明治中期=市場勃興期における株式会社の資金調達(1)ストック分析

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This paper examines the capital structure of joint-stock companies in the mid Meiji Era. This issue has long been discussed as part of a major argument regarding the financial structure in the industrial revolution: which played the main role, direct financing or indirect financing? This paper aims to reassess this issue from the broad point of view of emerging market economies rather than that of the industrial revolution, whichincludes not only developed economies but developing economies. We examine the balance sheets of 180 joint-stock companies selected from a directory compiled by a rating institution at the end of 1900. We find several interesting facts, including that many firms had extremely low debt ratios and a few used considerably debt-raising. Small and huge firms raised few funds from debts, but almost all from shareholders’ capital. Also, firms having a special relation with a large bank in emerging “zaibatsu” groups such as Mitsui and Kawasaki had a higher debt ratio than others. These facts seem to reflect a structure of restrictions on fund-raising that firms confronted in the emerging market economies. Smaller firms found it easier to raise funds from the stock market than from debt markets. Large firms were able to use internal financing rather than the stock market. A few firms with a special relationship with a large bank in a group were able to borrow money. These features can be evaluated as a typical case of the capital structure in an emerging economy. After privatization, emerging firms were able to successfully raise large funds from emerging regional capital markets.

著者

見誠良
法政大学

明治中期=市場勃興期における株式会社の資金調達(1)ストック分析

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