明治中期の投資行動
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概要
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The rise of capitalism was one of the greatest changes that our history has experienced. From the viewpoint of economic history, it is the most important change that the core of production shifted from traditional industry to modern one in the Meiji era. Needless to say the new investment in modern industry is a prerequisite for the realization of capitalism and this investment is quite different from that in the preceding age. There is no doubt that investors in modern industry bear greater risks than those in traditional one. Nodern industry requires the investment from wide and various classes because of its large-scale caital equipments, and consequently it adopts the form of joint stock company. Therefore the first risk bearers are the stockholders in the period of the establishment of enterprise. Since the Meiji era, the modern industries in Japan have also developed in the form of joint stock company. It would be inevitable for the investors in the modern industries to bear various risks. The first purpose of this paper is to estimate the rates of returns of the stock investment in the modern industries and tocompare them with the rates in other sectors of the Meiji era. The second purpose is to survey the assets operation of the big capitalists, such as zaibatsu (財閥) and kazoku (華族). In the Meiji era their stock investments played an important role to establish modern industries. The questions are what induced their investments and whether or not their investments involved risks. The analysis in this paper is focused on railroad and spinning industries. It is because both industries were established mainly by private capitals. Firstly I have made calculations of the rates of returns of the stock investments in both sectors and compared them with the rates of land revenue and deposit interest. Secondly from the viewpoint of the social structure of the stockholders and the transfer of stocks in the railroad companies, survey is made about the assets operation of the big capitalists.
- 1983-10-31