経営史学
Online ISSN : 1883-8995
Print ISSN : 0386-9113
ISSN-L : 0386-9113
論文
戦時経済下における資本市場と国策会社
―台湾拓殖が直面した株式市場からの制約―
齊藤 直
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ジャーナル フリー

2009 年 43 巻 4 号 p. 4_28-4_54

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抄録

This paper aims to illustrate the pressure from the capital market brought to even national policy concerns, by analyzing the relationship between Taiwan Development Company (TDC) and its shareholders.
In most of previous researches, TDC's shareholders were supposed to be “stable shareholders,” which would not sell their stocks even if the investment destination shows poor business performance, because TDC is a national policy concern. In the procedure of founding TDC in 1936, “stable shareholders” were welcomed and, in fact, two thirds stocks were allocated to foundation members and institutional shareholders such as sugar manufacturing companies or zaibatsu holding companies. However, it is not empirically supported that they did not sell their stocks in the secondary market.
In this paper, we investigate selling and buying by all shareholders of TDC, using the list of shareholders from 1937 to 1943, and illustrate the counterplan arranged by managers of TDC, analyzing the company documents. The main findings of this paper are as follows.
1) Individual minority shareholders had continuously sold their stocks since shortly after the foundation of TDC. As a result, the number of shareholders had gradually decreased.
2) Institutional shareholders began to sell the stocks of TDC from around the latter half of 1941. Even sugar manufacturing companies except for Meiji Seito sold their stocks at this time. And when TDC increased capital in 1942, considerable parts of institutional shareholders did not subscribe newly issued stocks.
3) The managers of TDC seriously recognized the pressure from the capital market and attempted to raise profitability and seek new shareholders.
4) It is financial institutions such as mutual loan companies or life insurance companies that purchases stocks of TDC, which were sold by institutional shareholders. They should be considered to have financially supported TDC since around 1941.

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© 2009 経営史学会
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