全日空の経営戦略--機材更新とその資金調達を中心として
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概要
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It is interesting to examine how ANA (All Nippon Airways) has developed during the period of rigid state intervention between the 1960 s and the early 1970 s. In this paper we will investigate their strategy in the period. We will concentrate on the following policies; investment and finance.<BR>One of the most significant issues for their development was how to invest in aircraft. They had been in a position to catch up with JAL (Japan Air Lines) in major routes in the period. They achieved this by introducing high performance aircraft more positively than JAL. On minor routes ANA frequently replaced aircraft in order to maintain high performance. Those policies encouraged the opening of new minor routes and stimulated increasing demand for air transport.<BR>Another important matter was how to finance the purchasing of aircraft. During the first half of the 1960 s ANA had not yet been in a position to borrow money from banks in the U. S. or even in Japan, except for the Japan Development Bank which did not however offer enough finance for this purpose. Therefore they had to depend on commercial credit from 'Shosha' (Japanese trading companies) or credit from airplane manufacturers. However a good opportunity arose when they purchased jet planes from Boeing Co., Ltd. in 1964. U. S. banks provided funds with lower interest rates. Valuing their aircraft in the terms of accelerated deprecation ANA quickened to repay the loan.<BR>It was the characteristic of their business strategy that they used their aircraft effectively and was financed from U. S. banks. These policies enabled ANA to grow to become now the largest domestic airlines in Japan.
- 経営史学会の論文