九州大学 研究者情報
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葉 聰 明(イエ ツオンミン) データ更新日:2019.06.12

教授 /  経済学研究院 経済工学部門 政策分析


主な研究テーマ
企業統治、企業再生及びM&Aに関する経済分析
キーワード:企業統治,M&A,買収防衛策,株主提案, 企業再生
1997.04~2018.03.
金融リテラシーと財務意思決定に関する実証研究
キーワード:金融リタラシー
2016.09~2021.03.
台湾の経済とビジネス
キーワード:台湾の経済とビジネス
1999.10.
研究業績
主要著書
主要原著論文
1. Tsung-ming Yeh, Large shareholders, shareholder proposals, and firm performance
Evidence from Japan, Corporate Governance:An International Review, 10.1111/corg.12052, 22, 4, 312-329, 2014.01, [URL], Manuscript Type: Empirical Research Question/Issue: Previous studies, primarily based on evidence from the United States, fail to link shareholder activism to firm performance, with one explanatory factor being that the legal and regulatory system in the United States limits the anti-director rights of shareholders. This study is motivated by the question of whether legally binding shareholder resolutions can pressure management to improve firm performance and to enhance firm value. Research Findings/Insights: By investigating 135 publicly listed Japanese firms which received shareholder resolutions from 2004 to 2010, this study finds supportive evidence for shareholder proposals. Announcement-associated abnormal returns are higher for firms receiving election-related proposals by large sponsors, than those unrelated to board election. Furthermore, an improving trend begins to appear in the post-resolution year, particularly significant for firms receiving proposals to remove board members. Theoretical/Academic Implications: This study provides new evidence suggesting that large shareholder activism in Corporate Japan can perform roles that used to be played by main banks before the 1990s. It also suggests that in countries where there is no active takeover market, large shareholders can effectively discipline entrenched management through active engagement. Practitioner/Policy Implications: This study offers insights to corporate managers on the importance of communicating with large shareholders and addressing their concerns..
2. Tsung-ming Yeh, Determinants and consequences of shareholder proposals
The cases of board election, charter amendment, and profit disposal, Journal of Corporate Finance, 10.1016/j.jcorpfin.2017.05.004, 45, 245-261, 2017.08, [URL], By investigating shareholder proposals in Japan during 2004–2013, this study aims to address the question whether exercising legally powerful shareholder rights has an impact on the management. Compared with their counterparts in the United States, Japanese shareholders are entitled to more statutory rights, including binding shareholder resolutions on issues relating to board election, charter amendment, and profit disposal. The empirical tests reveal several important results. First, different types of shareholder proposals are triggered by varying firm characteristics. Second, resolutions on the board election and charter amendments relating to corporate governance receive higher votes than those for profit disposal. Voting outcome is also positively associated with foreign shareholding, duration of the general meeting, and the firm's history of receiving proposals. Moreover, resolutions initiated by large shareholders have positive impacts on the target firms, which reported positive announcement-associated abnormal returns. Improvements in the operating performance are observed for firms passing board election resolutions and firms receiving charter amendment proposals from large shareholders. The management also increased share buyback and dividend payout in response to demands by large shareholders, although there was no significant change in the post-resolution operating performance. Overall, the results indicate that statutorily powerful shareholder rights, when exercised by large shareholders, can have a positive impact..
3. Tsung-ming Yeh, Do Private Equity Funds Increase Firm Value?
Evidence from Japanese Leveraged Buyouts, Journal of Applied Corporate Finance, 10.1111/j.1745-6622.2012.00405.x, 24, 4, 2012.12, [URL], Abstract

The author summarizes the findings of his recent study of 62 buyouts of listed Japanese companies by both Japanese and “foreign” private equity funds that were transacted between 2000 and 2007. Roughly half of the author's sample of transactions were accomplished by means of takeover bids by PE funds, and such deals were transacted at prices that represented a premium (of roughly 12%) to current market values. Most of the other PE transactions were privately negotiated deals in which the purchase prices involved discounts (of about 15% on average) to current value. For both sets of deals, however, the announcements of such buyouts were associated, on average, with a significantly positive stock market reaction.
By the cutoff date of the study (May 2010), 30 of the 62 acquired firms had realized “exits.” Those companies (though not the others) experienced significant average improvements in operating performance; and the extent of such improvements were roughly consistent with the size of the positive market reaction to the buyout announcements. The test results suggest that the value increases can be attributed to the more efficient use of assets and reduction of operating costs. Meanwhile, there was no evidence suggesting that the acquired firms cut back on their research and development, capital investments, or employee wages and growth. What's more, examination of the operating performance of the 30 companies after their exits showed no deterioration in profitability or investment spending..
4. Tsung-ming Yeh, The effects of anti-takeover measures on Japanese corporations, Review of Quantitative Finance and Accounting, 10.1007/s11156-013-0361-0, 42, 2, 2014.05.
主要学会発表等
1. Tsung-ming Yeh, How financial literacy can contribute to retirement savings: an empirical research, 2019 International Conference of Taiwan Finance Association, 2019.05, This study aims to provide empirical evidence on the mechanisms through which financial literacy may be associated with the behaviors of saving for retirement, in the three phases of decision-making process – information perception, information search and evaluation, and decision-making and implementation. Empirical results indicate that, after accounting for various control variables, financial literacy has significantly positive effects on one’s awareness of post-retirement financial needs, comparing with alternative products when making significant financial decisions, displaying less behavioral biases, planning for and successfully securing post-retirement funds, and experiencing fewer financial disputes. The results can provide explanations for the findings of previous studies as to why people with higher financial literacy accumulate greater net wealth, make wiser financial decisions, or are more likely to invest in the stock market..
2. Tsung-ming Yeh, The Modes of Buyouts: Tender Offer versus Private Placement of Equity, Asian Finance Association, 2018.06.
3. 葉聰明, The Modes of Buyouts and Private Benefits of Control, International Conference and Annual Meeting of Taiwan Finance Association, 2018.05.
学会活動
所属学会名
Asian Finance Association
Taiwan Finance Association
国際ビジネス研究学会
経営行動科学学会会員
日本ファイナンス学会
日本経営財務研究学会
学協会役員等への就任
2016.04~2020.03, 経営行動科学学会, 理論・方法研究部会長.
学会誌・雑誌・著書の編集への参加状況
2011.04~2012.03, 経営行動科学ハンドブック, 国内, 編集委員.
2008.04, 経営行動科学, 国内, 編集委員.
学術論文等の審査
年度 外国語雑誌査読論文数 日本語雑誌査読論文数 国際会議録査読論文数 国内会議録査読論文数 合計
2018年度
受賞
台湾財務金融学会 研究論文賞, 2019 International Conference of Taiwan Finance Association (台湾財務金融学会), 2019.05.
日本経営財務究学会学会賞, 日本経営財務究学会, 2013.10.
国際ビジネス研究学会学会賞 , 国際ビジネス研究学会, 2013.11.
経営行動科学学会・学会賞(研究奨励賞), 経営行動科学学会, 2008.11.
研究資金
科学研究費補助金の採択状況(文部科学省、日本学術振興会)
2019年度~2022年度, 基盤研究(B), 分担, コーポレートガバナンスと経験:新しいデータ構築と実証的解明への挑戦.
2007年度~2008年度, 若手研究(B), 代表, 日本のM&A市場と企業統治の関係についての実証研究.
2010年度~2012年度, 若手研究(B), 代表, 日本のコーポレートガバナンスにおける機関投資家の役割に関する実証研究.
2011年度~2011年度, 研究成果公開促進費, 代表, 日本企業の合併買収と企業統治.
2013年度~2016年度, 基盤研究(C), 代表, 機関投資家のガバナンス介入や買収防衛策の導入に関する実証研究:日本企業を中心に.
2017年度~2020年度, 基盤研究(C), 代表, 日本における金融リテラシーとファイナンシャル意思決定の関係についての研究.
競争的資金(受託研究を含む)の採択状況
2019年度~2020年度, 野村財団社会科学研究助成, 代表, 経済リテラシー,行動バイアス,および財務行為との関係に関する研究.
2017年度~2018年度, 野村マネジメントスクール研究助成, 代表, 日本における金融リテラシーとファイナンシャル意思決定に関する実証研究.
2004年度~2004年度, (台湾)国家科学委員会補助, 代表, 『国際合併・買収と企業価値:日本企業の場合』.
寄附金の受入状況
2019年度, 野村財団, 野村財団社会科学研究助成.
学内資金・基金等への採択状況
2017年度~2017年度, 平成29年度研究活動基礎支援制度「国際学会派遣支援」, 代表, Private Equity Buyouts and Private Benefits of Control.

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