After World War II, the GHQ (General Headquarters) reformed economic policies in Japan. The most important policy was the ban on pure holding companies. Holding companies have been banned by the Antimonopoly Law since the end of World War II to prevent a resurgence of conglomerates, such as the prewar and wartime "zaibatsu", which wielded huge financial power. But in the 1990's, thanks to the movements of deregulation under the recession and the global competition, many persons have come to support the existence of the holding company system in Japan. After a long period of the ban, under the revised Anti-monopoly Law, Japanese corporations have been allowed to set up holding companies since December 1997. This removal of the ban on the holding company system will activate the Japanese economy including the professional football clubs established in the 1990's. Their establishment synchronized with the start of the J. League (Japan Professional Football League). Most of the Japanese professional football clubs derive from companies'football clubs and the subsidiaries of big companies which are the operating parent companies. The big companies sponsor their football clubs in order to participate in the professional league. But being subsidiaries of operating companies, the Japanese football clubs can not realize the ideal of the J. League because of their status. The management of the football club is neither based on the community nor on the profession. The synergy with the operating parent company is not enough. If the holding company system is approved in Japan, Japanese professional football clubs will be able to take advantage of the flexible equity and the empowerment leadership of the management and solve the present problems.

抄録全体を表示

　

というのは企業組織の多様なデザインのうちの一つにすぎない．しかし，戦後の日本ではは半世紀の長きにわたって「禁止」され続け，「解禁」をめぐっては政治・社会問題となり，また，2002年には独占禁止法9条からその用語さえ「抹消」された．つまり，つねに特殊な扱いが求められる存在であったように思われる．本論文は，その歴史的背景を戦前の財閥コンツェルンや新興コンツェルンのあり方にまで遡って分析する．

抄録全体を表示

The making of the Public Utility Holding Company Act of 1935 implies an important role played by public utility holding companies in the development of the bull stock market in the late 1920's. A holding company, whose aim is to hold other companies' securities in order to get controlling power, first appeared in the field of manufacturing industry around 1890. But, under legislative regulations such as Sherman Act or Clayton Act, holding companies were deprived of chances to flourish in the manufacturing industry, and were replaced by some other legal means of capital concentration. They found themselves again, however, in the newly developed industry, public utilities, in the 1910's, and this was the place for their full activities all through the prosperity decade of the 1920's. Why in public utilities, not in other fields ? Who created holding companies in public utilities ? The author attempted in this paper to answer these questions by illustrating the development of major holding companies in the 1910's.

抄録全体を表示

本稿の目的は，純粋

制を採用している企業グループにおける，グループ・レベルでの全体最適と事業会社レベルでの部分最適との間の整合性を取るためのマネジメントの設計を明らかにすることにある．キリングループへのインタビュー調査から以下の点が明らかになった．キリングループではグループ全体最適な意思決定を促進するために，ホールディングスと事業会社間での取締役の兼任を行わない．また，事業会社の獲得した利益は全額配当金としてホールディングスに集約されている．さらに，グループ・レベルの戦略が事業会社の戦略に組み込まれ，その実行が確実に行われるために，KISMAPを始め，それに関連した業績測定・評価などのMCSsの設計に工夫が見られた．事業会社間の連携を促進するうえで，ホールディングスが積極的にブランド・マネジメント・システムを利用している点も特徴的であった．しかし，iMUSEブランドによる取り組みの背後には，組織メンバーの過去のプロジェクト経験に基づく非公式的なネットワークが果たす役割も重要であった．

抄録全体を表示

中国の上場企業の株式所有構造の最大の特徴は，筆頭株主の株式所有比率が非常に高い傾向がみられる事である。特に，大企業では国有

を介して政府に迂回所有されているケースが典型的である。政府が上場企業を迂回所有する仕組みは国有資産管理制度の中心的な仕組みの一つである。国有企業に対して民間や外資の持株比率を高め，国有の持株比率を低下させる改革である混合所有制改革が，2013年に決定され，2018年現在も改革の途上にある。改革の進展度合いにはかなりのバラつきがある。中央レベルの国有企業を見てみると，宝山鋼鉄やシノペックなどの重工業系の巨大企業では，未上場子会社に対して複数の民間投資家から出資を招く程度の改革にとどまっている。国有の支配権を維持しつつ複数の提携相手の民間企業に株式を分散できたケースとしては，チャイナユニコムを挙げることができる。しかしながら，今回の改革で，支配株主と中小株主との利害の対立という中国企業のガバナンスの基本的な構図が変化する訳ではない。

抄録全体を表示

The number of Japanese firms adopting a pure holding company system has increased since changes to the anti-trust law in 1997. This study investigates how adopting the pure holding company system changes the management of Japanese firms. Since the changes in anti-trust laws, many researchers have highlighted the merits of a pure holding company, such as efficient internal capital market, easy Mergers and Acquisitions (M&As), and easy divestiture. This study expects that adopting the pure holding company form drastically changes the scales of business departments, which enhances their performance, that is, a pure holding company results in the corporate restructuring of business departments.
The results of the empirical study reveal the following four facts. First, firms with lower performance tend to adopt the pure holding company system. Second, firms adopting thepure holding company tend to reduce the scale of major business segments, which lower firm performance. These results indicate that Japanese firms adopt the pure holding company system to reduce the scale of major business segments with lower performance. Third, M&As increase the scale of non-major business segments; in other words, they increase product diversification. Simultaneously, firms adopting the pure holding company system do not increase the number of M&As after adoption. Although M&As contribute to the growth of non-major business segments, firms adopting a pure holding company system do not increase the number of M&As after adoption. Finally, the decrease of major business segments improves the performance of firms with a pure holding company system.

抄録全体を表示

After much contested debates, the 1997 revision of the Anti-monopoly Law finally lifted the ban on the creation of holding companies for the first time in half of a century. The reason why it took as long as 50 years seems to lie in the Japan-specific historical backgrounds. They are the critical influences of prewar zaibatsu over the postwar economy and the unique understanding about the so-called Konzern (corporate agglomeration).
Theoretically speaking, holding companies have two major functions. Holding companies in Japan, however, have long been regarded as just means of concentrating economic powers. They have been easily associated with prewar gigantic zaibatsu structures, and that is why they had been prohibited such a long time. But nowadays it is important to recognize they have another significant function, that is, the reorganization of corporate internal structures.
This paper intends to survey the prewar debates on holding companies and Konzern as well, pursuing after how the Japan-specific historical backgrounds emerged since the 1930s. This article will also examine how much the second function of holding companies was ignored in the prewar debates.

抄録全体を表示

現代企業の経営において，企業グループの経営活動は以前から続く興味深い研究対象の1つである．そのため，今回の統一論題のテーマは「企業グループの管理会計」として設定された．ここで，企業グループの経営はどのような形で機能しているのか．さらには，これからの管理会計は，企業グループの経営管理のためにどのような変化をしていくことになるのか．このような深遠な研究課題に関する展望を示すことが今回の統一論題の課題である．このために，今回の全国大会では，4つの研究報告を頂いた．これら4つの貴重な研究報告により，「企業グループと管理会計」の重要な論点が解明された．しかし，この「企業グループと管理会計」に関する研究が，今後も多くの有意義な研究の蓄積へと結びつくためには残された課題がある．この解決により，引き続き，企業経営の発展に結びつくべく，「企業グループと管理会計」に関連する研究が継続され，実際に企業の発展が実現することを期待したい．

抄録全体を表示

Mergers of regional banks through pure holding companies have been increasing since the latter 1990s. Such mergers were examined for this study, with emphasis on determinants of such mergers and banks’ post-merger business performance.
A cause of the increase in mergers is that, in addition to the conventional methods of mergers, a ban on the method using a bank holding company was lifted in 1998. In advance of empirical analysis, we reviewed changes in bank mergers after lifting of the ban. We categorized merger methods into (1) business consolidation, (2) combination by establishing a holding company, and (3) purchase of a bank by an existing holding company, which revealed that many mergers in recent years used the second method.
Subsequently, we examined determinants of becoming a merging bank and a merged bank. Our estimation revealed that a regional bank with low local market power and particularly intense competition with large banks was more likely to become a merging bank. The results for efficiency suggest that a bank that had raised profitability through a merger was less likely to become a merged bank. Another finding was that a bank with a high baddebt ratio was more likely to participate in a merger as a merged bank.
Additionally, we divided and assessed the sample to ascertain whether the form of merger and other conditions created differences in the subsequent business performance. First, results suggest that, as forms of merger, business consolidation was more likely to promote corporate downsizing than establishing a holding company. Secondly, analysis of the holding company method performed by dividing sellers and buyers revealed an increase in buyers’ net interest spread and sellers’ rationalization effects. Differences between mergers within an area and between areas included net interest spread growth in the former and active restructuring in the latter.

抄録全体を表示