不確実性下のM&A

正田, 雅史

doi:10.51094/jxiv.809

##article.authors##

正田, 雅史早稲田大学大学院商学研究科後期博士課程 https://orcid.org/0009-0002-0267-2874 https://researchmap.jp/msfmshoda

DOI:

https://doi.org/10.51094/jxiv.809

キーワード:

M&A、不確実性、環境、多角化、規模、イノベーション

抄録

本稿は、M&Aの先行要因について、事業環境の不確実性の観点から実証した研究である。M&Aは、環境の不確実性に迅速に対応することを目的とする企業行動とされる。膨大な先行研究があるが、環境の不確性への対応戦略としてどのようなM&Aが実行されているか、日本企業を対象にさらなる研究が必要である。企業戦略や産業政策の実務でも、事業内容や規模の異なる企業間のM&Aの有効活用は、喫緊の課題になっている。本研究のリサーチクエスチョンは、「環境の不確実性は、M&Aの実行、多角化度、案件規模にどのように影響するか？」と設定した。分析結果として、2004～2018年に公表された日本企業が買い手となったM&A案件をサンプルにした場合、M&Aの買い手企業が属する業界環境の不確実性が高まると、小規模のM&Aが活発に実行される傾向を示唆した。不確実な環境ではどのようなM&Aが実行されるかという観点から、新たな実証結果を付け加えた点は、本研究の貢献であろう。リーンスタートアップ理論に依拠すれば、不確実性が高い場合には変化対応のスピードが重要視され、軽量で単純な投資行動を先行させることが因果関係として想定できる。

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