Departmental Bulletin Paper スピンオフと権限委譲 ―企業の独立性の観点から―

吉田, 友紀

In this paper we discuss about three spin-offs ;(1) Spin-out that means the degree ofindependence=1, (2) Wholly-owned subsidiary that means the degree of independence=0, and (3) Spinoff(in the narrow sense) that means the degree of independence is (0,1).Our main result is the order of these three effort levels in equilibrium. And we show the conditionsof over-investment and under-investment. But remained problem is “social efficiency”. We have todiscuss about social efficient way of Spin-offs.

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