戦間期日本における企業買収--大分セメントの事例

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The purpose of this paper is to analyze the effects of corporate acquisitions during the inter-war period in Japan, using the case of Oita Cement Co., Ltd. The focus of our analysis is the behavior and performance of the acquired company.<BR>In the first half of the 1920s, most of Oita Cement's directors were from among the firm's large shareholders, who at the same time held management positions in firms in other industries, for example banking, manufacturing, and commerce, and businessmen of local fame. Foremost among these was advisor Toyoji Wada, who was a leading magnate in financial circles and had significant influence over the firm's operating policy and decision-making.<BR>In the 1920s, Oita Cement pursued an aggressive growth strategy, including merging with two other cement companies, Asahi Cement Co. and Sakura Cement Co. At the time, Oita Cement had a burden of debt service and tried to reduce profitability through the issuance of debt bonds to finance an extensive capital expenditure program. The amount of debt increased from 1, 588, 000 yen to 7, 724, 000 yen through the 1920s.<BR>Onoda Cement acquired Oita Cement's stocks in 1930. Two directors, Shinzo Kasai and Shuzo Karim, who also held posts as Onoda directors, together with technical experts they dispatched to the firm, played an important role in formulating and implementing the recovery plan for Oita Cement through research of the firm's manufacturing capabilities, equipment, and factory management. With this acquisition as a turning point, by the end of 1934 Oita Cement paid back its borrowings from the Industrial Bank of Japan and other banks because the firm was able to borrow fixed-rate funds by issuing bonds. Onoda Cement's technological assistance made it possible for the firm to reduce manufacturing costs. Furthermore, in 1930 the firm adopted the accounting principle of listing incurred depreciation charges as expenses and also wrote off fixed assets. As a result, in first half of the 1930s Oita Cement saw a remarkable increase in net incomes both before and after depreciation.<BR>In conclusion, the acquiring company, Onoda Cement, promoted change in Oita Cement's behavior and contributed to its ability to regain profitability.
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戦間期日本における企業買収--大分セメントの事例

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