ࢔ࢹ࢕ࢵࢯ♫࡟࡜ࡗ࡚ࠊ୰ᅜ໬ᕤ㞟ᅋ࡟㈙཰ࡉࢀࡿ࡟ࡼࡗ࡚ࠊ୰ᅜᕷሙ࡛ࡢࢩ࢙࢔ᣑ኱ࡸ⏕⏘ࢥࢫࢺࡢ๐ῶࡀᮇᚅࡉࢀࡓࠋ
մ⤫ྜෆᐜ࢔ࢹ࢕ࢵࢯ♫ࡣࡑࡶࡑࡶᐇຊࡢ㧗࠸㯮Ꮠ௻ᴗ࡛࠶ࡾࠊ◊✲㛤Ⓨࡸ⏕⏘ࠊ㈍኎࡞࡝ࡢ㠃࡟࠾࠸࡚ࡣࠊඃ
ࢀࡓ⟶⌮ࢩࢫࢸ࣒ࡸ⤌⧊య⣔ࡀᩚࡗ࡚࠸ࡓࠋࡑࡢࡓࡵࠊ࢔ࢹ࢕ࢵࢯ♫ࢆ㈙཰ࡋࡓᚋࠊ୰ᅜ໬ᕤ㞟ᅋࡣྠ♫ࢆ᏶඲⤫ྜ࡛ࡣ࡞ࡃࠊᚲせ࡞㒊ศࡔࡅࢆ⤫ྜࡋࡓࠋࡲࡎᡓ␎ࡢ㠃࡛ࡣࠊ୰ᅜᕷሙ࡛ࡢࢩ࢙࢔ᣑ኱࡞࡝

10 http://knak.cocolog-nifty.com/blog/2006/10/ChemChina_9bd6.html(࢔ࢡࢭࢫ᪥:2013 ᖺ4 ᭶18 ᪥)ࠋ

10108ࢆ⪃៖ࡋࠊ᪂ࡋ࠸⤒Ⴀ┠ᶆࡸ⤒Ⴀᡓ␎ࢆ❧࡚ࡓࠋ⤌⧊ࡢኚ᭦ࡸே஦ࡢ␗ືࡣ࡯࡜ࢇ࡝࡞ࡃࠊ୰ᅜ໬ᕤ㞟ᅋഃࡀ࢔ࢹ࢕ࢵࢯࡢྲྀ⥾ᙺ఍ࢆ⟶⌮ࡋࠊඖࡢ CEO ࡀ COO ࡟࡞ࡾࠊ᪂ࡋ࠸ CEO ࡶࣇࣛࣥࢫே࡛࠶ࡿࠋ
⤫ྜࡢෆᐜࡣ୺࡟⏕⏘ࣉࣟࢭࢫ࣭఍ィࢩࢫࢸ࣒ࡢㄪᩚ࡞࡝࡛࠶ࡿࠋࡲࡓࠊ⏕⏘ᢏ⾡ࡸ⏕⏘⟶⌮࣭Ᏻ඲⟶⌮ࡢࣀ࢘ࣁ࢘࡞࡝ࡢ↓ᙧ㈨⏘ࢆ୰ᅜᅜෆ࡟⛣㌿ࡋࡓࠋյ㈙཰ᡂᯝ࢔ࢹ࢕ࢵࢯ♫ࡢ㈙཰ࡣࠊ୍ᐃࡢᡂᯝࢆ཰ࡵࡓ࡜ゝ࠼ࡿࠋ౛࠼ࡤࠊ࣓ࢳ࢜ࢽࣥࡢ〇㐀⬟ຊࢆᣑ኱ࡍࡿࡓ
ࡵ࡟ࠊ2008 ᖺ࡟୰ᅜ໬ᕤ㞟ᅋࡣᏊ఍♫࢔ࢹ࢕ࢵࢯࢆ㏻ࡌ࡚ࠊࣜࣚࣥ࡟㏆࠸࢖ࢮ࣮ࣝ┴ࡢࢧ࣭࣮ࣥࣔࣜࢫ࣭
ࣞࢢࢪࣝ࡟ࠊ1500 ୓࣮ࣘࣟࢆᢞ㈨ࡍࡿ᪨ࢆⓎ⾲ࡋࡓ11ࠋࡲࡓࠊ2009 ᖺ 6 ᭶୰ᅜ໬ᕤ㞟ᅋࡣࠊᏊ఍♫࢔ࢹ࢕ࢵࢯࡢࣇࣛࣥࢫ࡜ࢫ࣌࢖ࣥᕤሙࡢ⏕⏘ࢆᣑ኱ࡋࠊ
࣓ࢳ࢜ࢽࣥࡢ⏕⏘㔞ࢆᖺ㛫ྜィ 2.5 ୓ࢺࣥࡲ࡛ቑ⏘ࡍ
ࡿ࡜Ⓨ⾲ࡋࡓࠋྠᖺ 8 ᭶ࠊ୰ᅜ໬ᕤ㞟ᅋࡣ࢔ࢹ࢕ࢵࢯࡢᢏ⾡ࢆ฼⏝ࡋࠊ୰ᅜࡢ༡ிᕷ࡛ᖺ㛫⏕⏘⬟ຊ 7୓ࢺࣥࡢ࣓ࢳ࢜ࢽࣥᕤሙࡢᘓタࢆィ⏬ࡋࠊ2012 ᖺୗ༙ᮇ࡟✌ືࡍࡿணᐃ࡛࠶ࡗࡓ12ࠋ

3.3.2 ࢣࣀࢫ♫ࡢ㈙཰
ձ⿕㈙཰௻ᴗࡢᴫせ13ࢣࣀࢫ♫ࡣ 1999 ᖺ 10 ᭶࡟ࠊᙜ᫬ࡢࢣ࣒ࢥ࢔(Kemcor: Exxon Chemical ࡜ Mobil Chemical ࡢ 50/50ྜᘚ఍♫㸧࡜࢜ࣜ࢝(Orica:ᪧ ICI ࣮࢜ࢫࢺࣛࣜ࢔㸧ࡀ୧♫ࡢ㇦ᕞࡢ▼໬஦ᴗࢆ⤫ྜࡋ࡚タ❧ࡋࡓࡶࡢ࡛
࠶ࡾࠊ࢚ࢡࢯ࣮ࣥࣔࣅࣝࡀ 53%ࠊ࢜ࣜ࢝ࡀ 47%ฟ㈨ࡋࡓࠋࡑࡢ୺せ࡞〇ရࡣࠊ࣏࢚ࣜࢳࣞࣥࠊ࢚ࢳࣞࣥࠊ
ࣉࣟࣆࣞࣥࠊࣈࢱࢪ࢙ࣥࠊࣈࢱࢪ࢙ࣥࢦ࣒ࠊHDPE(㧗ᐦᗘ࣏࢚ࣜࢳࣞࣥ)ࠊLDPE(పᐦᗘ࣏࢚ࣜࢳࣞࣥ)ࠊ
ࣜࢽ࢔࣏࢚ࣜࢳࣞࣥ࡞࡝࡛࠶ࡿࠋࢣࣀࢫ♫ࡣ㇦ᕞ᭱኱ࡢ࢚ࢳࣞࣥ⏕⏘௻ᴗ࡜၏୍ࡢ࣏࢚ࣜࢳࣞࣥ⏕⏘௻ᴗ࡛࠶ࡾࠊ850 ேࡢᚑᴗဨࢆ࠿࠿࠼ࠊࢩࢻࢽ࣮࡜࣓ࣝ࣎ࣝࣥ࡟ᕤሙࢆᣢࡗ࡚࠸ࡿࠋ2005 ᖺࡢ኎ୖ㧗ࡣ 8൨ࢻ࡛ࣝ࠶ࡾࠊ㇦ᕞ࡟࠾࠸࡚ࡣ 70㸣ࡢᕷሙࢩ࢙࢔ࢆ༨ࡵ࡚࠸ࡿࠋࡲࡓࠊྠ♫ࡣ Exxon Mobilࠊ㘊†ࠊBASF
࡞࡝ࡢ௦⌮ᗑ࡜ࡋ࡚ࠊ࢚ࢳࣞࣥࣉࣟࣆࣞࣥࢦ࣒ࠊ࣏࢚ࣜࢫࢸࣝࣞࢪࣥ࡞࡝ࡢ㍺ධ㈍኎ࡶ⾜ࡗ࡚࠸ࡿࠋ
ղ㈙཰⤒⦋࢚ࢳࣞࣥ࡞࡝ࡢ໬Ꮫᕤᴗ〇ရࡢཎᮦᩱࢆ☜ಖࡍࡿࡓࡵ࡟ࠊ୰ᅜ໬ᕤ㞟ᅋࡣࠊ2004 ᖺ࡟ࡍ࡛࡟ࢣࣀࢫ♫ࡢ㈙཰ࢆィ⏬ࡋࡓࠋࡑࡢᚋࠊ2 ᖺࡢ᫬㛫ࢆ࠿ࡅ࡚ࠊ኱ᡭᢞ㈨ࣇ࢓ࣥࢻ࡛࠶ࡿࣈࣛࢵࢡࢫࢺ࣮ࣥ(TheBlackstone Group)࡞࡝ࡢእ㒊ᑓ㛛ᶵ㛵ࡢຊࢆ೉ࡾ࡞ࡀࡽࠊࢣࣀࢫ♫ࡢ㈈ົ≧ἣࠊ஦ᴗෆᐜࠊᑗ᮶ᛶ࡞࡝࡟ࡘ࠸࡚ヲࡋࡃㄪᰝࡋࡓ14ࠋࡑࢀࡔࡅ࡛ࡣ࡞ࡃࠊ㈙཰ィ⏬ࢆࢫ࣒࣮ࢬ࡟㐍ࡵࡿࡓࡵ࡟ࠊ௵ᘓ᪂ࡣࢣࣀࢫ♫11http://www.adgensite-emailing.com/aderly/newsletters/archives/9/cat2_2008-07-24_11-29-11.html?xtor=EPR-105#4

786(࢔ࢡࢭࢫ᪥:2013 ᖺ4 ᭶18 ᪥)ࠋ
12 http://knak.cocolog-nifty.com/blog/2009/12/post-3763.html(࢔ࢡࢭࢫ᪥:2013 ᖺ4 ᭶18 ᪥)ࠋ
13 http://knak.cocolog-nifty.com/blog/2006/10/ChemChina_9bd6.html(࢔ࢡࢭࢫ᪥:2013 ᖺ4 ᭶18 ᪥)ࠋ
14

ఱ࣭ᰓ(2010) p.186ࠋ

11109ࡢᙺဨࡸ⟶⌮ᒙ࡟ࡶ✚ᴟⓗ࡟࢔ࣉ࣮ࣟࢳࢆ࠿ࡅࡓࠋ⮬♫ࡢᐇຊࡸ㈙཰࡟ࡼࡿ࣓ࣜࢵࢺࠊ୰ᅜᕷሙࡢ㨩ຊ࡞࡝ࢆ࢔ࣆ࣮ࣝࡋ࡞ࡀࡽࠊᙼࡽࡢぶ㏆ឤࡸಙ㢗ឤࢆᚓࡿࡼ࠺࡟ດຊࡋ࡚࠸ࡓࠋ2006 ᖺ 4 ᭶ 3 ᪥ࠊᙜ᫬ࡢ
୰ᅜᅜົ㝔⥲⌮࡛࠶ࡗࡓ ᐙᐆࡀ࣮࢜ࢫࢺࣛࣜ࢔ࢆゼၥࡋࠊᙜ᫬ࡢ࣮࢜ࢫࢺࣛࣜ࢔㤳┦࡛࠶ࡗࡓࢪࣙ
࣭ࣥࣁ࣮࣡ࢻ㸦John Howard㸧࡜఍ㄯࢆ⾜࠸ࠊኳ↛㈨※ࡸ࢚ࢿࣝࢠ࣮࡟㛵ࡍࡿ୧ᅜ㛫ࡢ༠ຊ࡟ࡘ࠸࡚ྜ
ពࢆᚓࡓࠋ2006 ᖺ 4 ᭶ 7 ᪥ࠊ୰ᅜ໬ᕤ㞟ᅋࡣ 14 ൨ඖ(2.325 ൨࣮࢜ࢫࢺࣛࣜ࢔ࢻࣝ)࡛ࢣࣀࢫ♫ࢆ 100㸣
ᰴྲྀᚓ࡛㈙཰ࡋࡓ15ࠋ ᐙᐆ࡜ࢪ࣭ࣙࣥࣁ࣮࣡ࢻࡀඹ࡟ㄪ༳ᘧ࡟ฟᖍࡋࡓ16ࠋ
ճ㈙཰┠ⓗ17ࡲࡎࡣ໬Ꮫᕤᴗࡢ㔜せ࡞ཎᮦᩱ࡛࠶ࡿ࢚ࢳࣞࣥࠊ࣏࢚ࣜࢳࣞࣥ࡞࡝ࡢ⋓ᚓ࡛࠶ࡿࠋ୰ᅜ࡛ࡣ໬Ꮫᕤᴗࡀ┠ぬࡲࡋࡃⓎᒎࡋ࡚࠸ࡿ୰ࠊ໬Ꮫᕤᴗࡢཎᮦᩱ࡟ᑐࡍࡿ㟂せࡶ㧗ࡲࡗ࡚࠸ࡿࠋ୰ᅜ໬ᕤ㞟ᅋࡣ୰ᅜࡢ
኱ᡭ⥲ྜ໬Ꮫ〇ရ࣓࣮࣮࡛࢝࠶ࡿࡓࡵࠊࢧࣉࣛ࢖࣮ࢳ࢙ࣥ඲యࡢࢥࣥࢺ࣮ࣟࣝࡸࠊ⏕⏘ཎᮦᩱࡢ☜ಖࡀ࡜࡚ࡶ㔜せ࡛࠶ࡿࠋࢣࣀࢫ♫ࢆ㈙཰ࡍࡿࡇ࡜࡟ࡼࡗ࡚ࠊ࢚ࢳࣞࣥࡸ࣏࢚ࣜࢳࣞࣥ࡞࡝ࡢ⏕⏘ཎᩱࡢ౪⤥ࡀ☜ಖࡉࢀࠊྲྀᘬࢥࢫࢺࡢ๐ῶࡸ௻ᴗ඲యࡢᏳᐃⓗ࡞⏕⏘࣭㐠Ⴀࡀಖドࡉࢀࡿࠋࡲࡓࠊ୰ᅜ໬ᕤ㞟ᅋࡣࢣࣀࢫ♫ࡢ㈙཰࡟ࡼࡗ࡚ࠊ୰ᅜ࡜࣮࢜ࢫࢺࣛࣜ࢔ᕷሙࡔࡅ࡛ࡣ࡞ࡃࠊᮾ༡࢔ࢪ
࢔ࠊḢ⡿ᕷሙ࡬ࡢ㐍ฟࡶᅗࡗ࡚࠸ࡿࠋࡉࡽ࡟ࠊࢣࣀࢫ♫ࡢ⏕⏘⟶⌮ࢩࢫࢸ࣒ࠊ⤒Ⴀࣀ࢘ࣁ࢘࡞࡝ࡢᏛ⩦ࡶ㈙཰┠ⓗࡢ 1 ࡘ࡛࠶ࡿࠋ
մ⤫ྜෆᐜࢣࣀࢫ♫ࡣ㯮Ꮠ⤒ႠࡢඃⰋ௻ᴗ࡛࠶ࡗࡓࡋࠊ୰ᅜ໬ᕤ㞟ᅋࡢ୺せ࡞㈙཰┠ⓗࡶ⏕⏘ཎᩱ࡜⏕⏘࣭⤒Ⴀࣀ࢘ࣁ࢘࡞࡝ࡢ↓ᙧ㈨⏘ࡢ⋓ᚓ࡟࠶ࡗࡓࠋࡑࡢࡓࡵࠊ㈙཰ᚋࠊࢣࣀࢫ♫ࢆಶูࡢ஦ᴗ༢఩࡜ࡋ࡚఩⨨࡙ࡅࠊࡑࡢ⊂❧ᛶࢆᑛ㔜ࡋࡓࠋ୰ᅜ໬ᕤ㞟ᅋࡣ୺࡟ྲྀ⥾ᙺ఍ࢆ㏻ࡌ࡚ࢣࣀࢫ♫ࢆ⟶⌮ࡋࡓࠋ᪥ᖖࡢᴗົ⟶⌮࡟ࡣᖸ΅ࡏࡎࠊ⤒Ⴀᡓ␎ࡢ⟇ᐃࡸᾏእᢞ㈨࡞࡝ࡢ㔜኱࡞ពᛮỴᐃࡔࡅ࡟ཧຍࡋࡓࠋ
⤌⧊ࡸே஦ࡢ␗ືࡀ࡯࡜ࢇ࡝࡞ࡃࠊ⟶⌮ᒙࡀඖࡢࡲࡲ࡛࠶ࡾࠊࡉࡽ࡟⟶⌮ᒙࡀᙺဨ࡟᪼㐍࡛ࡁࡿࡼ࠺
࡞ไᗘࢆタࡅࡓࠋࡲࡓࠊࢣࣀࢫ♫ࡢ୰ሀᢏ⾡⪅࡟୰ᅜᮏ♫ࡢ⟶⌮⫋࣏ࢫࢺࢆ୚࠼ࠊ୰ᅜ⌧ᆅࡢᢏ⾡ᣦᑟࡸ௻ᴗ⤒Ⴀ࡟ཧຍࡉࡏࡓࠋ୰ᅜഃࡢ♫ဨࡶࢣࣀࢫ♫࡛࢔ࢩࢫࢱࣥࢺࡢ௙஦ࢆࡋ࡞ࡀࡽࠊ⏕⏘⟶⌮ࡸ௻ᴗ⤒Ⴀࡢࣀ࢘ࣁ࢘࡞࡝ࢆᏛ⩦ࡋࡓࠋ
յ㈙཰ᡂᯝ
ࢣࣀࢫ♫ࡢ㈙཰ࡶᡂᯝࡀ࠶ࡿ࡜ゝ࠼ࡿࠋ౛࠼ࡤࠊࢣࣀࢫ♫ࡀ⊂⮬࡛㛤Ⓨࡋࡓ୍ὶࡢ⏕⏘⟶⌮ࢩࢫࢸ࣒
ࠕSHEࠖࡣᏳ඲ࠊ↓ᐖࠊ⎔ቃ㓄៖ࡢࡓࡵᴗ⏺࡛ࡣ࡜࡚ࡶ᭷ྡ࡛࠶ࡿࠋ㈙཰ᚋࠊ୰ᅜ໬ᕤ㞟ᅋࡣࡇࡢࢩࢫ

15 ⋤(2007)p.130-131ࠋ
16 ๽(2008)p.22ࠋ
17 ྠୖࠋ

12110ࢸ࣒ࢆ୰ᅜᅜෆ࡟ᑟධࡋࠊ௻ᴗ⏕⏘ࡢᏳ඲ᛶࢆ኱ࡁࡃ㧗ࡵࡓ18ࠋࡲࡓࠊ2010 ᖺࠊྠ♫ࡣࢣࣀࢫ♫ࡢ࣓ࣝ࣎ࣝࣥ࡟࠾ࡅࡿ࢚ࢳࣞࣥࡢ⏕⏘࣭㛤Ⓨࣉࣟࢪ࢙ࢡࢺ࡟ 1.97 ൨ࢻࣝࢆᢞධࡋࠊ࢚ࢳࣞࣥࡢ⏕⏘㔞ࢆ⣙ 20%
ᣑ኱ࡋࡓ19ࠋ

3.3.3 ࣮ࣟࢹ࢕࢔♫ࡢ㈙཰
ձ⿕㈙཰௻ᴗࡢᴫせ20࣮ࣟࢹ࢕࢔♫ࡣࠊඖࡣࣇࣛࣥࢫࡢ࣮ࣟࢾ࣭ࣉ࣮ࣛࣥ♫(Rhône-Poulenc)21ࡢ≉Ṧ໬Ꮫရ㒊㛛࡛࠶ࡾࠊ1998
ᖺ 1 ᭶࡟໬Ꮫရ஦ᴗ㒊࡜⧄⥔࣭࣏࣐࣮ࣜ஦ᴗ㒊ࢆ⤫ྜࡋ࡚⊂❧ࡋࡓ఍♫࡛࠶ࡿࠋࡑࡢചୗ࡟ࡣ 3 ࡘࡢࢢ࣮ࣝࣉ(Performance Materials, Functional Chemicals, Organics and Services)ࠊ7 ࡘࡢ஦ᴗ(Polyamide, Acetow, Novecare, Silcea, Eco Services, Organics, Energy Services)ࡀ࠶ࡿࠋ1998 ᖺ 6 ᭶࡟ࣃࣜ࡜ࢽ࣮࣮ࣗࣚࢡࡢドๆྲྀᘬᡤ࡟ୖሙࡋࠊ⥲ྜᐇຊ࡛ୡ⏺ࡢඛ㢌࡟❧ࡘ኱ᡭ໬Ꮫ〇ရ࣓࣮࣮࡛࢝࠶ࡿࠋ
ྠ♫ࡢ᭷ᶵࢩࣜࢥࣥ஦ᴗࡣ㧗࠸◊✲㛤Ⓨຊ࡜ᢏ⾡ຊࢆᣢࡕࠊ᭷ᶵࢩࣜࢥࣥࡢᖺ㛫⏕⏘㔞ࡀ 22 ୓ࢺ࡛ࣥ࠶ࡾࠊୡ⏺ᕷሙࢩ࢙࢔ࡢ 6㸣ࢆ༨ࡵ࡚࠸ࡿࠋ᭷ᶵࢩࣜࢥࣥ㒊㛛ࡣḢᕞ࡛ࣇࣛࣥࢫ࡟ 2 ࡘࡢ኱ࡁ࡞ᕤሙࠊ࢔
ࢪ࢔࡛ୖᾏࠊỤす┬ࠊ࣐࣮ࣞࢩ࢔ࠊ㇦ᕞ࡟ᕤሙࢆᣢࡗ࡚࠸ࡿࠋ2005 ᖺࠊྠ㒊㛛ࡢᚑᴗဨᩘࡀ⣙ 1200 ே࡛࠶ࡾࠊ኎ୖ㧗ࡀ 4.47 ൨࣮࡛ࣘࣟ࠶ࡗࡓࠋ
ղ㈙཰⤒⦋22
2006 ᖺ 10 ᭶ 26 ᪥ࠊ୰ᅜ໬ᕤ㞟ᅋࡣ࣮ࣟࢹ࢕࢔♫ࡢ᭷ᶵࢩࣜࢥࣥ஦ᴗ࠾ࡼࡧ◲໬≀஦ᴗࢆࠊ4 ൨࣮࡛ࣘࣟᰴྲྀᚓ࡟ࡼࡗ࡚᏶඲㈙཰ࡋࡓࠋྠ᪥ࠊ୰ᅜࢆゼၥ୰࡛࠶ࡗࡓࣇࣛࣥࢫ኱⤫㡿ࡢࢪࣕࢵࢡ࣭ࣝࢿ࣭ࢩ
ࣛࢡ㸦Jacques René Chirac㸧ࡀࠊ୰ᅜᅜᐙ୺ᖍࡢ⬌㘊℀࡜఍ㄯࡋࠊ௒ᅇࡢ㈙཰࡟㛵ࡍࡿ☜ㄆ᭩࡟ㄪ༳ࡋ㈙཰౯᱁ࡣ୧஦ᴗࡢ 2005 ᖺࡢ EBITDA24ࡢ 7 ಸᙉ࡛࠶ࡿ 4 ൨࣮ࣘࣟࢆ࣮࣋ࢫ࡟ࡋࡓࡶࡢ࡛࠶ࡿࠋ
ࡓ23ࠋ
௒ᅇࡢ㈙཰௨๓࠿ࡽࠊ୰ᅜ໬ᕤ㞟ᅋࡣࡍ࡛࡟࣮ࣟࢹ࢕࢔♫࡜ᡓ␎ⓗ㐃ᦠࢆ⤖ࢇ࡛࠸ࡓࠋ2004 ᖺ 10 ᭶ࠊ୰ᅜ໬ᕤ㞟ᅋࡣ࣮ࣟࢹ࢕࢔♫࡜ࢩࣜࢥࣥ஦ᴗࡢᥦᦠ࡟㛵ࡍࡿぬ᭩ࢆ⥾⤖ࡋࡓࠋ2005 ᖺ 5 ᭶ࠊ୧♫ࡣ࣮ࣟࢹ࢕࢔♫ࡢᢏ⾡ࢆ฼⏝ࡋࠊᖺ⏘ 20 ୓ࢺࣥࡢ࣓ࢳࣝࢡࣟࣟࢩࣛࣥ⏕⏘ᕤሙࡢᘓタ࡟㛵ࡋ࡚ྜព᭩ࢆ⥾⤖ࡋ
ࡓࠋ2005 ᖺᮎࠊ୧♫ࡣྛ⮬ࡢ᭷ᶵࢩࣜࢥࣥ஦ᴗࡢάືࢆࢢ࣮ࣟࣂࣝ࡟⤫ྜࡋ࡚࠸ࡃྍ⬟ᛶ࡟ࡘ࠸᳨࡚ウ
ࡋࡓࠋ᳨ウࡢ⤖ᯝࠊ࣮ࣟࢹ࢕࢔♫ࡣ⮬♫ࡢ᭷ᶵࢩࣜࢥࣥ஦ᴗ࡜◲໬≀஦ᴗࢆࠊ୰ᅜ໬ᕤ㞟ᅋ࡟኎༷ࡍࡿ

18 ఱ࣭ᰓ(2010) p.178ࠋ
19 ୰ᅜ໬ᕤ㞟ᅋࡢ࣮࣒࣮࣍࣌ࢪࡢグ஦࡟ࡼࡿ(࢔ࢡࢭࢫ᪥2013 ᖺ6 ᭶28 ᪥)

http://www.ChemChina.com.cn/portal/xwymt/A1315web_1.htmࠋ
20 http://knak.cocolog-nifty.com/blog/2006/10/ChemChina_9bd6.html(࢔ࢡࢭࢫ᪥:2013 ᖺ4 ᭶25 ᪥) ࠋ
21 ࣮ࣟࢾ࣭ࣉ࣮ࣛࣥ:࠿ࡘ࡚ࣇࣛࣥࢫࢆ௦⾲ࡋࡓ኱ᡭ⥲ྜ໬Ꮫ࣭〇⸆௻ᴗ࡛࠶ࡿࠋ
22 http://knak.cocolog-nifty.com/blog/2008/03/post_8d57.html (࢔ࢡࢭࢫ᪥:2013 ᖺ4 ᭶25 ᪥) ࠋ
23 ๽(2008)p.22ࠊ᪂ᾉ⥙㸸http://news.sina.com.cn/c/2006-10-27/151610342839s.shtml (࢔ࢡࢭࢫ᪥:2014 ᖺ4 ᭶9 ᪥)ࠋ
24 EBITDA ࡣࠊearnings before interest, taxes, depreciation, and amortization ࡢ㢌Ꮠㄒ࡛࠶ࡾࠊ⛯ᘬࡁ๓฼┈࡟ࠊ≉ูᦆ┈ᨭᡶ฼ᜥࠊ࠾ࡼࡧῶ౯ൾ༷㈝ࢆຍ⟬ࡋࡓ್࡛࠶ࡾࠊ㈈ົᣦᶆ࡜ࡋ࡚ᗈࡃ฼⏝ࡉࢀ࡚࠸ࡿࠋ

13111

ࡇ࡜࡟࡞ࡗࡓࠋ࣮ࣟࢹ࢕࢔♫ࡣ⮬♫ࡢ᭷ᶵࢩࣜࢥࣥ࡜◲໬≀஦ᴗࢆ኎༷ࡍࡿࡇ࡜࡟ࡼࡗ࡚ࠊ௻ᴗ㈇മࡢ
๐ῶࡸࠊୡ⏺࡛୺ᑟⓗᆅ఩ࢆ༨ࡵࡿ஦ᴗ࡟㞟୰ࡍࡿࡇ࡜ࡀ࡛ࡁࡓࠋ
ճ㈙཰┠ⓗࡲࡎࡣ᭷ᶵࢩࣜࢥࣥࡢ⏕⏘ᢏ⾡࡜ຍᕤᢏ⾡ࡢ⋓ᚓ࡛࠶ࡿࠋ᭷ᶵࢩࣜࢥࣥࡣࠕᕤᴗࡢ࿡ࡢ⣲ࠖ࡜ࡶ࿧ࡤ
ࢀࡿ࡯࡝ࠊᗈ࠸ศ㔝(⮬ື㌴ࠊ㟁Ꮚࠊᘓ⠏ࠊ໬⢝ရࠊ⯟✵ࠊ་⒪ࠊ㣗ရ࡞࡝)࡟ᛂ⏝ࡉࢀ࡚࠸ࡿࠋ≉࡟᭷ᶵࢩࣜࢥࣥࡢୗὶ〇ရ(᭷ᶵࢩࣜࢥࣥࡢຍᕤရࠊ
౛࠼ࡤ:⌛⣲ࢦ࣒ࠊ⌛⣲ᶞ⬡ࠊ⌛⣲Ἔ࡞࡝)ࡣ௜ຍ౯್ࡀ㧗ࡃࠊ㧗࠸◊✲㛤Ⓨ⬟ຊࡸᢏ⾡ຊࡀồࡵࡽࢀ࡚࠸ࡿࠋ୰ᅜ௻ᴗࡣඛ➃ᢏ⾡ࢆᣢࡗ࡚࠸࡞࠸ࡓࡵࠊ᭷ᶵࢩࣜࢥࣥࠊ
≉࡟ࡑࡢຍᕤရࡢ⏕⏘⬟ຊࡀ࡜࡚ࡶప࠸ࠋ୍᪉ࠊ୰ᅜᕷሙ࡛ࡣ໬ᏛᕤᴗࡢⓎᒎ࡟క࠸ࠊ᭷ᶵࢩࣜࢥࣥ࠾
ࡼࡧࡑࡢຍᕤ〇ရ࡟ᑐࡍࡿ㟂せࡀ㧗࠸ࠋ୰ᅜ໬ᕤ㞟ᅋࡣࠊ࣮ࣟࢹ࢕࢔♫ࡢ㈙཰࡟ࡼࡗ࡚ࠊྠ♫ࡢ⏕⏘ᢏ⾡ࠊ◊✲㛤Ⓨຊࠊ≉チࠊ⏕⏘タഛࠊ㈍኎⥙࡞࡝ࢆ⋓ᚓࡋࠊ᭷ᶵࢩࣜࢥࣥ࠾ࡼࡧࡑࡢ㛵㐃〇ရࡢ⏕⏘⬟ຊࢆᣑ኱ࡋࠊᅜෆᕷሙ࡜ᾏእᕷሙࡢ㟂せࢆ‶ࡓࡑ࠺࡜ࡋ࡚࠸ࡿࠋ
◲໬≀ࡣ࣓ࢳ࢜ࢽࣥࡢ㔜せ࡞⏕⏘ཎᩱ࡛࠶ࡿࠋ࣮ࣟࢹ࢕࢔♫ࡢ◲໬≀ࡢ⏕⏘ᕤሙࡣ 2006 ᖺ 4 ᭶࡟㈙཰ࡋࡓ࢔ࢹ࢕ࢵࢯ♫ࡢ࣓ࢳ࢜ࢽࣥࡢᕤሙ࡜ྠࡌᕤᴗᅋᆅ࡟࠶ࡿࠋ࣮ࣟࢹ࢕࢔ࡢ◲໬≀஦ᴗࢆ㈙཰ࡍࡿࡇ࡜
࡛ࠊ࣓ࢳ࢜ࢽࣥࡢ⏕⏘ཎᩱࡢ☜ಖࡸྲྀᘬࢥࢫࢺࡢ๐ῶ࡞࡝ࢆᯝࡓࡍࡇ࡜ࡀ࡛ࡁࡿࡼ࠺࡟࡞ࡗࡓࠋ
մ⤫ྜෆᐜ࣮ࣟࢹ࢕࢔♫ࡢ⤫ྜࡣࠊ࢔ࢹ࢕ࢵࢯ♫࡜ࢣࣀࢫ♫ࡢ㈙཰஦౛࡜ྠࡌࡃࠊ⤫ྜࡢ⛬ᗘࢆᚲせ᭱ᑠ㝈࡟࡜࡝ࡵࡓࡶࡢ࡛࠶ࡗࡓࠋ୰ᅜ໬ᕤ㞟ᅋࡣ୺࡟ྲྀ⥾ᙺ఍ࢆ㏻ࡌ࡚࣮ࣟࢹ࢕࢔♫ࢆ⟶⌮ࡋࠊ⤒Ⴀᡓ␎ࡢ⟇ᐃࡸ
ᾏእᢞ㈨࡞࡝ࠊ㔜せ࡞ពᛮỴᐃࡔࡅ࡟ཧຍࡋࡓࠋ᪥ᖖᴗົ࡟ࡣ㛵୚ࡏࡎࠊ⤌⧊ࡸே஦ࡢ␗ືࡶ࡯࡜ࢇ࡝
࡞ࡃࠊ࣮ࣟࢹ࢕࢔♫ࢆ⊂❧ࡋࡓ஦ᴗ༢఩࡜ࡋ࡚ᢅࡗࡓࠋࡓࡔࡋࠊ࣮ࣟࢹ࢖࢔♫ࡢᢏ⾡ࡸ⤒Ⴀࣀ࢘ࣁ࢘࡞
࡝ࡢ↓ᙧ㈨⏘ࡢ⛣㌿࣭Ꮫ⩦࡟ࡣຊࢆ࠸ࢀࡓࠋ
ࡉࡽ࡟ࠊ࣮ࣟࢹ࢕࢔ഃࡢᚑᴗဨࡢಙ㢗ឤࡸぶ㏆ឤࢆᚓࡿࡓࡵ࡟ࠊ୰ᅜ໬ᕤ㞟ᅋࡢ♫㛗࡛࠶ࡿ௵ᘓ᪂ࡣ
⫋ဨ኱఍ࡸࣅࢹ࢜ࠊ࣓࣮ࣝ࡞࡝ࢆ㏻ࡌ࡚ࠊ✚ᴟⓗ࡟ᙼࡽ࡜ࢥ࣑ࣗࢽࢣ࣮ࢩࣙࣥࢆྲྀࡗࡓࠋᙼࡣ୰ᅜ໬ᕤ
㞟ᅋࡢ⤒Ⴀ⌮ᛕࠊ஦ᴗෆᐜࠊ㈙཰࡟ࡼࡿ࣓ࣜࢵࢺࠊ㞠⏝ࡢಖド࡞࡝ࢆ୎ᑀ࡟ㄝ᫂ࡋࠊ⮬♫ࡢᐇຊࡸᑗ᮶
ᛶࢆ࢔ࣆ࣮ࣝࡋࡓࠋ
յ㈙཰ᡂᯝ25࣮ࣟࢹ࢕࢔♫ࡢ㈙཰ࡶᡂᯝࡀ࠶ࡿ࡜ゝ࠼ࡼ࠺ࠋ౛࠼ࡤࠊ㈙཰ᚋࡲࡶ࡞ࡃࠊ୰ᅜ໬ᕤ㞟ᅋࡣ࣮ࣟࢹ࢕࢔
ഃࡢ⏕⏘タഛ࡜⏕⏘ᢏ⾡ࢆᑟධࡋࠊ⮬♫ࡢ⸛ᫍⅆ᭷ᶵࢩࣜࢥࣥᕤሙࢆ෌ᘓࡋࡓࠋࡲࡓࠊ2008 ᖺ࡟୰ᅜ໬
ᕤ㞟ᅋࡣࠊኳὠࡢ⮫ ᕤᴗ༊࡛኱つᶍ࡞ࢩࣜࢥࣥࣔࣀ࣐࣮㸦࣓ࢳࣝࢡࣟࣟࢩࣛࣥ㸧〇㐀Ꮚ఍♫ࢆタ❧ࡋ

25 http://knak.cocolog-nifty.com/blog/2008/03/post_8d57.html

14112(࢔ࢡࢭࢫ᪥:2013 ᖺ4 ᭶25 ᪥) ࠋࡓࠋᮏ♫ࡀ 23%ࠊỤす┬༡ᫀ࡟࠶ࡿࢩࣜࢥࣥࣔࣀ࣐࣮ࢆ⏕⏘ࡍࡿ୰ᅜ໬ᕤ㞟ᅋࡢᏊ఍♫ Bluestar New
Chemical Materials ࡀ 52%ࠊ࣮ࣟࢹ࢕࢔♫࠿ࡽ㈙཰ࡋࡓࢩࣜࢥࣥ஦ᴗࡢ Bluestar France Company ࡀ
25%ࢆฟ㈨ࡋࡓࠋࡇࡢ᪂ࡋ࠸Ꮚ఍♫ࡣ࣮ࣟࢹ࢕࢔ഃࡢᢏ⾡ࢆ฼⏝ࡍࡿࡶࡢ࡛ࠊᖺ㛫 40 ୓ࢺࣥࡢࢩࣜࢥࣥ
ࣔࣀ࣐࣮ࡢ⏕⏘⬟ຊࢆᣢࡗ࡚࠸ࡿࠋ2009 ᖺᚋ༙࡟➨ 1 ᮇࡢ 20 ୓ࢺࣥࡢ⏕⏘ᕤሙࢆ✌ാࡋࠊṧࡗࡓ➨ 2ᮇࡢᕤ⛬ࡣ 5 ᖺ௨ෆ࡟᏶ᡂࡉࡏࡿணᐃ࡛࠶ࡿࠋ

4. ஦౛ศᯒ

ᮏ⠇࡛ࡣࠊෑ㢌࡛㏙࡭ࡓࠕM&A ࣃࣇ࢛࣮࣐ࣥࢫࣔࢹࣝࠖࢆ฼⏝ࡋࠊୖ㏙ࡢ 3 ࡘࡢᅜ㝿 M&A ஦౛࡟ࡘ࠸࡚ศᯒࢆ⾜࠺ࠋ

4.1 ࣔࢹࣝࡢྛせ⣲࡟ᇶ࡙ࡃศᯒ26ձࢩࢼࢪ࣮ຠᯝ
ࡇࡇ࡛ࡢࢩࢼࢪ࣮ຠᯝࡣࠊM&A ࡟ࡼࡿ௙ධ࣭⏕⏘࣭⟶⌮ࢥࢫࢺࡢ๐ῶࠊ᪂ᕷሙࡢ㐍ฟࠊࣀ࢘ࣁ࢘ࡢ⋓ᚓ࡞࡝ࡢ㈙཰ຠᯝࢆᣦࡍࠋ୰ᅜ໬ᕤ㞟ᅋࡣࠊ⮬♫ࡢᙉ࠸㈨㔠ຊࠊ⏕⏘ຊࠊᕧ኱࡞ᅜෆᕷሙ࡜ࠊ⿕㈙཰఍
♫ࡢ㧗࠸◊✲㛤Ⓨຊ࣭ᢏ⾡ຊࠊᾏእᕷሙࠊᵝࠎ࡞ࣀ࢘ࣁ࢘࡜ࢆ⤖ྜࡋࠊ⤒Ⴀ㈨※ࡢඃ఩ᛶࢆ⿵᏶ࡋ࡞ࡀ
ࡽ኱ࡁ࡞ࢩࢼࢪ࣮ຠᯝࢆ཰ࡵࡓ࡜ゝ࠼ࡿࠋලయⓗ࡟ࡣࠊ஦౛ࡢ୰࡛ࡶ㏙࡭ࡓࡼ࠺࡟ࠊ࢔ࢹ࢕ࢵࢯ♫ࡢ㈙཰࡟ࡼࡗ࡚ࠊ࣓ࢳ࢜ࢽࣥࡢ⏕⏘ᢏ⾡ࠊ⏕⏘࣭Ᏻ඲⟶⌮ࡢࣀ࢘ࣁ࢘ࢆ⋓ᚓࡋࠊྠ᫬࡟ࠊ୰ᅜᕷሙࡢࢩ࢙࢔
ᣑ኱ࡸ⏕⏘㔞ࡢቑຍࠊ⏕⏘ࢥࢫࢺࡢ๐ῶࡶᐇ⌧ࡋࡓࠋࢣࣀࢫ♫ࡢ㈙཰࡛ࡣࠊ໬Ꮫ〇ရࡢ㔜せ࡞⏕⏘ཎᩱ࡛࠶ࡿ࢚ࢳࣞࣥ࡜࣏࢚ࣜࢳࣞࣥࢆ⋓ᚓࡋࡓࠋࡉࡽ࡟ࠊ୍ὶࡢࢩࢫࢸ࣒ࡢᑟධ࡟ࡼࡿຠ⋡ᛶ࣭Ᏻ඲ᛶࡢྥ
ୖࡸࠊᕷሙࡢᣑ኱ࠊࢥࢫࢺࡢ๐ῶ࡞࡝ࡶᐇ⌧ࡋࡓࠋ࣮ࣟࢹ࢕࢔♫ࡢ㈙཰࡛ࡣࠊ᭷ᶵࢩࣜࢥࣥࡢ⏕⏘ᢏ⾡࡜ຍᕤᢏ⾡ࠊ⤒Ⴀ⟶⌮ࡢࣀ࢘ࣁ࢘ࢆ⋓ᚓࡋࠊ⏕⏘㔞ࢆቑຍࡉࡏ࡞ࡀࡽࢥࢫࢺࢆ๐ῶࡋࡓࠋࡲࡓࠊ௵ᘓ᪂
࡟ࡼࡿ࡜ࠊࡇࢀࡽࡢ௻ᴗࡣ୰ᅜ໬ᕤ㞟ᅋ࡟㈙཰ࡉࢀࡓᚋࠊ኎ୖ㧗ࡶ฼┈⋡ࡶ኱ᖜ࡟ఙࡤࡋࠊᮏ♫ࡢ཰┈
࡟኱ࡁࡃ㈉⊩ࡋࡓ27ࠋࡇࡢࡼ࠺࡟ࠊ୰ᅜ໬ᕤ㞟ᅋࡣࡇࢀࡽࡢᅜ㝿 M&A ࡟ࡼࡗ࡚ࠊᢏ⾡ࡢ⋓ᚓࡸࠊᕷሙࡢ
ᣑ኱ࠊࢥࢫࢺࡢ๐ῶ࡞࡝ࡢࢩࢼࢪ࣮ຠᯝࢆ཰ࡵࡓ࡜ゝ࠼ࡿࠋղᡓ␎ⓗ㐺ྜᛶ
ᡓ␎ⓗ㐺ྜᛶ࡟ࡣࠊ㢮ఝⓗ㐺ྜᛶ࡜⿵᏶ⓗ㐺ྜᛶࡢ 2 ✀㢮ࡀ࠶ࡿࠋ୰ᅜ໬ᕤ㞟ᅋࡢᅜ㝿 M&A ஦౛࡛

26 ྛせ⣲ࡢุ᩿ᇶ‽ࡣ௜⾲1 ࢆཧ↷ࠋ
27 ୰ᅜ໬ᕤ㞟ᅋࡢ࣮࣒࣮࣍࣌ࢪ:http://www.ChemChina.com.cn/portal/xwymt/A1315web_1.htm(࢔ࢡࢭࢫ᪥2013 ᖺ6 ᭶28 ᪥)Ǆ

15113ࡣࠊ㧗࠸⿵᏶ⓗᡓ␎㐺ྜᛶࡀぢࡽࢀࡓࠋᙜ᫬ࠊ୰ᅜᅜෆ࡛ࡣ໬Ꮫ〇ရ࡟ᑐࡍࡿ㟂せࡀ㠀ᖖ࡟኱ࡁ࠸࡟ࡶ
࠿࠿ࢃࡽࡎࠊ⏕⏘ᢏ⾡ࡸ⏕⏘⬟ຊࡀప࠸ࡓࡵࠊᅜෆ⏕⏘ࡀᅜෆ㟂せࢆ‶ࡓࡍࡇ࡜ࡀ࡛ࡁ࠿ࡗࡓࠋࡇࡢࡼ
࠺࡞≧ἣࡢࡶ࡜࡛ࠊ୰ᅜ໬ᕤ㞟ᅋࡣ໬Ꮫ〇ရࡢ⏕⏘ཎᩱࡸ⏕⏘ᢏ⾡ࢆ⋓ᚓࡍࡿࡓࡵ࡟ࠊᾏእ௻ᴗࡢ㈙཰
࡟஌ࡾฟࡋࡓࠋ࢔ࢹ࢕ࢵࢯ♫࡜࣮ࣟࢹ࢕࢔♫ࡢ㈙཰ࡣ୺࡟⏕⏘ᢏ⾡ࡢ⋓ᚓࢆ≺࠸ࠊࢣࣀࢫ♫ࡢ㈙཰ࡣ୺
࡟⏕⏘ཎᩱࡢ⋓ᚓࢆᅗࡗࡓࠋྠ♫ࡣࡇࢀࡽࡢ㈙཰࡟ࡼࡗ࡚ࠊ⮬♫ࡀᣢࡓ࡞࠸⤒Ⴀ㈨※ࢆ⋓ᚓࡋࠊᕧ኱࡞
୰ᅜᕷሙࢆ‶ࡓࡋ࡞ࡀࡽᾏእᕷሙ࡬ࡢ㐍ฟࡶᯝࡓࡍࡇ࡜ࡀ࡛ࡁࡓࠋ〇ရ࡛ࡶᕷሙ࡛ࡶࠊࡑࡢ୧㠃࡟࠾࠸࡚㧗࠸⿵᏶ⓗᡓ␎㐺ྜᛶࢆᣢࡗ࡚࠸ࡓ࡜ゝ࠼ࡿࠋճ⤌⧊⤫ྜ
3 ࡘࡢ⿕㈙཰௻ᴗ࡜ࡶࠊᐇຊࡢ㧗࠸㯮Ꮠ௻ᴗ࡛࠶ࡾࠊඃࢀࡓ⟶⌮ࢩࢫࢸ࣒ࡸ⤌⧊యไࡀᩚࡗ࡚࠸ࡓࠋࡑ
ࡢࡓࡵࠊ୰ᅜ໬ᕤ㞟ᅋࡣࠊ⿕㈙཰఍♫࡟ᑐࡍࡿ⤌⧊⤫ྜࢆᚲせ᭱ᑠ㝈࡟Ṇࡵࡓࠋᇶᮏⓗ࡟ࡣࠊ⿕㈙཰఍
♫ࢆ⊂❧ࡋࡓ஦ᴗ༢఩࡜ࡋ࡚ᢅ࠸ࠊᮏ♫ࡣྲྀ⥾ᙺ఍ࢆ㏻ࡌ࡚⿕㈙཰఍♫ࢆ⟶⌮ࡋࠊ௵ᘓ᪂ࡣ௦⾲ྲྀ⥾ᙺ࡟࡞ࡾࠊᙺဨࡢ୍㒊ࡶ୰ᅜ໬ᕤ㞟ᅋࡢேࡀᢸᙜࡍࡿࡼ࠺࡟࡞ࡗࡓࠋ⤌⧊ࡸே஦ࡢ⤫ྜࢆ࡯࡜ࢇ࡝ࡏࡎ࡟ࠊ
⤒Ⴀᡓ␎ࡸ⏕⏘ࣉࣟࢭࢫࡢㄪᩚ࡞࡝ࡀ୺せ࡞⤫ྜෆᐜ࡛࠶ࡗࡓࠋ
⤌⧊⤫ྜࢆᙉ໬ࡍࡿࡼࡾࠊྠ♫ࡣ⿕㈙཰௻ᴗ࠿ࡽᏛ⩦ࡍࡿࡇ࡜ࢆ㔜どࡋࠊᏛ⩦࠿ࡽ M&A ࡟ࡼࡿࢩࢼ
ࢪ࣮ຠᯝࢆᘬࡁฟࡋࡼ࠺࡜ࡋࡓࠋ㈙཰ᙜ᫬ࠊ௵ᘓ᪂ࡣᮏ♫ࡢᚑᴗဨ࡟ࡋࡤࡋࡤḟࡢࡼ࠺࡟ㄒࡗࡓࠋ
ࠕᡃࠎࡣ༨㡿㌷ࡢ❧ሙ࡟࡞ࡗ࡚ࡣ࠸ࡅ࡞࠸ࠋ⿕㈙཰௻ᴗࢆᑛ㔜ࡋࠊᏛ⏕ࡢ❧ሙ࡛ㅬ㐯࡞ែᗘࢆᣢࡘ࡭
ࡁࡔࠖ28ࠋ
մᚑᴗဨࡢ᢬ᢠ
3 ࡘࡢ㈙཰஦౛ࡢ୰࡛ࠊᚑᴗဨࡢ᢬ᢠࡣ࡯࡜ࢇ࡝ぢࡽࢀ࡞࠿ࡗࡓࠋ௵ᘓ᪂࡟ࡼࡿ࡜ࠊ㈙཰ᙜ᫬ࠊ୰ᅜ໬
ᕤ㞟ᅋࡣᚑᴗဨࡢ᢬ᢠࢆᢚ࠼ࡿࡓࡵ࡟ᵝࠎ࡞ດຊࢆ㔜ࡡࡓ29ࠋ≉࡟ࠊ࢔ࢹ࢕ࢵࢯ♫࡜࣮ࣟࢹ࢕࢔♫ࡀࣇࣛࣥࢫ௻ᴗ࡛࠶ࡾࠊ௻ᴗປാ⤌ྜࡀ㠀ᖖ࡟ᙉ࠸ࠋᙼࡽࡢ᢬ᢠࢆ㜵ࡄࡓࡵ࡟ࠊ⤌⧊ࡸே஦ࡢ⤫ྜࢆฟ᮶ࡿ㝈ࡾప࠸⛬ᗘ࡟࡜࡝ࡵࡓࠋ࢔ࢹ࢕ࢵࢯ♫ࡢ஦౛࡛ࡣࠊඖࡢ CEO ࡀ COO ࡟࡞ࡗࡓࡀࠊ᪂ࡋ࠸ CEO ࡶࣇࣛࣥࢫே࡛࠶ࡿࠋࢣࣀࢫ♫࡜࣮ࣟࢹ࢕࢔♫ࡢ஦౛࡛ࡣࠊ⟶⌮ᒙࡀඖࡢࡲࡲ࡛࠶ࡾࠊࡉࡽ࡟⟶⌮ᒙࡀᙺဨࡲ
࡛᪼㐍࡛ࡁࡿࡼ࠺࡞ࢩࢫࢸ࣒ࢆタࡅࡓࠋࡲࡓࠊ⿕㈙཰ഃࡢᚑᴗဨࡢಙ㢗ឤࡸぶ㏆ឤࢆᚓࡿࡓࡵ࡟ࠊ௵ᘓ
᪂ࡣ⮬ࡽᙼࡽ࡜ࢥ࣑ࣗࢽࢣ࣮ࢩࣙࣥࢆ࡜ࡾࠊ⮬♫ࡢᐇຊࡸ㈙཰࡟ࡼࡿ࣓ࣜࢵࢺࠊ㞠⏝ࡢಖ㞀࡞࡝ࢆ୎ᑀ
࡟ㄝ᫂ࡋࡓࠋ
յ⤒Ⴀࢫࢱ࢖ࣝࡢ㢮ఝᛶ⤒Ⴀࢫࢱ࢖ࣝࡢ㢮ఝᛶ࡟ࡘ࠸࡚ࡣࠊ㈨ᩱ୙㊊ࡢࡓࡵุ᩿࡛ࡁ࡞࠸ࠋ࠶࠼࡚ゝ࠼ࡤࠊ୰ᅜ໬ᕤ㞟ᅋࡢ⤒

28 ఱ࣭ᰓ(2010)p.193㸫194ࠋ
29 ఱ࣭ᰓ(2010)p.179ࠊ194ࠋ

16114

Ⴀࢫࢱ࢖ࣝࡣ⿕㈙཰௻ᴗ࡜㢮ఝࡋ࡚࠸ࡿ࡜ゝ࠼ࡑ࠺࡛࠶ࡿࠋ࡞ࡐ࡞ࡽࠊ㈙཰௻ᴗࡶ⿕㈙཰௻ᴗࡶࠊ⤒Ⴀ⪅ࡀᙉຊ࡞࣮ࣜࢲ࣮ࢩࢵࣉࢆⓎ᥹ࡋࠊᶒጾ୺⩏ⓗ࡞⟶⌮ᡭἲࢆྲྀࡗ࡚࠸ࡿ࠿ࡽ࡛࠶ࡿࠋ୰ᅜ໬ᕤ㞟ᅋࡣ኱ᆺᅜ᭷௻ᴗ࡛࠶ࡾࠊ୰ᅜᨻᗓࡢᙳ㡪ࡸᅜ᭷௻ᴗ࡜ࡋ࡚ࡢఏ⤫ࡀᙉࡃṧࡗ࡚࠸ࡿࡓࡵࠊᐁ൉ⓗ࣭㞟ᶒⓗ࡞⤒Ⴀࢫࢱ࢖ࣝࢆྲྀࡿࡢࡀ୍⯡ⓗ࡛࠶ࡿࠋࡲࡓࠊྠ♫ࡢ♫㛗࡛࠶ࡿ௵ᘓ᪂ࡶࠊ
ࠕ௻ᴗࡢ⤒Ⴀ࡟ࡣᙉຊ࡞⟶⌮ᡭẁࡸ᫂☜࡞ᶒ㝈つᐃ࡞࡝ࡀ㔜せࡔࠖ࡜୺ᙇࡋࡓ30ࠋ୍᪉ࠊ⿕㈙཰ഃ࡟ࡘ࠸࡚ࠊࡇࢀࡽࡢ௻ᴗࡣᙜึ⮬♫ࢆ኎༷ࡍࡿពᛮࡀ࡯࡜ࢇ࡝࡞࠿ࡗࡓࡀࠊ௵ᘓ᪂ࡣ㈙཰ࢆᡂ❧ࡉࡏࡿࡓࡵ࡟ࠊ✚ᴟⓗ࡟⿕㈙཰௻ᴗࡢᙺ
ဨࡸ⟶⌮ᒙ࡟࢔ࣉ࣮ࣟࢳࢆ᥃ࡅ࡚ᙼࡽࢆㄝᚓࡋࡓࠋ᭱⤊ⓗ࡟ᙼࡽࡢྜពࢆᚓ࡚㈙཰ࡀᡂ❧ࡋࡓࡇ࡜࠿ࡽ
ࡳࢀࡤࠊ⿕㈙཰௻ᴗࡶࢺࢵࣉࡢពᛮỴᐃࡀ࡜࡚ࡶ㔜せ࡛ࠊᶒጾ୺⩏ⓗ࡞⤒Ⴀࢫࢱ࢖ࣝࢆ࡜ࡗ࡚࠸ࡓࡢ࡛
ࡣ࡞࠸࠿࡜᥎ ࡛ࡁࡿࠋնᅜ㝿ⓗ⤖ྜ㈙཰௻ᴗ࡜⿕㈙཰௻ᴗࡢᅜ⡠࡟ࡘ࠸࡚ࡳࢀࡤࠊ௒ᅇ 3 ࡘࡢ⿕㈙཰௻ᴗ࡜ࡶࠊ୰ᅜ໬ᕤ㞟ᅋ࡜ࡣ␗࡞ࡿ
ᅜࡢ௻ᴗ࡛࠶ࡗࡓࠋ୰ᅜ໬ᕤ㞟ᅋࡣ୰ᅜࡢᅜ᭷㈨⏘ጤဨ఍࡟┤ᒓࡍࡿᅜ᭷௻ᴗ࡛࠶ࡿࠋ୍᪉ࠊ࢔ࢹ࢕ࢵ
ࢯ♫ࡣࣇࣛࣥࢫ௻ᴗࠊࢣࣀࢫࡣ࣮࢜ࢫࢺࣛࣜ࢔௻ᴗࠊ࣮ࣟࢹ࢕࢔♫ࡣࣇࣛࣥࢫ௻ᴗ࡛࠶ࡿࠋ3 ࡘࡢ஦౛࡜
ࡶࠊᢏ⾡ⓗ࡟ඃࢀࡓඛ㐍ⓗ࡞ᾏእ௻ᴗࢆ㈙཰ࡋࡓᅜ㝿 M&A ࡛࠶ࡗࡓࠋշ௻ᴗつᶍࡢ㢮ఝᛶ௻ᴗつᶍࡢ㢮ఝᛶࡣࠊ୺࡟௻ᴗࡢᖺ㛫኎ୖ㧗ุ࡛᩿ࡍࡿࠋ2005 ᖺࠊ୰ᅜ໬ᕤ㞟ᅋࡢᖺ㛫኎ୖ㧗ࡣ⣙ 530
൨ඖ31࡛࠶ࡾࠊ࢔ࢹ࢕ࢵࢯ♫ࡣ⣙ 5 ൨࣮ࣘࣟ(42 ൨ඖ)࡛ࠊࢣࣀࢫ♫ࡣ⣙ 8 ൨ࢻࣝ(50 ൨ඖ)࡛ࠊ࣮ࣟࢹ࢕࢔
♫ࡢ᭷ᶵࢩࣜࢥࣥ㒊㛛ࡣ⣙ 4.47 ൨࣮ࣘࣟ(38 ൨ඖ)࡛࠶ࡿ32ࠋᖺ㛫኎ୖ㧗࠿ࡽぢࡿ࡜ࠊ⿕㈙཰௻ᴗࡢつᶍࡣ࠸ࡎࢀࡶ୰ᅜ໬ᕤ㞟ᅋࡼࡾࡣࡿ࠿࡟ᑠࡉࡃࠊ10 ศࡢ 1 ࡟ࡶ‶ࡓ࡞࠸ࠋࡍ࡞ࢃࡕࠊ3 ࡘࡢ஦౛࡜ࡶࠊ௻ᴗつᶍࡢ㢮ఝᛶࡀప࠸ࠋ

4.2 ࢹ࢕ࢫ࢝ࢵࢩࣙࣥ
ศᯒᯟ⤌ࡳࢆ฼⏝ࡋࠊୖ㏙ࡢ 3 ࡘࡢ஦౛ࢆศᯒࡋࡓ࡜ࡇࢁࠊᅗ⾲ 3 ࡛♧ࡍࡼ࠺࡞㛵ಀᛶࡀ☜ㄆ࡛ࡁࡓࠋ
3 ࡘࡢ஦౛࡜ࡶࠊࡼࡾ㧗࠸ࢩࢼࢪ࣮ຠᯝࢆ⋓ᚓࡋࡓ࡜࠸࠼ࡿࠋࡑࡢ┤᥋ⓗ࡞ཎᅉࡣࠊᡓ␎ⓗ㐺ྜᛶࡢ㧗ࡉ࡜ࠊᚑᴗဨࡢ᢬ᢠࡢపࡉ࡟࠶ࡿ࡜⪃࠼ࡽࢀࡿࠋ

30 ୰ᅜ໬ᕤ㞟ᅋࡢ࣮࣒࣮࣍࣌ࢪ:http://www.ChemChina.com.cn/portal/xwymt/A1315web_1.htm(࢔ࢡࢭࢫ᪥2013 ᖺ6 ᭶28 ᪥)ࠋ
31 http://money.163.com/06/0218/15/2A8MDTOF00251HHD.html(࢔ࢡࢭࢫ᪥:2013 ᖺ6 ᭶8 ᪥)ࠋ
32 ࣮ࣘࣟࡸࢻࣝࡢேẸඖ࡬ࡢ᥮⟬ࡣ2013 ᖺ6 ᭶7 ᪥᫬Ⅼࡢ࣮ࣞࢺࢆ࡙⭘ࠋ

17115

ᅗ⾲ 3㸸୰ᅜ໬ᕤ㞟ᅋ࡟ࡼࡿᅜ㝿 M&A ࡢࢩࢼࢪ࣮ຠᯝࡢᙳ㡪せᅉฟᡤ㸸➹⪅సᡂ
ᡓ␎ⓗ㐺ྜᛶࡀ㧗࠸ࡢࡣࠊᢏ⾡ⓗ࡟ඃࢀࡓඛ㐍ⓗ࡞ᾏእ௻ᴗࢆ㈙཰ࡋࡓ࡜࠸࠺ᅜ㝿ⓗ⤖ྜࡢࡓࡵࡔ࡜
⪃࠼ࡽࢀࡿࠋࡇࢀࡽࡢᾏእ௻ᴗࢆ㈙཰ࡍࡿࡇ࡜࡟ࡼࡗ࡚ࠊ⮬♫࡟࡞࠸⤒Ⴀ㈨※ࡸᕷሙࢆ⿵ᙉ࡛ࡁࡿࡢ࡛ࠊ
⿵᏶ⓗ࡞ᡓ␎ⓗ㐺ྜᛶࡀ㧗ࡃࠊ⋓ᚓ࡛ࡁࡿࢩࢼࢪ࣮ຠᯝࡶ㧗ࡃ࡞ࡿࠋᚑᴗဨࡢ᢬ᢠࡢపࡉ࡟ࡘ࠸࡚ࠊࡑࡢ୺࡞⌮⏤ࡣࠊపࣞ࣋ࣝࡢ⤌⧊⤫ྜ࡟࠶ࡿ࡜⪃࠼ࡽࢀࡿࠋࡲࡓࠊᅜ
㝿ⓗ⤖ྜ࡛࠶ࡿࡇ࡜ࡶᙳ㡪ࡋ࡚࠸ࡿࠋLarsson & Finkelstein(1999)ࡣࠊᅜ㝿ⓗ⤖ྜࡀᚑᴗဨࡢ᢬ᢠࢆᢚ
࠼ࡿࡇ࡜ࡀ࡛ࡁࡿ࡜୺ᙇࡋࡓࠋᙼࡽ࡟ࡼࡿ࡜ࠊᅜ㝿ⓗ⤖ྜࡢሙྜࠊ࣐ࢿࢪ࣮ࣕࡣᩥ໬ࡢ⾪✺ࡸᚑᴗဨࡢ
୙‶ࢆࡼࡾៅ㔜࡟ྲྀࡾᢅ࠺ࡓࡵ࡛࠶ࡿࠋࡲࡓࠊᅜ㝿ⓗ⤖ྜࡣࠊᅜෆⓗ⤖ྜࡼࡾࡶ࣏ࢪࢩࣙࣥ࡞࡝࡟࠾࠸
࡚⿵᏶ⓗ࡞㒊ศࡀከ࠸ࡓࡵࠊᚑᴗဨ࡟ࡶࡓࡽࡍ⬣ጾࡀࡼࡾప࠸࡜ࡉࢀࡿࠋ୰ᅜ໬ᕤ㞟ᅋࡢ஦౛࡛ࡶࠊࡇ
ࡢࡼ࠺࡞㛵ಀᛶࡀぢࡽࢀࡿࠋ♫㛗ࡢ௵ᘓ᪂ࢆࡣࡌࡵ࡜ࡋ࡚ࠊྠ♫ࡢ⟶⌮ᒙࡣᚑᴗဨࡢ୙‶ࡸ୙Ᏻࡢゎᾘࢆ㔜どࡋࠊ✚ᴟⓗ࡟ᙼࡽ࡜ࢥ࣑ࣗࢽࢣ࣮ࢩࣙࣥࢆྲྀࡾࠊ୰ᅜᅜ᭷௻ᴗ࡜ࡋ࡚ࡢᐇຊࡸ㞠⏝ࡢಖド࡞࡝ࢆ୎ᑀ࡟ㄝ᫂ࡋࡓࠋ
⤌⧊⤫ྜ࡜ࢩࢼࢪ࣮ຠᯝ࡜ࡢ㛵ಀᛶ࡟ࡘ࠸࡚ࠊ஦౛ࡢศᯒ࠿ࡽḟࡢࡼ࠺࡞᪂ࡋ࠸஦ᐇࢆⓎぢࡋࡓࠋࡍ࡞ࢃࡕࠊ୰ᅜ໬ᕤ㞟ᅋࡢᅜ㝿 M&A ࡣࠊ⤌⧊⤫ྜࡢ⛬ᗘࡀప࠸࡟ࡶ࠿࠿ࢃࡽࡎࠊࡼࡾ㧗࠸ࢩࢼࢪ࣮ຠᯝ
ࢆ⋓ᚓࡋࡓࠋࡇࢀࡣࠊLarsson & Finkelstein(1999)ࡢ୺ᙇ࡜ࡣ཯ᑐࡢ⌧㇟࡛࠶ࡗࡓࠋᙼࡽࡣࠊ⤌⧊⤫ྜࡢ⛬ᗘࡀ㧗࠸࡯࡝ࠊࢩࢼࢪ࣮ຠᯝࡶ㧗ࡃ࡞ࡿ࡜୺ᙇࡋࡓࠋ୰ᅜ໬ᕤ㞟ᅋࡣࠊ⤌⧊⤫ྜࡢ࠿ࢃࡾ࡟ࠊᏛ⩦࡟ຊࢆධࢀ࡚ࠊࡑࢀࡀ⤖ᯝ࡜ࡋ࡚ࢩࢼࢪ࣮ຠᯝࢆ㧗ࡵࡓࡢ࡛ࡣ࡞࠸࠿࡜⪃࠼ࡽࢀࡿࠋࡇࡢࡼ࠺࡞ほⅬࢆ

18116ᨭᣢࡍࡿᩥ⊩ࡶ࠶ࡿࠋఀ⸨࣭ຍ㈡㇂(2008)࡟ࡼࡿ࡜ࠊ⿕㈙཰௻ᴗࡢ↓ᙧ㈨⏘ࡸ࢖ࣥࢱࣥࢪࣈࣝ33ࡢ㉁ࡀ㈙཰௻ᴗࡼࡾ㧗࠸ሙྜࠊ㈙཰௻ᴗࡣࡑࢀࢆᏛ⩦ࡋࠊຠᯝⓗ࡟⤌⧊⬟ຊࡢྥୖࡸ౯್๰㐀࡟ά⏝ࡍࡿࡇ࡜ࡀ㔜せࡔ࡜࠸࠺ࠋࡇࡢ஦౛࡛ࡶࠊ⿕㈙཰௻ᴗࡢ↓ᙧ㈨⏘ࡸ࢖ࣥࢱࣥࢪࣈࣝࡢ㉁ࡀࠊ㈙཰௻ᴗ࡛࠶ࡿ୰ᅜ໬
ᕤ㞟ᅋࡼࡾ㧗࠿ࡗࡓ࡜ᛮࢃࢀࡿࠋࡑࡢࡓࡵࠊ୰ᅜ໬ᕤ㞟ᅋࡣ㈙཰ᚋࠊ⿕㈙཰௻ᴗࡢ⮬⏤ᗘࢆㄆࡵࡘࡘࠊ
ᢏ⾡⪅ࡸ୰㛫⟶⌮ᒙࡢὴ㐵࣭஺ὶ࡟ࡼࡗ࡚ࠊ▱㆑ࡢᏛ⩦ࡸ↓ᙧ㈨⏘ࡢά⏝ࢆಁࡋࡓࠋࡇࢀ࡟ࡼࡗ࡚ࠊእ
㒊ࡢᢏ⾡ࡸ⟶⌮ࣀ࢘ࣁ࢘࡞࡝ࡢ▱㆑ࢆ⮬♫࡟⛣㌿࣭ᑟධࡋࠊM&A ࡟ࡼࡿࢩࢼࢪ࣮ຠᯝࢆᐇ⌧ࡋࡓࡢ࡛࠶
ࢁ࠺ࠋ

5. ⤖ㄽ࡜௒ᚋࡢㄢ㢟

5.1 ୰ᅜ໬ᕤ㞟ᅋ࡟ࡼࡿᅜ㝿 M&A ࡢ≉ᚩ୰ᅜ໬ᕤ㞟ᅋ࡟ࡼࡿᅜ㝿 M&A ࡢ≉ᚩࡣࠊ௨ୗࡢࡼ࠺࡟ࡲ࡜ࡵࡽࢀࡿࠋࣉࣞ M&A ẁ㝵࡟࠾࠸࡚ࡣࠊ
ձ⤒Ⴀ㈨※ࡢ⋓ᚓ࡟ᑐࡍࡿᙉ࠸ᇳ╔ᚰࠊղ᏶඲ᡤ᭷ᚿྥ࡜࠸࠺≉ᚩࡀ࠶ࡾࠊ࣏ࢫࢺ M&A ẁ㝵࡟࠾࠸࡚ࡣࠊճ⤌⧊⤫ྜࡢࣞ࣋ࣝࡢపࡉࠊմ⤌⧊Ꮫ⩦34ࡢ㔜ど࡜࠸࠺≉ᚩࡀぢࡽࢀࡿࠋձ⤒Ⴀ㈨※ࡢ⋓ᚓ࡟ᑐࡍࡿᙉ࠸ᇳ╔ᚰࠋ㈙཰ࡢࢱ࣮ࢤࢵࢺࡣࠊࡍ࡭࡚ᢏ⾡ຊࡸᕷሙࢩ࢙࢔ࡢ㧗࠸ᐇຊ௻ᴗ࡛࠶ࡿࠋࡲࡓࠊ㈙཰ࡢ┠ⓗࡶ⏕⏘ᢏ⾡ࡸࠊ⏕⏘ཎᩱࠊ㈍኎⥙ࠊࣀ࢘ࣁ࢘࡞࡝ࡢ⤒Ⴀ㈨※ࡢ⋓ᚓ࡟࠶ࡿࠋղ᏶඲ᡤ᭷ᚿྥࠋ3 ࡘࡢ஦౛࡜ࡶࠊ100%ᰴྲྀᚓ࡟ࡼࡿ᏶඲㈙཰࡛ࠊࡑࡢ┠ⓗࡣᡤ᭷ᶒࡸពᛮỴᐃᶒࡢ⋓ᚓ࡟࠶ࡿ࡜⪃࠼ࡽࢀࡿࠋ
ճ⤌⧊⤫ྜࡢࣞ࣋ࣝࡢపࡉࠋ㈙཰ࡢ┠ⓗࡸᚑᴗဨࡢ᢬ᢠ࡞࡝ࢆ⪃៖ࡋࠊ⿕㈙཰௻ᴗ࡟ᑐࡍࡿ⤌⧊⤫ྜࢆᚲせ᭱ᑠ㝈࡟Ṇࡵࡓࠋմ⤌⧊Ꮫ⩦ࡢ㔜どࠋ஦౛࡛ࡣࠊ⤌⧊⤫ྜࡢ⛬ᗘࡀప࠸࡟ࡶ࠿࠿ࢃࡽࡎࠊࡼࡾ㧗࠸ࢩࢼࢪ࣮ຠᯝࢆ⋓ᚓࡋࡓࡇ࡜ࡣୖグࡢ࡜࠾ࡾ࡛࠶ࡿࠋࡑࢀࡣࠊ࠾ࡑࡽࡃࠊྠ♫ࡣ⤌⧊⤫ྜࢆᙉㄪࡍࡿࡢ࡛ࡣ࡞ࡃࠊࡴࡋࢁ⿕㈙཰௻ᴗ࠿ࡽᵝࠎ࡞ᢏ⾡ࡸ▱㆑ࢆᏛ⩦ࡍࡿ⤌⧊Ꮫ⩦ࢆ㔜どࡋࠊࡑࢀࡀ⤖ᯝ࡜ࡋ࡚ࢩࢼࢪ࣮ຠᯝࢆ㧗ࡵࡓࡶࡢࡔ࡜⪃࠼ࡽࢀࡿࠋ

33 ≀ⓗ࡞ᐇែࢆకࢃ࡞࠸ᑗ᮶౽┈ࡢㄳồᶒࠊձேⓗ㈨※࡟㛵ࢃࡿ࢖ࣥࢱࣥࢪࣈࣝࠊղ㢳ᐈ࡟㛵ࢃࡿ࢖ࣥࢱࣥࢪࣈࣝࠊճ࢖

ࣀ࣮࣋ࢩࣙࣥ࡟㛵ࢃࡿ࢖ࣥࢱࣥࢪࣈࣝࠊմ⤌⧊࡟㛵ࢃࡿ࢖ࣥࢱࣥࢪࣈࣝࠊࡢ 4 ࡘ࡟ศ㢮࡛ࡁࡿ(ఀ⸨࣭ຍ㈡㇂ࠊ2008)ࠋ
34 ࡇࡇ࡛ࡣࠊRosenkopf & Nerkar (2001)࡜ࢲࢽ࢚࣭ࣝ⸨ᮏ࣭ࢢࣞࣥ(2005)ࢆཧ⪃ࡋࠊ⤌⧊Ꮫ⩦ࢆࠕእ㒊ࡢ▱㆑ࢆᏛ⩦࡟ࡼࡗ࡚⤌⧊ෆ㒊࡟ᑟධࡋࠊ⤌⧊⬟ຊࢆᙉ໬ࡍࡿࡇ࡜ࠖ࡜ᐃ⩏ࡍࡿࠋ

19117

5.2 ௒ᚋࡢㄢ㢟௒ᚋࡢㄢ㢟ࡣࠊ௨ୗࡢ 3 Ⅼ࡛࠶ࡿࠋ➨୍࡟ࠊࣔࢹࣝࡢྛせ⣲ࡢุ᩿࡟ࡣࡶࡗ࡜ヲࡋ࠸㈨ᩱࡸࢹ࣮ࢱࡀᚲせ࡛࠶ࡿࠋ≉࡟ࠊࢩࢼࢪ࣮ຠᯝࡸ
⤌⧊⤫ྜࡢࣞ࣋ࣝ࡞࡝࡟ࡘ࠸࡚ࡢุ᩿ࡣࠊ࠶ࡃࡲ࡛ࡶ᭩࠿ࢀࡓ㈨ᩱ࠿ࡽࡢ᥎ ࡛ࠊ⾲㠃ⓗ࡞ࡶࡢ࡟ࡍࡂ
࡞࠸ࠋ௒ᚋࡢ◊✲࡛ࡣࠊ࢖ࣥࢱ࣮ࣅ࣮ࣗࢆ⾜ࡗࡓࡾࠊලయⓗ࡞㈈ົࢹ࣮ࢱ࡛ྛせ⣲ࢆุ᩿ࡋࡓࡾࡍࡿࡇ࡜ࡀᚲせ࡛࠶ࢁ࠺ࠋ
➨஧࡟ࠊ௒ᅇ࡟ぢࡽࢀࡓ୰ᅜ໬ᕤ㞟ᅋࡢ≉ᚩࡣࠊ௚ࡢ୰ᅜ௻ᴗࡢᅜ㝿 M&A ࡟ࡶぢࡽࢀࡿ࠿࡟ࡘ࠸࡚ࠊ
ࡉࡽ࡞ࡿ᳨ウࡀᚲせ࡛࠶ࡿࠋ௚ࡢ୰ᅜ௻ᴗࡣ࡝ࡢࡼ࠺࡞≧ἣࡢࡶ࡜࡛ࠊ࠸࠿࡞ࡿ㛗ᮇⓗ࡞⤒Ⴀ┠ᶆࢆࡶࡗ࡚ M&A ࢆᒎ㛤ࡋࡓࡢ࠿࡟ࡘ࠸࡚ࠊ⤫ྜࡢ⛬ᗘ࡜ࡢ㛵ಀᛶࡶྵࡵ࡚ࡉࡽ࡟㆟ㄽࡍ࡭ࡁ࡛࠶ࢁ࠺ࠋ
➨୕࡟ࠊ୰ᅜ௻ᴗࡢ≉ᚩࢆᘬࡁฟࡍ࡟ࡣࠊ௚ᅜ௻ᴗࡢᅜ㝿 M&A ஦౛࡜ẚ㍑ࡍࡿᚲせࡀ࠶ࡿࠋḢ⡿௻ᴗࡸ᪥ᮏ௻ᴗࡢᅜ㝿 M&A ࡣࠊ࡝ࡢࡼ࠺࡞≉ᚩࢆᣢࡗ࡚࠸ࡿࡢ࠿ࠊࡑࢀࡽ࡜ẚ㍑᳨ウࡍࡿᚲせࡀ࠶ࡿࠋ

20118

௜⾲ 1㸸
ࠕM&A ࣃࣇ࢛࣮࣐ࣥࢫࣔࢹࣝࠖࡢྛせ⣲ࡢุ᩿ᇶ‽ࣔࢹࣝࡢせ⣲

ุ᩿ᇶ‽
M&A ࡟ࡼࡗ࡚ᐇ㝿࡟⏕ࡳฟࡉࢀࡓ⣧౯್࣭ㄪ㐩ຊࡢᙉ໬࡟ࡼࡿ௙ධཎ౯ࡢ๐ῶ(౛:୍ᣓ௙ධ࡟ࡼࡿ๭ᘬ)࣭⏕⏘ຊࡢᙉ໬࡟ࡼࡿ⏕⏘ࢥࢫࢺࡢ๐ῶ(౛:㐣๫⏕⏘⬟ຊࡢ฼⏝)࣭㈍኎ຊࡢྥୖ࡟ࡼࡿ㈍኎ࢥࢫࢺࡢ๐ῶ(౛:㈍኎㒊㛛ࡢ⤫ྜ࡟ࡼࡿே௳㈝ࡢ๐ῶ)࣭➇த┦ᡭࡢྜే࡟ࡼࡿᕷሙไᚚຊࡢྥୖ(౛:ప౯᱁➇தࡢᅇ㑊)ࢩࢼࢪ࣮ຠᯝ

࣭⟶⌮㒊㛛ࡢ⤫ྜ࡟ࡼࡿ⟶⌮㈝ࡢ๐ῶ
࣭㢳ᐈࡸྲྀᘬඛࡢ⤫ྜ࡟ࡼࡿྲྀᘬࢥࢫࢺࡢ๐ῶ
࣭┦ᡭ௻ᴗࡢ᪤Ꮡ㈍኎⥙ࢆ฼⏝ࡋࠊ᪂ࡓ࡞ᆅᇦࡢᕷሙ࡬ࡢ㐍ฟ࣭〇ရࡢࢡࣟࢫ࣭ࢭࣜࣥࢢ࡟ࡼࡿ᪂つ㢳ᐈࡸ㈍኎㔞ࡢቑຍ࣭⌧᭷ࣀ࢘ࣁ࢘(R&D ࢆྵࡴ)ࡢ⛣㌿࡟ࡼࡿ⏕⏘࣭⟶⌮ຠ⋡ࡢྥୖ࣭௻ᴗ㛫ࡢ┦஫స⏝ࡸᏛ⩦࡟ࡼࡿ᪂ࡓ࡞ࣀ࢘ࣁ࢘ࡢ๰ฟ
࣭ࡑࡢ௚ࡢࢩࢼࢪ࣮ຠᯝ(౛:ࣇ࢓࢖ࢼࣥࢩࣕࣝຠᯝ)ᡓ␎ⓗ㐺ྜᛶᕷሙࡸ〇ရࡀ㢮ఝⓗ࡞ࡢ࠿⿵᏶ⓗ࡞ࡢ࠿ࠊࡑࡢ㢮ఝࡸ⿵᏶ࡢ⛬ᗘ࣭〇ရ㸸ཎᮦᩱࠊ⏕⏘ࣉࣟࢭࢫ(タഛࠊᢏ⾡ࠊࣀ࢘ࣁ࢘)ࠊ⏝㏵(ຍᕤ⏝࠿᭱⤊〇ရ࠿)࣭ᕷሙ㸸ᆅ⌮ⓗᕷሙࠊᑐ㇟࡜ࡍࡿ㢳ᐈᒙ⤌⧊⤫ྜ࣏ࢫࢺ M&A ẁ㝵࡟࠾ࡅࡿ௻ᴗ㛫ࡢ┦஫స⏝ࡸ༠ㄪ࣭௻ᴗ㛫ࡢ┦஫స⏝㸸⤫ྜẁ㝵࡟⾜ࢃࢀࡓ⤫ྜάືࡢ௳ᩘ࡜ࠊࡑࢀࡀࡶࡓࡽࡋࡓ௻ᴗࡢኚ໬࡞࡝
࣭⤫ྜࡢࡓࡵࡢດຊ㸸⤫ྜࢳ࣮࣒ࡢタ⨨ࡸࠊ⤫ྜィ⏬ࡢసᡂࠊ⮫᫬ⓗ࡞ே஦ㄪᩚ࡞࡝

ᚑᴗဨࡢ᢬ᢠ

⤫ྜࣉࣟࢭࢫ࡟࠾࠸࡚ࠊᚑᴗဨ࡟ࡼࡿ✚ᴟⓗࡸᾘᴟⓗ࡞᢬ᢠ࣭✚ᴟⓗ࡞᢬ᢠ㸸ኌ࡟ࡼࡿ཯ᑐ(vocal opposition)ࠊ≀࡟ࡼࡿ཯ᑐ(౛:཯㈙཰௻ᴗࡢ࣏ࢫࢱ࣮)ࠊ⮬Ⓨⓗ࡟㏥⫋ࠊࢫࢺࣛ࢖࢟࡞࡝
࣭ᾘᴟⓗ࡞᢬ᢠ㸸ࢧ࣎ࢱ࣮ࢪࣗࠊ↓᩿Ḟ໅ࠊ୙ᚑ㡰࡞࡝⤒Ⴀࢫࢱ࢖ࣝ

࣭ᶒጾ୺⩏ⓗ⟶⌮(authoritative management)ࡢ㢮ఝᛶ࣭ཧຍⓗ⟶⌮(participative management)ᅜ㝿ⓗ⤖ྜ

M&A ࡟ཧຍࡍࡿ௻ᴗࡢᮏ♫ࡀྠࡌᅜ࡞ࡢ࠿௻ᴗつᶍࡢ㢮

௻ᴗ㛫ࡢᖺ㛫኎ୖ㧗ࡢẚ⋡ࢆぢࡿࠋࡑࢀࡀ 67%௨ୖࡢሙྜࡣ௻ᴗつᶍࡢ㢮ఝᛶࡀ㧗࠸ࠊ10%ఝᛶ௨ୗࡢሙྜࡣ㢮ఝᛶࡀప࠸
ฟᡤ: Larsson & Finkelstein (1999)࡟ᇶ࡙ࡁ➹⪅సᡂ

21
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Irish Journal of Management, Jan.1, pp. 31-57.
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Mergers?µ Journal of Financial Economics, 31(2), pp.135-176.
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ఱᚿẎ࣭ᰓ䬦ᩩ(2009)ࠗ୰ᅜ௻ъ㊬ᅜᖼ䍝 10 ኱᱌౛࠘ୖᾏ஺㏻኱Ꮫฟ∧♫ pp.37㸫53.
๽ᚲዋ㸦2008㸧
ࠕ㢠ⱞ෩ᡈ㉳୍㓿 ㊬ᾏᖼ䍝୓㇟᪂̾̾୰ᅜ໬ᕤ㞟ഒබྖ㊬ᾏᖼ䍝୕Ꮠ㓿ࠖࠗ୰ᅜ▼Ἔ࿴໬ᕤ࠘
2008 ᖺ 06 ᮇ pp.19-22.
⋤ᚿҀ(2007)ࠗ2007 ㉮ྥୡ⏺ⓗ୰ᅜ㊬ᅜබྖ࠘୰ᅜ㓿⍾ฟ∧♫ pp.127-133㸬ఀ⸨㑥㞝࣭ຍ㈡㇂ဴஅ(2008)ࠕ௻ᴗ౯್ࢆ๰㐀ࡍࡿ࢖ࣥࢱࣥࢪࣈࣝ⤫ྜ୍ࠖࠗᶫࣅࢪࢿࢫࣞࣅ࣮ࣗ࠘ᮾὒ⤒῭᪂ሗ♫ࠊ56 ᕳ 3 ྕࠊpp. 4㸫25ࠋ
஭ୖගኴ㑻࣭ຍ⸨ⱥ᫂(2006)ࠗM&A ࡜ᰴ౯࠘ᮾὒ⤒῭᪂ሗ♫ࠋⷧ஭ᙲ(2001)ࠕᰴ୺౯್࡜ M&Aࠖ
ࠗM&A21 ୡ⣖(2)̿̿ࣂ࣮ࣜࣗ⤒Ⴀࡢ M&A ᢞ㈨࠘
ࠊ୰ኸ⤒῭♫ࠋᒸ㒊ග࣭᫂㛵᫴ஓ(2006)ࠕ᪥ᮏ࡟࠾ࡅࡿ௻ᴗ M&A(ྜే࠾ࡼࡧ㈙཰)ࡢຠᯝ㸫⤒ႠࡢᏳᐃ໬࡜ຠ⋡໬࡟㛵ࡍࡿᐇドศᯒ㸫ࠖࠗ⥲ྜᨻ⟇Ꮫ࣮࣡࢟ࣥࢢ࣮࣌ࣃ࣮࠘
ࠊ107 ྕࠊpp. 1-58ࠋ
ஂಖబ▱(2009)ࠕ᪥ᮏ௻ᴗࡢࢡࣟࢫ࣮࣎ࢲ࣮PMI ࡟࠾ࡅࡿே࣭⤌⧊ࡢ⤫ྜࠖࠗ▱ⓗ㈨⏘๰㐀࠘11 ᭶ྕࠊ
pp. 48-59ࠋ㓇ྥ ᾈ஧(2010)ࠕ୰ᅜ௻ᴗࡢᑐእᢞ㈨ᡓ␎ࠖ
ࠗࡳࡎ࡯࣏࣮ࣜࢺ࠘ࡳࡎ࡯⥲ྜ◊✲ᡤࠊ2010 ᖺ 9 ᭶ࠋబ⸨㝯୕(1987)ࠗM&A ࡢ⤒῭Ꮫ࠘TBS ࣈࣜࢱࢽ࢝ࠋ
ᰘ⏣ᝅ୍࣭୰ᶫᅧⶶ ⦅ⴭ(2003)ࠗ⤒Ⴀ⟶⌮ࡢ⌮ㄽ࡜ᐇ㝿࠘ᮾி⤒῭᝟ሗฟ∧ࠋ⏣ᮧಇኵ(2009)ࠗMBA ࡢࡓࡵࡢ M&A࠘᭷ᩫ㛶ࠋࢲࢽ࢚ࣝ㺃A㺃࣮࣊ࣛ & ⸨ᮏ㝯ᏹ & ࢢࣞࣥ㺃࣐࣮ࢧ࣮(2005)ࠕ⤌⧊Ꮫ⩦ᙉ໬ࡢࡓࡵࡢ M&A άືࡢ౯್
㸫⮬ື㌴⏘ᴗࡢࢣ࣮ࢫࡼࡾ㸫୍ࠖࠗᶫࣅࢪࢿࢫࣞࣅ࣮ࣗ࠘ᮾὒ⤒῭᪂ሗ♫ࠊ53 ᕳ 2 ྕࠊpp. 5㸫22ࠋ
୰ᮧබ୍(2003)ࠗM&A ࣐ࢿࢪ࣓ࣥࢺ࡜➇தඃ఩࠘ⓑ᱈᭩ᡣࠋ㛗ᒸ㈆⏨㸦2005㸧
ࠕྜే࣭㈙཰ࡣ௻ᴗᡂ㛗ࢆಁࡍ࠿?ࠖ
୍ࠗᶫࣅࢪࢿࢫࣞࣅ࣮ࣗ࠘ᮾὒ⤒῭᪂ሗ♫ࠊ53(2)ࠊ
pp. 32-44 ࠋすཱྀᑦᏹ(2007)ࠗM&A ࢆᡂຌࡉࡏࡿ⤌⧊࣭ே஦࣐ࢿࢪ࣓ࣥࢺ࠘᪥ᮏ⤒῭᪂⪺ฟ∧♫ࠋᯘఙ஧(1989)ࠗM&A̿ྜే㺃㈙཰࡜⤌⧊⤫ྜ̿࠘ྠᩥ⯓ฟ∧ᰴᘧ఍♫ࠋ῝ᑿிྖ(2005)ࠕM&A ࡣᢞ㈨ඛ௻ᴗࡢ⏕⏘ᛶࢆୖ᪼ࡉࡏࡿ࠿ࠖࠗ᪥ᮏ⤒῭◊✲ࢭࣥࢱ࣮◊✲ဨሗ࿌࠘ࠊ
72 ྕࠊpp. 1-4ࠋ᭹㒊ᬸ㐩(2004)ࠗᐇ㊶ M&A ࣐ࢿࢪ࣓ࣥࢺ࠘ᮾὒ⤒῭᪂ሗ♫ࠋᮧᯇྖླྀ(1986)ࠕ㈈ົࢹ࣮ࢱ࡟ࡼࡿྜేຠᯝࡢศᯒࠖ
ࠗ௻ᴗ఍ィ࠘
ࠊ38 (5)ࠊpp. 60-69ࠋ

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