Research in International Business and Finance ( IF 6.3 ) Pub Date : 2021-07-18 , DOI: 10.1016/j.ribaf.2021.101496 Minoru Otsubo 1
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This study examines how and why partial acquisitions affect the wealth of acquiring firms in Japan. Few studies have focused on acquiring firms in partial acquisitions, whereas many studies have investigated target firms. The empirical results show that the shareholder wealth of acquiring firms, which can increase through partial acquisitions, is much lower than that of target firms. In addition, acquiring firms and their targets differ in how they enhance their wealth from partial acquisitions—acquiring firms can enhance their wealth by exploiting the wealth of target firms, while target firms can enhance their wealth by obtaining support from acquiring firms.
中文翻译：
部分收购如何影响收购公司的财富？日本企业的案例
本研究探讨部分收购如何以及为何影响日本收购公司的财富。很少有研究关注在部分收购中收购公司，而许多研究调查了目标公司。实证结果表明，通过部分收购可以增加的收购公司的股东财富远低于目标公司。此外，收购公司及其目标在如何通过部分收购增加财富方面存在差异——收购公司可以通过利用目标公司的财富来增加财富，而目标公司可以通过获得收购公司的支持来增加财富。
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