明治中期会社企業の構造 (<社会経済史学会近畿部会サマー・シムポジウム>明治期における会社企業の発達)

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In spite of the great role of business corporations in the economic growth of modern Japan, little attempt has been made to analyze quantitatively the structure of these corporations. In this report we try to analyze the control and financial structure of mid-Meiji business corporations utilizing data found in Nihon Teikoku Tokei Nenkan, Noshomu Tokei, Cinko Eigyo Hokoku and in the various company annual reports. Analyzing corporation statistics for 1889, we can discern four business types : 1.) small scale business with few investors; this type was common in traditional industries, e. g. manufacture of tobacco, soap, matches, soy, miso, lamps, and fans ; 2.) large scale operations with few investors ; these were the zaibatsu controlled industries, e. g. mining, ship-building, and foreign trade ; 3.) small scale business with many investors ; This type was found in agriculture, in particular in the reclamtion of waste-land, cultivation, sericulture, bamboo work and tea manufacture ; 4.) large scale business with many investors ; these predominated the non-zaibatsu modern industries, e. g. railways, shipping, cotton spinning, electric lighting and insurance. These four types suggest a dualistic structure among the business corporations. This in turn reflects the immaturity of Japanese capitalism in this period. The control structure of joint stock companies (a component of the fourth category) is next considered. Following Professor K. Yamaguchi's survey, we inquire into the control structure of cotton spinning companies in 1898. We find that holding ratios of the largest stockholders were under 10% in almost all companies. The companies whose largest ten stockholders' holding ratio was under 35% occupied over 70% of surveyed companies. Thus control by a majority holding was not typical at that time. In mid Meiji cotton spinning companies co-operational control by larger stockholders was the dominant form. The system of co-operational control had three elements : 1.) chief stock holders in one company belonging to different families and groups ; 2.) individual capitalists seeking diversified investmnent ;3.) a voting system which restricted large shareholder rights. Statistical data showing the capital composition of companies in the Meiji era are not readily available. We do have N. Takamura's survey showing the capital composition of 52 cotton spinning companies in 1898. This survey presented the following interesting figures : the average ratio of paid-in capital to total capital was 57.5%, the ratio of net worth to total capital was 67.8% and the ratio of debt (excluding trade debt) to total capital was 16.4%. For cotton spinning companies, net worth was the most important source of funds and debt (including bankers' loans) was not nearly so important as has been previously imagined. Similar results have been found for various companies in other industries (railways, shipping, and electric light). On the other hand, according to Ginko Eigyo Hokoku company shares to client composition of national bank loans was under 10% in 1890-96. This means companies did not depend directly on bankers' loans. Note, however, that 40% of national bank loans during this period has as their mortgage company stock. This suggests that many stockholders often invested with borrowed money and that joint stock companies therefore depended indirectly upon bankers' credit. Moreover, the central bank supplied money to commercial banks (including national banks) by discounting bills with mortgage (of course, including motgage on stocks). Commercial banks could not supply money to debtors without the central bank's credit because they were typically overloaned. In this manner central bank-commercial banks→stockholders→joint stock companies were stock issues by companies supported. The various structure characteristics of Meiji period corporations outlined above are all inter-related and reflect the backwardness of Meiji period capitalism.
社会経済史学会の論文
1969-06-20

明治中期会社企業の構造 (<社会経済史学会近畿部会サマー・シムポジウム>明治期における会社企業の発達)

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