@article{oai:kyukyo.repo.nii.ac.jp:00000394,
 author = {吉田, 友紀 and YOSHIDA, Yuki},
 issue = {2},
 journal = {九州共立大学研究紀要, Study journal of Kyushu Kyoritsu University},
 month = {Mar},
 note = {In recent years, as one of business reorganizations, methods such as spin-off, carve-out, and
business transfer have been frequently adopted. In Japan, many corporate restructurings are withdrawing
from unprofitable businesses as a result of diversification failures, and there are not many cases of
splitting profitable divisions, but in the United States where maximizing shareholder value is the most
important. Even profitable companies are often able to make quick and optimal decisions by dividing
businesses other than core businesses. In order to eliminate conglomerate discounts and appropriately
evaluate each business, restructuring methods such as spin-off or business transfer are very useful.
This paper focuses on business restructuring in the sense of increasing corporate value, not on
reorganization in the sense of organizing businesses that are unprofitable sectors, and analyzes the
effects of spin-offs and business transfers on corporate value.
The main conclusions are that the size of the company is maximized when the business is
transferred, that the board does not always make socially efficient choices, and that the second business
unit can decide on the company to transfer. He said that the amount of the takeover debt would be
larger than it would be if the transfer could be determined, and that those with a higher type of synergy
effect from the takeover debt would enjoy rent.},
 pages = {47--55},
 title = {事業部門再編(スピンオフ・事業譲渡)の企業価値への影響},
 volume = {10},
 year = {2020},
 yomi = {ヨシダ, ユキ}
}