高度成長期日本における経営危機と事業会社の経営介入

抄録

The purpose of this paper is to make clear the effects of a nonfinancial corporation's intervention in a firm that fell into a management crisis during the high-growth period.
In this paper, we first examine the change in a failed firm's stockholding structure and the board of directors. A nonfinancial corporation takes over a failed firm's stocks to become its largest stockholder and dispatches executives with skills and experience in management or production. The dispatch of directors is not to discipline poor management but to provide human resources.
Second, in order to examine the motives and effects of a nonfinancial corporation's intervention, this paper focuses on three cases.
In the case of Nihon Suiso, Mitsubishi Chemical Industries took over Nihon Suiso's stock in 1960 to acquire the firm's equipment for the production of chemical fertilizer. To cope with Nihon Suiso's financial difficulties, Mitsubishi Chemical helped the firm advance into a new business and to change its products by consigned production and technical guidance.
In the case of Tokyo Hatsudoki (Tohatsu), Fuji Denki Seizo intervened with the object of continued selling of their products in the early 1960s. Although Fuji Denki provided a new low-interest loan of 17 billion yen, Tohatsu filed for bankruptcy under the Corporate Reorganization Law in 1965.
In the case of Kurita Industrial, C. Ito, which entered into tie-up agreement with the firm in 1965, played an important role in Kurita's reconstruction process. C. Ito's motive was to secure the commercial rights to sell the firm's products in both the domestic and foreign markets. They were not only in charge of supplying a short-term loan to Kurita, they also guaranteed long-term loans that the firm borrowed from regional and trust banks.