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KAKEN_17K03474seika.pdf
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Title |
Title |
譲渡制限株式の売買価格の決定の在り方に関する法的研究
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Kana |
ジョウト セイゲン カブシキ ノ バイバイ カカク ノ ケッテイ ノ アリカタ ニ カンスル ホウテキ ケンキュウ
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Jōto seigen kabushiki no baibai kakaku no kettei no arikata ni kansuru hōteki kenkyū
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A legal study on the method of determination of the sales price of the shares with the restriction on transfer
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久保田, 安彦
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クボタ, ヤスヒコ
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Kubota, Yasuhiko
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慶應義塾大学・法務研究科 (三田) ・教授
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Research team head
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科研費研究者番号 : 30298096
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湯原, 心一
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ユハラ, シンイチ
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Yuhara, Shin'ichi
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成蹊大学・法学部・准教授
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Research team member
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科研費研究者番号 : 00755738
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2020
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科学研究費補助金研究成果報告書
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2019
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本研究では、ファイナンス理論や比較法的考察をも踏まえながら、主に、裁判所による譲渡制限株式の売買価格の決定の場面を想定して、株式評価のあり方について検討を加えた。その検討結果をまとめると、以下のとおりである。①株式評価に当たっては、基本的にDCF方式を用いるべきである。②マイノリティディスカウントは、それを認めると支配株主のインセンティブの歪みが生じるため、認めるべきではない。③非流動性ディスカウントは、それを認めても支配株主のインセンティブの歪みは生じにくい一方、それを認めないと少数株主のインセンティブの歪みが生じやすいため、認めてよい。
The main purpose of this study is to examine how the fact-finding courts should determine the sales price of the shares with the restriction on transfer and choose the valuation methods therefor, taking into account the finance theory and the comparative legal doctrines. The results of our study are summarized as follows. (1) The DCF (discounted cash flow) method should be the primary method for valuation because the DCF method is theoretically most reliable given the sufficient data for calculation is available. (2) Minority discount should not be allowed because it would distort the incentive of controlling shareholders. (3) Illiquidity discount may be allowed because it would not distort the incentive of controlling shareholders, while it does distort the incentive of minority shareholders and encourage them to exercise their right to withdraw from the firm if not allowed.
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研究種目 : 基盤研究 (C) (一般)
研究期間 : 2017~2019
課題番号 : 17K03474
研究分野 : 会社法
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