明治中期=市場勃興期における株式会社の資金調達(2)フロー分析 (飯田隆教授追悼号)

概要

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This paper examines thefund-raising structure of joint-stock companies in the middle of the Meiji Era on a flow basis. Regarding the capital structure of joint-stock companies in the Meiji Japan, researchers have often confusedstock analysis and flow analysis. Distinguishing clearly betweenthe two, I develop a new method for a flow analysis using the idea of a contribution ratio in order to overcome the difficulties arising from flow analysis. From research into 90 companies, we found several new facts.Companies, on a flow basis, raised funds internally or through short-term debts as well as with shareholders’ capital, though they had, on a stock basis, extremely low debt-ratios. Such a contrast between stock and flow analyses suggests that the motives for the companies in an emerging market for raising funds might differ depending on whether there was a need for venture capital at the initial stage or a needfor additional funds to expand the business at some second stage. How did companies choose their method of raising funds between shareholders’ capital, internal funds, and short-term debts in this second stage? First, the companies judged whether or not their internal funds were sufficient to cover their demand for funds. If they were insufficient, they had to raise funds from shareholders orfrom loans. These behaviors might be regarded as similar to the pecking order hypothesis.