著者

白鳥 圭志

出版者

Business History Society of Japan

雑誌

経営史学 (ISSN:03869113)

巻号頁・発行日

vol.45, no.2, pp.2_29-2_56, 2010 (Released:2014-05-23)

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This article is an attempt to analyze the financial activities of Dai-Nihon Cotton Spinning Co., LTD from the late of 1940s to the middle of 1960s.During the latter half of 1940s, the Dai-Nihon Cotton Spinning was heavily in debt to the banks as a result of its restorations of the equipments that were damaged in the war. Thus, during the first half of 1950, the company's number one priority was to repay the above-mentioned debts to improve its equity ratios as much as possible. From the latter half of 1950s to the middle of 1960s, the company regularly paid high dividend rates due to strong demands made by individual stockholders. As a result, however, the company's financial situation became progressive worse. It should also be noted, however, that at no time did the company's main bank, i.e., Sanwa Bank, intervene in the financial activities of the company.In short, this article contends that the financial approach taken by the Dai-Nihon Cotton Spinning was myopic, a criticism which contrasts sharply with the the commonly accepted academic opinion concerning the financial activities taken by the Japanese firms in the rapid growth era.