日本における電気機械工業資本の蓄積様式 : 一九〇四年から三七年まで

抄録

The electric machinery industry in Japan appeared about 1890. The Zaibatsu concerned themselves with it from the begining. Those electric machinery enterprises connected with Zaibatsu were as follows, Shibaura Works Co. (Mitsui), Hitachi Works Co. (Nissan), Mitsubishi Electric Co. (Mitsubishi).They were leading in the field of electric machineries, and formed a oligopoly as a result until 1933. This article intends to explain the pattern of the capital accumulation about those dominant enterprises. Shibaura sustained a high rate of self-finance from 1904 to 23. From 1924to 32 it raised funds by shares and debts. But from 1933 to 37 it began to operate itself again on the basis of self-finance. Hitachi raised funds by debts from 1923 to 32, and furthermore by shares from 1933 to 37. Mitsubishi raised funds by shares and debts from 1924 to 32, but from 1933 to 37 it came to sustain a high rate of self-finance. From 1933 to 37 Hitachi positively inveted its funds in fixed facilities, but Shibaura and Mitsubishi did negatively. And they all invested their funds in stocks, especially Shibaura and Hitachi held many subsidiary companies. Those subsidiary companies were constructed or acquired to supplement those fields where they had to produce materials, and where they had never entered or they were weak. As I explained above, the dominant enterprises in the electric machinery industry in 1930s, began to develop new pattern of activities different form those before.