報告書番号

EY99003

タイトル（和文）

THE FINANCIAL CHARACTERISTICS AND CORPORATE STRUCTURE OF US ELECTRIC POWER COMPANIES

タイトル（英文）

THE FINANCIAL CHARACTERISTICS AND CORPORATE STRUCTURE OF US ELECTRIC POWER COMPANIES

概要 （図表や脚注は「報告書全文」に掲載しております）

1992年のエネルギー政策法施行以後、電気事業における規制緩和が着実に進展している米国について、垂直統合型電気事業者の財務効率性と企業形態の関係を、1993年から1997年の95社のデータ用いて分析した。財務効率性は収益性、コスト効率性、財務安全性、レバレッジの4つのカテゴリーに着目し、企業形態として持株会社制とガス事業の兼業の2形態に焦点を絞った。その上で、両者の関係の理論及び実証面から分析した。具体的には、財務パフォーマンス指標の推定値を説明変数とし、企業形態の2肢選択モデルによりその相互関係の分析を行った結果、米国の電気事業者では、ガス事業との兼業を行う場合は持株会社制を取っている方が収益面で有利であり、逆に電気事業専業の場合は持株会社制を採用しない方が収益面で有利であるとの計測結果を得た。

概要 （英文）

The purpose of this report is to investigate the relationship between corporate ownership structure with diversified business and "financial efficiency" in the US electric power companies. The US electricity industry has gradually introduced the competitive mechanisms into their markets after the enforcement of "Energy Policy Act" in 1992 and some Orders that were subsequently enacted. Currently, further steps of deregulation have been taken in many States. Thus, the industrial structure of the electric power business is now on the transitional stage seeking more cost efficient or competitive structure. Under such a situation, we can predict a significant difference of economic performance may exist among individual companies or groups of companies, which can be systematically identified corresponding to the different corporate ownership structure and/or business diversification. For the first approach to investigate the systematic causal relationship between financial efficiency and the corporate structure, this report focuses on some financial data, profitability, cost efficiency, financial safety and leverage. Those financial measures are examined to investigate the matter whether there is a significant effect on financial efficiency caused by the structural difference of companies, and vice versa. For that purpose, this study starts with a theoretical framework of fair game with respect to the rate of return on investment, and then we proceed to a martingale with respect to the value of a corporate structure, and finally use the no arbitrage attribute of this martingale to predict the choice of corporate structure by an electric utility. In line with the theoretical framework, this study applies a probit regression model to estimating a group membership of the different corporate structures in the US electric power companies. This estimation indicates that what factors are important to explain the selection of corporate structure by what degree. Our empirical results indicate that specific combinations of corporate structure are best suited for firms in the electricity industry. First, it may be most advantageous in profitability for an electric and gas company to be a subsidiary of a holding company. Second, it may be most advantageous for an electricity only company not to be a subsidiary of a holding company. These results are consistent with our expectation that holding companies are the proper choice when they create economies of scope and coordination from the diversified business because such efficiencies imply cost reductions. Alternatively, holding companies may not be successful from the financial point of view if they do not create these economies because the absence of these economies implies cost increases.

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