日本の大企業(東証一部上場企業)の収益性に関する長期時系列分析(1960年代〜1990年代) : 使用総資本事業利益率の観点から

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It is thought that the corporations bear excessive debt in 1980s, leading to the bubble, and it burst in 1990s. An example of the proof is the bad debt problem of the banking sector. If the amount of debt was excessive, a corporation should have excessive assets, and which would impair its profitability, ie, impaired efficient use of capital employed. The issue has been studied from many aspects such as macro economic condition, character of the financial markets, etc. Also, there have been many researches on cost of capital with respect to corporate governance. Yonezawa and Matsuura (2000) said retained earnings had not been efficiently used in the light of dividend policy. Miyagawa, Arikawa and Saito (2001) said free cash flows had been used for low return projects in the comparative study on the oil shock and the bubble period. On the other hand, Fukushima (2003) said as far as ex-post returns were concerned, they sufficed to the expectation of investors. Takemi (2005) suggested it was wrong to say that 1990s was the only period to see the impaired profitability and its tendency could date back to 1970s. And as a whole industry, the increase in labor costs had surpassed the increase in productivity. From the view of stake holders, equity holders had aided employees financially for a long period of time. Miyanaga (2002), whose attention was to labor costs, has the same conclusion. Analysis tool of this paper is return on capital employed. The reason is as follows; it is a hybrid measure of assets turn-over, relating to cost of capital, and operating profit ratio to sales, relating to expense control on labor costs. And it leads to present the strategic character of Japanese corporations.

著者

武見浩充
千葉商科大学大学院会計ファイナンス研究科

日本の大企業(東証一部上場企業)の収益性に関する長期時系列分析(1960年代〜1990年代) : 使用総資本事業利益率の観点から

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