抄録
Fuji Film is often mentioned as an example of successful business structural transformation for its planned or emergent response. However, its segment-wise percentage of sales indicates that the document business has a much larger share than imaging and information businesses. The document segment, Fuji Xerox, was consolidated in 2000 at the request for help by Xerox, the joint venture partner, and not as a strategic decision. It is also likely that Fuji’s transformation was brought about not by planning or emergent new businesses but by enormous cash and the equivalent.
An examination of Fuji’s financial statement showed that it had accumulated the returns as cash. The consolidation of Xerox and other mergers and acquisitions supported by its accumulated cash brought enough cash flow before new businesses became profitable. One idea to survive a rapidly declining main business is “strategic patience”; namely, the company should accumulate its returns while resisting various temptations, such as those of ambitious investments, increases in dividends, and repurchasing its own stocks.
https://ror.org/05tjaf288 
