The banking system in Japan played the pivotal role in the process of economic and industrial reconstructions and developments after the World War II. What is, then, the role of "Finance" for the industrial restructurings and further developments in Japan now, after the bubble-busting? The Industrial Bank of Japan, Ltd.(IBJ), specialized in the long-term lending for investments, took the role of allocating and injecting the moneys in the particular industrial sectors under the national economic reconstruction program led by the Japanese Government, which resulted in great success. As a private entity, however, IBJ tried hard to establish its own independent decision making criteria for their loan commitments, which was only possible by elaborating the analytical skills of credit appraisals of the firms based on its own perspectives on the relevant industries. Unfortunately, however, IBJ was obliged to merge with other banks for survival in the financial crises in 1990s. This paper tries to examine what kind of attributes and capabilities are needed for the banking institutions, such as IBJ, to execute good lending activities contributing properly for the growth of national economy. The industrial structural reforms often have to fight against strong resistances from the current stakeholders, and the accurate and deep insights on the future of the industries are essential for leading those reforms in a right track. Nowadays, Private Equity Funds and Buy-out Funds, such as KKR which has just landed Japan lately, succeeded the role of banks partly for restructuring and re-engineering the companies by ways of M&A and other financial tools. This paper examines the features of those new financial institutions and their challenges for the sustainable growth of the national economies through their activities.

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Increasing number of M&A is being reported. Many are initiated to enhance its competitive position proactively, which marks the difference from those prevalent a decade ago for the survival of business that turned out to be unprofitable. Reorganization improves productivity and frees up redundant resources. But it does not necessarily mean sustainable growth of the economy, unless freed-up resources are utilized to produce higher value-add.
While Japan enjoyed economic recovery, driving it were the industries which formed their base of competitiveness in the ‘80s. Emerging economies brought a renewed opportunity to the once- mature industries. But as the history of Japanese steel, automotive, and electronic industries tells, active demand and fierce competition will eventually facilitate the development of industry clusters in the emerging markets. Developing new industries and thereby keeping relative wealth of domestic market will be crucial in ensuring Japan's sustainable growth. Japanese R&D is highly concentrated in large corporate sector. With its objective being business development for the company, corporate R&D tends to favor self-sufficiency and be kept inside until it's ready for business. Whether it's tailored-medicine or smart power, development of new industries requires "suriawase" of technical seeds across multiple industries and with emerging market application. However rich collective seeds are in the economy, if they are not exposed to multi-disciplinary "suriawase" early enough, it will not result in new industries in competitive timeframe. Technical seeds must be unlocked from the corporate wall. Well-touted practice of supplier management by Japanese automakers is in a sense open innovation albeit it's limited within a supplier network. It's time to extend that network beyond the traditional boundary in order to explore broader application and faster commercialization of technical seeds. Disciplined pursuit of R&D efficiency by corporations and political means to stimulate cross-disciplinary "suriawase" are needed to ensure sustainable growth of Japan.

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This paper tries to clarify the step-by-step entry strategy to emerging countries by automobile manufacturer. Especially we focus on the entry processes to Russian market by Toyota Motor. And we divide the entry processes to Russia by Toyota into three stages and analyze each stage. And then, we generalize the entry strategy and export channel management by Japanese auto manufacturers and compare the U.S. automobile manufacturers. Our fact findings are as follows. Firstly the export channels to Russian market by Toyota Motor since 1970s have been changing gradually from spot export channel to automobile sales exclusive company channel, and then auto manufacturer's subsidiary distributor channel according to the sales volume. We refer these transition to step-by-step entry strategy and export channel management. Secondly in the case of U.S automobile manufacturers, they do not have an option of using the general trading company as export channel. They have to utilize only manufacturer's subsidiary distributor and local company. On the other hand, Japanese auto manufacturers can choose the general trading company. The general trading company possibly could exercise the high capability. In this sense, Japanese auto manufacturers could have the competitiveness in the step-by-step entry strategy and export channel management and then have the competence of global marketing capability.

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Recently in the automobile industry, strategic alliances and M&A (Mergers and Acquisitions) between automakers and suppliers or electronics firms have been increasing. Strategic alliances are composed of non-equity alliances, equity alliances and joint ventures.
Automakers use strategic alliances and M&A to;
•Increase automobile production in the emerging markets (equity alliances between automakers and suppliers or between suppliers and suppliers)
•Develop automobile parts and components of next generation "Eco-Cars" [i.e. hybrid, clean diesel and electric vehicles] (joint ventures between automakers and electronics firms)
•Defend suppliers from the threats of M&A (equity alliances between automakers and suppliers or between suppliers and suppliers)
This paper investigates the recent trend of strategic alliances and M&A focusing on Toyota, Honda and Nissan.
This paper also analyzes inter-firm relationships and anticipates changes in industrial organizations in relation to the business development of new generation "Eco-Cars".

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Recently, it is expected that the technologies and skills of the localized industry forms the basis of the new regional industry in the regional industrial development strategy. However, these regional industrial strategy that based the technologies and skills of the localized industry, such as regional cluster programs, has difficult problems. This Paper discusses the meanings of the technologies and skills of the localized industry by considering localized industry as one regional system which forms the product chain. We take up the Sabae eye-glasses production area in Fukui Prefecture as a case study and discuss it. We examine the difficulty of the regional industrial strategies and today's the crisis of collapse of localized industry in the views of the technologies and skills of the localized industry.
In the localized industry, the companies which take the base technologies and skills are engaged in a specific works under the formation by the organizer. In this case these companies give only the "structure" to materials, but an organizer gives the "function" to it. Therefore, these companies need the organizer to shows their own ability in the localized industries. This is why the localized industry lacks in flexibility, because these companies tend to lack of the ability to understand the own technologies concerning the "function".

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Although the world market shares of Japanese firms in the semiconductor devices such as DRAM and liquid crystal display panels are not already at the top, they have a 70% share in the world markets regarding to electronic components and their materials. Nowadays east Asian firms can produce the semiconductor devices and liquid crystal display panels as factories of the world depending on Japanese electronic components and materials which are created through their high level of research and development activities of Japanese firms.
Photoresist used in the semiconductor manufacturing process is one of the electronic materials of which Japanese chemical companies have a high market share in the world market. Kodak's negative photoresist was used first in the semiconductor industries in the 1950s and the two user's innovations were followed. The former is that AT&T applied the positive photoresist for the first time in the semiconductor manufacturing process and the latter is that IBM invented and applied the chemically amplified photoresist. After then many chemical companies have provided various photoresist materials to the semiconductor manufactures. Nowadays Japanese chemical companies have become to have over a 60% market share in the world.
In this paper, the reasons why Japanese chemical companies have become to have such a high market share are discussed as a case of the photoresist materials from the following three points.
(1) These Japanese chemical companies had competitive advantage based on their materials or own technologies.
(2) They had a close relationship with Japanese semiconductor device manufactures and developed photoresist materials in order to be suitable for the requirement of the semiconductor manufactures and in order to solve the problems in their process.
(3) Even though the market scale was not so large, many foreign and Japanese chemical companies entered in this market and the market was very competitive.

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In this paper, the analysis is carried out particularly for the centralized purchasing system in automotive steel sheet transactions. The centralized purchasing system in the automotive steel sheet transactions manages not only the sheets an automotive maker uses at its factories but also the sheets used by the affiliated automotive body manufacturers and parts manufacturers.
The centralized purchasing system is based primarily on the tied sales. The tied sale is a form of trade in which the trading house plays an intermediary role as a distributor between a steel maker and the consumers. However, the distributor is not involved in deciding what the steel prices will be. Steel maker and the consumers directly negotiate a price in the tied sales. The distributor sells at an agreed price and only receives commission from the steel maker based on sales volumes.
Question arises as to why the distributor is kept in this sale transaction. There are three reasons to explain it;(i) historical path dependence, (ii) size diversity of automotive steel sheets, and (iii) the steel maker's circumstances.
It is believed that the price of steel sheets purchased through the centralized purchasing system has economy of scale that would provide lower prices. However, much to my surprise, the automotive makers' purchase prices shown in their financial statements are higher than market prices. This contradicts to the expectation. The rebate in the transactions answers this question.
Rebate system is very complicated. The actual purchase prices are hidden by the rebate system and in fact, cheaper compared to market prices. Therefore, the centralized purchasing system is very important to automotive makers. Furthermore, the advantage of the centralized purchasing system is not only to the automotive makers. It also contributes to the cost reduction in transactions for steel makers.

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After the end of the1970's, the computerization of the car advances rapidly. The purpose is to meet social demands such as Security, Environment, and Comfort. The range extends to Electric parts, Electronic parts, the Battery. With this paper, we name the companies manufacturing those parts "Car-Electronics Suppliers". And we analyze them about those positioning and roles in the modern auto parts industry.
The purposes of this article are as follows. The first purpose is to classify Japanese main suppliers entering the car electronics parts market. The second one is to clarify the characteristics of the supplier structure under the elemental technology switching.
The result of this article is that a different characteristic is seen in modern supplier structure in comparison with the past because of the computerization of the car having advanced. This suggests the importance of analyzing the modern auto parts industry from a viewpoint of the elemental technology not only watching it from a viewpoint of the corporate scale and/or the hierarchy nature.

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This paper describes the formation process, current business status, and the structure of distribution channel of Korea second-hand car market. In addition, it is discussed about the characteristics of Korea second-hand market and its structural problems. The summary of its contents is as follows.
Firstly, the current business status of SHCT (Second-hand car traders; 中古車売買商社) which means personal second-hand car traders is explained clearly. SHCT stock up on secondhand cars mainly from new car dealers, individual users, and some auctions. And this paper will examine the reason how SHCT could be the main distribution channel of Korea secondhand car market.
Secondly, the method for calculating of a price of second-hand car will be explained. For example, popularity of same type of new car and its volume of sales have an influence on remain value of a second-hand car. By using this method we can observe notable price differences between some second-hand cars which have high brand power and others which have not. Running distance and model year also have influences on the price of second-hand car as well as brand power.
Thirdly, the historic role of the SHCT and their new directions of changes were also discussed. Korea economy developed rapidly through 1970's. And car ownership numbers also increased very high speed. This paper will discuss that why new car dealers didn't or couldn't do any second-hand car related jobs.
Finally, we will examine some points at issue of Korea second-hand car market, and discuss about the direction to the current state improvement.

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Since the end of 1990's, there is so called Independent Chinese Automobile Manufacturers (ICAM), as new entrant to Chinese passenger car market, has achieved a high speed growth and attracted interest from many scholars. Many scholars have indicated, as one main reason for high-speed growth of ICAM, that they used key parts in their own cars, for example such like engine, which are made by outside supplier for other assemblers. It may be true as a fact, but not a main reason at all. To find the true main reason for high-speed growth of ICAM, an internal approach is needed and this paper will start from this perspective and is to clarify these internal approaches mainly by organizational axle.
Firstly, this paper will present an analytical framework about history of ICAM to define stages of ICAM growth. We will see Entry Period, Transitional Period and Technical Independent Period in the history of ICAM. Only companies can develop its product mainly base on own resource, can be defined that had evolved in Technical Independent Period. And only this kind of company can be looked as representative of ICAM.
Secondly, this paper will clarify that in Chery, as the representative of ICAM, how its evolution on ability of product development achieved by organizational restructuring. Also, in the history of Chery there is Entry Period, Transitional Period and Technical Independent Period, too. Approach about Chery will be under same analytical framework of growth stages.
Finally, as conclusion, this paper will note that behind the high-speed growth achieved by Chery there are 5 very useful patterns for it to use to develop its products for fitting diverse and complex needs. But in the future, Chery is still needed to review its inner resource for achieving combinatorial optimization which most important for its sustainable growth.

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