資本市場と企業統治 : 近代日本の綿紡績企業における成長戦略  [in Japanese] Capital market and corporate governance : growth strategy in early-twentieth-century Japan's cotton-spinning companies  [in Japanese]

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Abstract

本稿は,20世紀初頭の主導産業であった綿紡績企業を分析対象として,資本市場が企業統治に与えた影響を解明する。分析の結果,次のことが明らかとなった。株主は自身の利得を最大化するために,投資した企業の将来性に応じて,現在の配当収入を犠牲にしてもなお,より高い将来の株価値上がり益が望めると判断した場合は,配当よりも内部留保を優先させる経営者の意思決定(長期成長戦略)を評価した。一方,当該企業への再投資が将来の株価値上がり益につながらないと判断した場合は,経営者が現在利益を配当として吐き出す戦略(短期利潤戦略)を評価していた。株主利得に沿った行動をするように,経営者は誘因を与えられていた。それは配当率の一定以上の保証と当期利益に連動されて設計された役員賞与である。すなわち,こうした短期か長期かという経営戦略の変更は株主と経営者双方にとって合理的であった。資本市場によって規律付けられた長期成長戦略志向型の企業と,短期利潤戦略志向型企業が並存していたのが,1900年代,1910年代の綿紡績業の常態であった。

This paper examines the influence that the capital market, where stockholders' evaluation is indicated by the stock price, exerted upon corporate governance in the cotton-spinning companies between 1903 and 1918. A panel data analysis shows that companies can be divided into two groups-those whose dividend ROE was relatively high and those whose dividend ROE was relatively low. In other words, the former companies intended to achieve secular, long-term growth, and the lat- ter tended to seek short-term profits. The analysis showed that stockholder-investors' modes of profit seeking in the capital market differed with the type of company. The stockholder-investors attached high value to long-term-growth companies' assets, but not to those of short-term-profit companies. In fact, they were only concerned with short-term-profit companies' current income. Furthermore, the paper considered the salaried managers' incentive control problem, showing that managerial remuneration in both types of companies was closely related to ROE. That is, salaried managers had to manage the company and meet stockholders' expectations. Therefore, managers maximize their own income by maximizing stockholders' income through managerial practices that help them meet stockholders' expectations.

Journal

  • SOCIO-ECONOMIC HISTORY

    SOCIO-ECONOMIC HISTORY 78(3), 403-420, 2012

    THE SOCIO-ECONOMIC HISTORY SOCIETY

Codes

  • NII Article ID (NAID)
    110009554488
  • NII NACSIS-CAT ID (NCID)
    AN00406090
  • Text Lang
    JPN
  • ISSN
    0038-0113
  • NDL Article ID
    024122821
  • NDL Call No.
    Z3-408
  • Data Source
    NDL  NII-ELS  J-STAGE 
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