The formative process of the Nissan Zaibatsu must be examined from two historical points ; first, the business activities of Kuhara Kôgyô (Kuhara Mining Co., established in December, 1905, and later reorganized into Nissan), second, the entrepreneurial performance of Yoshisuke Ayukawa, the founder of the Nissan Zaibatsu, before he overtook the management of Kuhara Kôgyô.
The formation of Nissan may be considered as a product of both activities stated above, that is, as a result of Kuhare Kôgyô's business combined with the entrepreneurial farsightedness of Ayukawa. Author investigated the process of the development of Kuhara Kôgyô before it was reorganized into Nippon Sangyô Co., as a kôshû mochikabu kaisha (Holding company with a number of mass shareholders) in December 1928 and tried to make clear the meaning of its reform and the resulting characteristics of the Nissan Zaibatsu.
Author described only the historical facts in the development of Kuhara Kôgyô and presented rather detailed analysis of Ayukawa's performance.
