This paper identifies a difference in "capital accumulation structure, a concept summed up by both profitability and function of capital which is composed of a profit or borrowed capital," between the large milk processing industries, Snow Brand Milk Products, Morinaga Milk Industry and Meiji Dairies Corporation, through analysis of investment in and operation of the plants, mainly in Hokkaido. The period from 1985 to 2004 is remarkable because overproduction of dairy goods in the domestic market was very clear. Snow Brand has the smallest investment of the three, with Meiji the largest. It is supposed that investment expands production ability, which correlates with the amount of property per labor. Therefore, expansion of production ability, mainly "milk" or cheese, for Meiji is highest, with Morinaga and Snow Brand lower. Considering the similarities and differences in the three enterprises, with the expansion of the production ability accompaning the amount of production in Morinaga and Meiji, it is clear that these two companies operate their plants more efficiently than Snow Brand.
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