䜲䞁䝖䝻䝎䜽䝅䝵䞁
ྡྂᒇ኱Ꮫ඲Ꮫᩍ⫱⛉┠
2011ᖺᗘ ⤒ႠᏛ䠄ᩥ⣔ᇶ♏⛉┠䠅
ϸ ⤒ႠᏛ䠄business administration䠅
䞉௻ᴗ⾜ື䜢ศᯒ䛩䜛Ꮫၥ䠄⊃⩏䠅→MBA䠄Ꮫ఩䠅
䠄㻌 http://www.soec.nagoya-u.ac.jp/䡚nakashima/BA11/㻌 䠅
䞉⤒῭Ꮫ䛸䛾㐪䛔䛿䠛
㈨ᮏᕷሙ䛸௻ᴗ⾜ື
э䛒䜎䜚ᅛ䛟⪃䛘䜛ᚲせ䛿䛺䛔䠄ඹ㏻㒊ศ䛜ከ䛔䠅
э⤒῭୺య䛾⾜ື䛸ᕷሙᆒ⾮䜢ᢅ䛖Ⅼ䛷䛿䝭䜽䝻⤒῭Ꮫ
䛸ྠᵝ
୰ᓥⱥ႐
э䝭䜽䝻⤒῭Ꮫ䛸䛾㐪䛔䛿䠛
ྡྂᒇ኱Ꮫ኱Ꮫ㝔⤒῭Ꮫ◊✲⛉
→⤒῭୺య䛸䛧䛶୺䛻䛂௻ᴗ䛃䜢⪃䛘䜛Ⅼ
䠄[email protected]䠅
→䛯䛰䛧䚸䛣䜜䜒䛒䜎䜚ᅛ䛟⪃䛘䜛ᚲせ䛿䛺䛔
2011ᖺᗘ䛂⤒ႠᏛ䛃㈨ᩱ䠄୰ᓥⱥ႐䠅
䜲䞁䝖䝻䝎䜽䝅䝵䞁
䜲䞁䝖䝻䝎䜽䝅䝵䞁
Ϲ ௻ᴗ㈈ົ䠄corporate finance䠅
Ϲ ௻ᴗ㈈ົ䠄corporate finance䠅
2
䞉䠄䛴䛵䛝䠅⾜ື䠙ពᛮỴᐃ
䞉⾜ື䠙ពᛮỴᐃ
э௦⌮ேၥ㢟䠄agency cost䠅
э௻ᴗ⤒Ⴀ⪅䛾ពᛮỴᐃ
→ᡓ␎䚸⤌⧊䚸ே஦䚸ປົ䚸䝁䞁䝥䝷䜲䜰䞁䝇䚸㈈ົ䠄ᢞ㈨䚸㈨㔠
ㄪ㐩䚸㓄ᙜ䚸௚䛾௻ᴗ䛾㈙཰䜔ྜే䠅䚸௚
→௬ㄝ䐟䠖䛂௻ᴗ䛿ᰴ୺䛾䜒䛾䛷䛒䜛䠄ᡤ᭷⪅䛿ᰴ୺䛷䛒䜛䠅䛃
→䝇䝔䞊䜽䝇䞉䝩䝹䝎䞊䠄฼ᐖ㛵ಀ⪅ͤ䠅䛸䛾ྲྀᘬ
→ᰴ୺䛾ᝎ䜏䠖⤒Ⴀ⪅䛿ᰴ୺䛾฼┈䜢᭱኱໬䛩䜛䜘䛖䛻⾜ື䛧
䛶䛟䜜䜛䛰䜝䛖䛛䠛
㻌 㻌 䠄ͤ䠅ᚑᴗဨ䚸ᰴ୺䚸മᶒ⪅䠄㖟⾜➼䠅䚸௙ධඛ䚸㢳ᐈ䚸௚
→agency cost䠖⤒Ⴀ⪅䛜⮬ᕫ䛾฼┈䜢ඃඛ䛩䜛䛸䚸ᰴ୺䛾ᚓ
䜉䛛䜚䛧฼┈䛜ᦆ䛺䜟䜜䜛䛣䛸䛜䛒䜛
→⾜ືཎ⌮䐟䠖௻ᴗ౯್䛾᭱኱໬→ᰴ౯䛾᭱኱໬
→⾜ືཎ⌮䐠䠖⮬ᕫ䛾฼┈䛾᭱኱໬
→௻ᴗ⤫἞䠖⤒Ⴀ⪅䛾つᚊ☜ಖ䛾䛯䜑䛾ᰴ୺⾜ື䠄corporate
governance䠅
→ୖグ2䛴䛾⾜ືཎ⌮䛿➇ྜ䛧䛺䛔䛛䠛→௦⌮ேၥ㢟
2011ᖺᗘ䛂⤒ႠᏛ䛃㈨ᩱ䠄୰ᓥⱥ႐䠅
3
䜲䞁䝖䝻䝎䜽䝅䝵䞁
2011ᖺᗘ䛂⤒ႠᏛ䛃㈨ᩱ䠄୰ᓥⱥ႐䠅
4
䜲䞁䝖䝻䝎䜽䝅䝵䞁
Ϻ ㈨⏘౯᱁䛾Ỵᐃ䠄asset pricing䠅
ϻ 㔠⼥䞉㈈ົ䠄finance䠅
䞉ᰴ୺䛜⤒Ⴀ⪅䛻ᮇᚅ䛩䜛䛣䛸
䞉௻ᴗ⾜ື䛾ศᯒ䛻ᚲせ䛺▱㆑
э௻ᴗ౯್䛾᭱኱໬
䐟 ಶ䚻䛾⤒῭୺య䠄ᰴ୺䜔⤒Ⴀ⪅䠅䛾⾜ືཎ⌮
→➃ⓗ䛻ゝ䛖䛸ᰴ౯䛾᭱኱໬
䐠 ಶ䚻䛾⤒῭୺య䛾⾜ື⤖ᯝ䛸䛧䛶䛾㈨⏘౯᱁䛾Ỵᐃ
䝯䜹䝙䝈䝮䠄ᕷሙ඲య䛾ᆒ⾮䠅
эᰴ౯䜢䛒䛢䜛䛻䛿䛹䛖䛩䜜䜀䜘䛔䛾䛰䜝䛖䛛䠛
→䛭䛾䛯䜑䛻䛿䚸ᰴ౯䛾Ỵᐃ䝯䜹䝙䝈䝮䜢▱䜛ᚲせ䛜䛒䜛
→ᰴ౯䛿ᙜヱ௻ᴗ䛾⤒Ⴀ⪅䛜Ỵ䜑䜛䜒䛾䛷䛿䛺䛔
→ᰴ౯䛿ከ䛟䛾ᢞ㈨ᐙ䛾⾜ື䛾⤖ᯝ䛸䛧䛶ᕷሙ䛷Ỵ䜑䜙䜜䜛
эᰴᘧᕷሙ䛾ᆒ⾮
→asset pricing䠖ᰴ౯䛾Ỵᐃ䛻㛵䛩䜛⌮ㄽ䛸ᐇド
2011ᖺᗘ䛂⤒ႠᏛ䛃㈨ᩱ䠄୰ᓥⱥ႐䠅
→௬ㄝ䐠䠖䛂ᰴ୺䛿௻ᴗ⤒Ⴀ䜢ᑓ㛛ᐙ䠄⤒Ⴀ⪅䠅䛻ጤク䛩䜛䛃
э䝣䜯䜲䝘䞁䝇䠄㔠⼥⤒῭Ꮫ䠅
→䝭䜽䝻⤒῭Ꮫ䛾1ศ㔝
→௻ᴗ㈈ົㄽ䠄corporate finance䠅䛸㈨⏘౯᱁ㄽ䠄asset
pricing䠅䛻኱ู䛥䜜䜛
→㈈ົ䛻䛛䛛䜛௻ᴗ䛾ពᛮỴᐃ䠄⤒Ⴀ㈈ົ䠅䛾ศᯒᇶ┙
5
2011ᖺᗘ䛂⤒ႠᏛ䛃㈨ᩱ䠄୰ᓥⱥ႐䠅
6
䜲䞁䝖䝻䝎䜽䝅䝵䞁
䜲䞁䝖䝻䝎䜽䝅䝵䞁
ϼ ᮏㅮ⩏䛾┠ⓗ䠄䝅䝷䝞䝇䜘䜚䠅
Ͻ ᮏㅮ⩏䛾䝂䞊䝹
䞉⤒ႠᏛ䛿௻ᴗ⾜ື䜢ศᯒᑐ㇟䛻䛩䜛
䞉ศᯒ䛾ษ䜚ཱྀ䛿䛔䜝䛔䜝䛰䛜䚸㈈ົ䛾ពᛮỴᐃ
䛾ほⅬ䛿䛸䛶䜒㔜せ
䞉ᮏㅮ⩏䛷䛿䚸䛣䛾ษ䜚ཱྀ䛻ᇶ䛵䛟ᶆ‽ⓗ䛺⌮ㄽ䜢
⤂௓䛧䚸䛣䛾⌮ㄽ䜢⌮ゎ䛩䜛䛯䜑䛾ᇶ♏▱㆑⩦
ᚓ䜢┠ᣦ䛩
䞉☜⋡䚸⤫ィ䚸䝭䜽䝻⤒῭Ꮫ䛾▱㆑䛜䛒䜛䛣䛸䛜ᮃ
䜎䛧䛔
2011ᖺᗘ䛂⤒ႠᏛ䛃㈨ᩱ䠄୰ᓥⱥ႐䠅
䞉㈨⏘ᕷሙ䛾Ṕྐ䛸௦⾲ⓗ䛺㈨⏘౯᱁䛾᥎⛣䜢
⌮ゎ䛩䜛
䞉ୗグ䛾⏝ㄒ䛾ព࿡䛸┦஫㛵ಀ䜢⌮ゎ䛩䜛
э䝞䝷䞁䝇䝅䞊䝖䚸ᢞ㈨䛾䝸䝍䞊䞁䚸䝸䝇䜽䚸ᮇᚅຠ⏝䚸
ᕷሙ䛾ຠ⋡ᛶ䚸MPT䚸CAPM䚸䝅䝇䝔䝬䝔䜱䝑䜽䝸
䝇䜽䚸䝧䞊䝍䚸⚾ⓗ᝟ሗ䚸䜶䞊䝆䜵䞁䝅䞊䞉䝁䝇䝖䚸
㔠⼥ᕤᏛ䚸↓⿢ᐃ᮲௳
䞉5.1.1䡚5.1.2䠄඲9ᯛ䠅䜢⌮ゎ䛧䛶ᛂ⏝䛷䛝䜛
2011ᖺᗘ䛂⤒ႠᏛ䛃㈨ᩱ䠄୰ᓥⱥ႐䠅
7
䜲䞁䝖䝻䝎䜽䝅䝵䞁
䜲䞁䝖䝻䝎䜽䝅䝵䞁
Ͼ ᮏㅮ⩏䛾㐍䜑᪉
Ͽ ᮏㅮ⩏䛾ෆᐜ䠄ணᐃ䠖䝅䝷䝞䝇䜢୍㒊ኚ᭦䠅
䞉᭱ึ䛻ᇶᮏⓗ䛺஦ᐇ䛸タᐃ䜢☜ㄆ䛩䜛
䐟㈨⏘ᕷሙ䛸ᰴᘧ఍♫䛾ព⩏䛸Ṕྐ䜢ᴫほ䛩䜛
䐠ᢞ㈨䛻㛵䛩䜛ᇶᮏⓗ䛺⏝ㄒ䛸タᐃ䜢ゎㄝ䛩䜛
䞉ḟ䛻ᢞ㈨ᐙ䛾ពᛮỴᐃ䛸ᕷሙ䛾ᆒ⾮䜢⪃䛘䜛
䐡ᢞ㈨䛻㛵䛩䜛ಶே䛾ពᛮỴᐃཎ⌮䜢⪃䛘䜛
䐢䛭䛾ୖ䛷䚸ᕷሙ䛾ᆒ⾮䠄㈨⏘౯᱁ᙧᡂ䠅䜢⪃䛘䜛
䞉᭱ᚋ䛻⤒Ⴀ⪅䛾ពᛮỴᐃ䜢⪃䛘䜛
䐣タഛᢞ㈨䚸㈨ᮏᵓᡂ䚸㓄ᙜ䚸M&A➼䛾௻ᴗ㈈ົ
2011ᖺᗘ䛂⤒ႠᏛ䛃㈨ᩱ䠄୰ᓥⱥ႐䠅
8
ᅇ
㻝
㻞
㻟
㻠
㻡
㻢
㻣
㻤
㻥
㻝㻜
㻝㻝
㻝㻞
㻝㻟
㻝㻠
᪥⛬
㻝㻜᭶㻠᪥
㻝㻜᭶㻝㻝᪥
㻝㻜᭶㻝㻤᪥
㻝㻜᭶㻞㻡᪥
㻝㻝᭶㻝᪥
㻝㻝᭶㻤᪥
㻝㻝᭶㻝㻡᪥
㻝㻝᭶㻞㻞᪥
㻝㻝᭶㻞㻥᪥
㻝㻞᭶㻢᪥
㻝㻞᭶㻝㻟᪥
㻝㻞᭶㻞㻜᪥
㻝᭶㻝㻜᪥
㻝᭶㻝㻣᪥
ෆᐜ
䜲䞁䝖䝻䝎䜽䝅䝵䞁䚸㈨ᮏᕷሙ䛾Ṕྐ䛸ᙺ๭
᪥ᮏ䛾ᰴ౯ᣦᩘ䚸㔠฼䚸Ⅽ᭰䝺䞊䝖䛾᥎⛣
ᰴᘧ఍♫䛾ព⩏
㔠฼䛾Ỵᐃ䝰䝕䝹
ᰴᘧᢞ㈨䛾䝸䝍䞊䞁䛸ᕷሙ䛾ຠ⋡ᛶ௬ㄝ䠄㻝䠅
ᰴᘧᢞ㈨䛾䝸䝍䞊䞁䛸ᕷሙ䛾ຠ⋡ᛶ௬ㄝ䠄㻞䠅
㼂㼀㻾ど⫈䠃ウㄽ䠄㻝䠅䠖䝞䝤䝹䛾Ṕྐ
ᢞ㈨ᐙ䛾ពᛮỴᐃ
䝫䞊䝖䝣䜷䝸䜸䛾㑅ᢥ⌮ㄽ
㈨⏘౯᱁䛾Ỵᐃ⌮ㄽ
㈨⏘౯᱁䛾ホ౯䠄㻝䠅䠖⡆༢䛺䜻䝱䝑䝅䝳䝣䝻䞊䛾౯᱁௜䛡
㈨⏘౯᱁䛾ホ౯䠄㻞䠅䠖ᰴ౯䛾౯᱁௜䛡
㼂㼀㻾ど⫈䠃ウㄽ䠄㻞䠅䠖㔠⼥ᕤᏛ
㻔ணഛ㻕
2011ᖺᗘ䛂⤒ႠᏛ䛃㈨ᩱ䠄୰ᓥⱥ႐䠅
9
䜲䞁䝖䝻䝎䜽䝅䝵䞁
10
䜲䞁䝖䝻䝎䜽䝅䝵䞁
Ѐ 䛂⤒ႠᏛ䛃䛾䝩䞊䝮䞉䝨䞊䝆
Ё ᡂ⦼ホ౯䛺䛹
䞉http://www.soec.nagoya-u.ac.jp/䡚nakashima/BA11/
䞉ᡂ⦼ホ౯
эヨ㦂 or ᭱⤊ㄢ㢟䝺䝫䞊䝖䠄100%䠅䠇䛭䛾௚䠄α%䠅
䞉ୗグ䛾㈨ᩱ䜢ୖグHP䛻㐺ᐅ䜰䝑䝥䝻䞊䝗
䐟ㅮ⩏䛻⏝䛔䜛䝇䝷䜲䝗䠄pdf䝣䜯䜲䝹䠅
䞉ᮏ䜽䝷䝇䛾ཷㅮ䝹䞊䝹
эྛ⮬ฟຊ䛧䛶ㅮ⩏䛻⮫䜐䜘䛖䛻
э
䐠ㅮ⩏䛾䝕䝰⏝䝕䞊䝍䠈Q&A䠈௚
⚾ㄒ
䠈ᦠᖏ㟁ヰ䠈䝯䜲䝹䛿⚗Ṇ
э䛣䜜䜢Ᏺ䜜䛺䛔ཷㅮ⏕䛻䛿㏥ᖍ䜢࿨䛨䜛
э㐺ᐅ䝎䜴䞁䝻䞊䝗䛧䛶฼⏝䛩䜛䜘䛖䛻
э䛺䜛䜉䛟๓᪉䛾ᗙᖍ䛻╔ᖍ
2011ᖺᗘ䛂⤒ႠᏛ䛃㈨ᩱ䠄୰ᓥⱥ႐䠅
11
2011ᖺᗘ䛂⤒ႠᏛ䛃㈨ᩱ䠄୰ᓥⱥ႐䠅
12