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  • -大型M&Aの光と影-
    鈴木 智弘
    保険学雑誌
    2017年 2017 巻 639 号 639_127-639_149
    発行日: 2017/12/31
    公開日: 2018/08/01
    ジャーナル フリー
    保険自由化から20年が経過し,2001年の「第一次再編」によって,14社あった上場会社が8社に集約され,さらなる合併・統合を推し進めた結果,現在では,3メガ損保グループに集約された。その結果,保険料収入の約90%が3メガ損保グループに集中し,リスク管理の観点から,保険契約を自然災害の多い日本国内だけでなく国際分散させる重要性が認識されている。再編の時代となった自由化10年を過ぎ,少子高齢化,人口減少社会が顕在化し,国内市場の伸びが期待できないため,成長の見込める海外市場に事業拡大の舵を切ることが,3メガ損保グループの経営戦略上,重要になってきた。
    2014年以降,3メガ損保グループは,先進国市場で大型買収を通じた海外事業展開を活発化し,同質的な海外戦略を採用している。国内事業で蓄積した競争優位とM&Aで獲得した海外事業をどのように結合させるかが問われると共に,高騰している買収価格は,巨額の「のれん」計上と,その償却によって各社のBS,PLに長期的な影響を与える。収益を獲得するためのM&Aが,のれんの償却によって利益を圧迫する危険を生じさせるのである。
  • 安藤 達男, 鍋西 久, 齋藤 高弘, 大坪 孔治
    CELSS JOURNAL
    2000年 12 巻 2 号 1-8
    発行日: 2000/03/31
    公開日: 2010/12/16
    ジャーナル フリー
    Experiments were carried out to monitor behavior of odour intensity, by means of odour sensor, in a closed breeding facility with internal dimension of 850°1550°1850 (Height) for a Shiba goat equipped with a catalyst filter system for the purpose of biological contaminant elimination for CELSS. A response value of odour sensor at 23 hours in a blank test without the filter system was 322 point and that in an elimination test with the catalyst filter system was 116 point. Author's subjective evaluation of this difference in these response values concluded that the catalyst filter system performed significant reduction of odour intensity. No correlation was observed between behavior of response values and excretion pattern of Shiba goat, and also between behavior of response values and methane production. Drastic fermentation of excreta remained in excreta separator was not observed at the end of the each test. Steep increasing of the response values was recorded during 30 minutes period after feeding in the tests. Shiba goat was particularly busy in taking bait, and a quite few excreta and lively metabolism were observed and recorded in this period. It was, hence, suggested that contaminants via expiration and body odour were rather dominant than excrete in terms of odour intensity in the tests. GC Mass analysis showed that any contaminant desorbed from the catalyst filter operated in the elimination test was not detected at 25°C, which meant no adsorption equilibrium on the catalyst filter occurred during the elimination test. A reason why the response values was kept around 100 point since 2 hours after feeding in the elimination test was due to that the odour sensor was located in downstream between Shiba goat and the catalyst filter, and detecting fresh odour coming from Shiba goat. Though chloric compounds as a typical contaminant disturbing responsibility of the odour sensor were not detected in this study, an effect of contaminants on responsibility of the odour sensor might be a subject for further research.
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