著者
三浦 壮
出版者
政治経済学・経済史学会
雑誌
歴史と経済 (ISSN:13479660)
巻号頁・発行日
vol.57, no.2, pp.1-16, 2015

This study traces the funding and management of investments by examining capital formation, fluctuations in holdings, and investments in stocks and land by the former Iwakuni domainal lord Kikkawa in the Meiji period. It aims thereby to bring to light the Meiji-era formation of capital by the nobility. The total assets of the Kikkawa family increased through the Meiji period, with most of the assets in stockholdings by the end of the era. In early Meiji, the Kikkawa's revenue came mostly from government payouts, along with income from loans and landholdings. In mid-Meiji, revenue from public loans became an important source of income, and after 1895, stockholdings rapidly assumed greater importance. The administration of the family property was carried out by relatives and family affiliates under a council system, in which the role of property-holder Chokichi Kikkawa was especially significant. The Kikkawas stressed landholdings in one group of funds and stockholdings in another, enabling the flow of capital to be clearly divided between the two and managed separately. Until 1898, the amount of capital invested in stocks depended on the sale of public loans, land, and the income from loans. Between 1899 and 1902, a system was established for reinvesting the profits from stockholdings back in the industrial sector. The Kikkawa family were successful in their two-pronged approach to investment, significantly increasing their landholdings through the Meiji period and increasing the value of their investments in stocks. The most advantageous investment was recognized to be in stocks, across the board, because of their yield, which was high especially in bank stocks and in railroads. This paper explains why the powerful nobilit of the time invested chiefly in high yield banks and railroads, and in conclusion, divides the history of Meiji-era Kikkawa household management into five periods : 1) dependence on government revenue ; 2) formations of public loan and bans assets ; 3) the shift to investments in stocks ; 4) capital formation in stock- and land-holding ; and 5) the shift to growth in stockholding.
著者
三浦 壮
出版者
経営史学会
雑誌
経営史学 (ISSN:03869113)
巻号頁・発行日
vol.40, no.1, pp.20-45,103, 2005-06-25 (Released:2009-11-06)

This paper aims to describe a corporate system in the coal mining industry called Ube-style anonymous association. This trust system has been supported by and developed in accordance with the customs in Ube areas from Meiji to Showa period. Coal mine companies used to have equal equity structure accruing equivalent right to each equity owner. However, since the shift from short-term to long-term management, equity structure had evolved to allow absorption of small capital with equity holdings. This relatively increased the equity holdings of functional capitalists resulted in larger share of profits and greater executive power. Resolutions in the general meeting of stakeholders previously done on human rule, a quorum defined by voting rights, was changed to a material rule which does not require an existence of a quorum. Despite the shift to long-term management, some companies still provide 400% dividend to its stakeholders and do not account for retained earnings. But, with the expansion of and constraints of partnership structure, the ratio of dividend payout decreased. Companies then recognized the importance of complementing financial policies with corporate management. This paper concludes that although Ube-style anonymous association retains its peculiar corporate system, it advances to establish itself as a corporate system with differentiating equity structure and is responsive to organizational and management constraints.
著者
三浦 壮
出版者
社会経済史学会
雑誌
社會經濟史學 (ISSN:00380113)
巻号頁・発行日
vol.78, no.4, pp.499-522, 2013-02-25

本稿は,戦間期宇部地域の工業化を検討することで,近代日本における地方工業化の特質を,主に鉱業資本家の投資活動から解明するものである。宇部地域の炭鉱および製造業の出資者はその多くが福原家の家臣団につながる家々であり,地域の共有財産である石炭鉱業で得られた利益金を再投資するよう,婚姻関係や,家同士の結びつきを利用した株式の所有を行っていた。投資動機としては,地域社会による地下資源の共有意識と地縁・血縁関係を基底とした,各鉱業資本家の製造業への投資に対する「連帯的強制」があった。新しい事業の拡大と利潤獲得は宇部社会の発展と同義の概念であり,地域社会への「貢献意欲」も重要な要因であった。鉱業資本家の所得構造を実証した結果,地元株式に集中して投資をしていたこと,地元株が中央株よりも高い利回りを維持し,特に石炭鉱業の利回りと利益総額は高いものであり,地域工業化の原資となっていたことが明確となった。