法人企業統計調査に見る企業業績の実態とリスク

抄録

The purpose of this paper is to examine whether the profits of Japanese firms have been contributing to the enhancement of national economy by analyzing the transition of the performance of domestic corporate enterprises based on the Financial Statements Statistics of Corporations by Industry(Ministry of Finance). It is clarified that the increase in profits after 2013 is mainly due to the decreases in depreciation costs, interest expenses, and the payment of corporate taxes. In addition, this paper shows that the improvement in profits has disproportionately resulted in a sharp increase in dividends to shareholders. It is also argued that the increase in dividends largely comes from corporate governance reforms promoted by the government and that the decreases in capital expenditures and employee salaries have caused the stagnation of the Japanese economy. Finally, the issues of corporate governance and business ethics are explained from these analyses of corporate performance.