People Are In Tokyo, and the Peerless Raptors Are Also Afraid of Hatchets ~

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Sato Kenichi—originated from the "Sato faction" led by Prime Minister Sato Eisaku, was reorganized into the Tanaka faction led by Prime Minister Kakuei Tanaka in 1972, and reorganized in 1987 to the "Essential Society", led by Prime Minister Takeshita Nori. "

The Qinghekai of the Tanaka and Fukuda series are opponents and enemies, and Koizumi Hashimoto was born in Qinghe.

I know this is Yoko Ida

Come to Aimachi Mitsui Club.

eye after eye

I want to say in my heart, what's so great about just a few books?

As a student of Qing University, he still knows the background of Toshiba.

Because the author of the book is too aggressive, this site can no longer bear to continue piracy, please read the genuine version so that the author will not enter the palace. Because the author of the book is too aggressive, this site can no longer bear to continue piracy, please read the genuine version so that the author will not enter the palace. Because the author of the book is too aggressive, this site can no longer bear to continue piracy, please read the genuine version so that the author will not enter the palace. Because the author of the book is too aggressive, this site can no longer bear to continue piracy, please read the genuine version so that the author will not enter the palace.

Sumitomo (founded in 1590) and Mitsui (founded in 1673) are the oldest Japanese family business chaebols, rising during the Tokugawa shogunate period (1603-1868) before the Meiji Restoration.

Mitsubishi started relatively late, starting with a shipping company founded by Yataro Iwasaki in the early Meiji period.

Before the Meiji Restoration, Japan was in a period of feudal society with slow development. Companies such as Mitsui and Sumitomo, which had lasted for more than 200 years, were 100% family-owned. A complete and strict family charter is the basic principle of its corporate governance.

The Meiji government provided the first impetus for Japan's traditional family businesses and emerging family businesses to grow into large chaebol enterprise groups. Otherwise, it would be hard to imagine how Japan's family businesses were so strong and developed into a dominant force in the national economy.

During the Meiji Restoration, the Japanese government invested in setting up a large number of industrial and mining enterprises, but this led to a large amount of government debt.

In order to solve the problem of the government's excessive financial burden, the Meiji government in 1880 sold "state-owned enterprises" on a large scale, but at the same time, it was also cheap. Mitsui, Mitsubishi, Sumitomo and other family-owned companies that had a certain strength at that time all purchased some important companies from it, and thus each mastered some important Japanese industries, such as steel, coal, cement, metal, machinery, shipbuilding and textiles.

Many scholars who study Japan believe that this is the real "starting point" of the Japanese chaebol. It is these industries, especially mines, that provide continuous and stable cash flow support for these family businesses to expand and enter other fields.

Like the red-roofed merchants in China, the chaebol family and the Meiji government developed a similar relationship of mutual support and mutual benefit.

For example, the Mitsui family gained the trust of the government by strongly supporting the Meiji Restoration Movement during the difficult period of the first few years, and assumed the treasury agency business of the Meiji government.

This has led to the development of a large nationwide branch network. Mitsui & Co., Ltd. has obtained the monopoly right to export high-quality coal from Japanese state-owned coal mines. At that time, the coal was exported to China, which was very profitable. The Shanghai office established for this purpose in 1876 was the first stop for Mitsui to go out of Japan.

The need for business expansion and the introduction of outstanding outside-family talent has led these family businesses to expand their territories and engage in new businesses by forming new forms of business—corporates.

Begin to absorb equity capital outside the family, including public capital, but the family maintains a controlling position.

In this way, the top level is the family, and the family holds the vast majority of the equity of the chaebol head office (the company), and the lower level is the first, second, and third floors, forming a corporate pyramid with layers of holdings.

In 1945, when the chaebols were dissolved, among the four major chaebol enterprise groups, the headquarters and parent companies of Mitsui and Mitsubishi were no longer 100% owned by the chaebols.

Mitsui and Mitsubishi are the family, the first-tier subsidiaries of the chaebol, and shareholders outside the chaebol jointly hold the shares of the company.

Mitsui is the Mitsui family holds 63.6% of the company's shares (Mitsui joint name), plus the first-tier subsidiary companies, the chaebol overall holds 64.5% of the company's shares. Mitsubishi is the family holding 47.8% of the company (Mitsubishi joint venture) shares, and the first-tier subsidiary chaebol holds 58.6% overall. The degree of centralized control of this kind of equity is basically similar to that of the current listed companies in China, and it is also considered to be the first step in opening up equity.

Until they were dissolved, the equity of Sumitomo and Yasuda was still closed. Yasuda's family holds 100% of the company's shares (Ysuda Bozensha), Sumitomo's family holds 83.3% of the company's (Sumitomo joint venture) equity, and the first-tier company holds the other 16.7%.

We can sort the degree of equity openness of the four chaebols according to the proportion of equity held by outsiders in the company: Mitsubishi, Mitsui, Sumitomo and Yasuda.

The degree of equity openness of chaebol subsidiaries and grandchildren companies is much larger than that of the parent company. As far as the degree of chaebol control of first-tier subsidiaries is concerned, they are Mitsui, Mitsubishi, Yasuda and Sumitomo in descending order.

The chaebol control degree of the second-tier subsidiary Sun Company is from high to low: Mitsubishi, Mitsui, Sumitomo and Yasuda.

A considerable part of the post-war Japanese companies' cross-shareholdings are directly the "legacy" of the chaebol. Under the circumstance that mainly rely on self-financing, the capital is relatively short and the control is to be maintained, there is already a large number of mutual shareholdings among the subordinate enterprises of the chaebol.

Take Sumitomo's main corporate shareholding structure as an example: Sumitomo Bank holds 11.3% and 24.1% of the shares held by the Sumitomo family and Sumitomo Corporation, respectively, and other Sumitomo companies hold 16.7%, which in total maintains 52.1%. controlling stake.

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The main shareholder of Sumitomo Trust Bank is Sumitomo Bank, and the Sumitomo family, the company and other Sumitomo companies are its minority shareholders, holding a total of 45%.

Sumitomo's established industry and core company, Sumitomo Metal Mining, has a relatively strict equity control. The family directly holds 53.4%, and then Sumitomo Corporation holds 26.6%. Together with Sumitomo Bank and other Sumitomo companies, the total ~www.mtlnovel.com~ is completely The chaebol owns it.

We can see a similar shareholding structure from all of Sumitomo's major companies. In the process of dissolving the chaebol, only the company was dissolved, and the family-held company shares were sold to the public, but there was no mutual holding by subordinate companies. part.

As a result of dissolving the chaebol, the two centrally held shareholders of the Sumitomo family and the Sumitomo Corporation in Table 3 have become public shareholders with decentralized holdings. The public can hold a large number of shares in a short period of time, but it is difficult to learn to be a corporate shareholder in a short period of time.

Moreover, the Japanese ordinary people were extremely poor after the war, and after the reopening of the Tokyo Stock Exchange in 1949, people flocked to sell stocks, providing a sufficient source of stock for Japanese companies to increase mutual shareholding by legal persons.

It is precisely the threat of mergers and acquisitions brought about by the highly dispersed equity after the chaebol family's shares are sold to the public, as well as the cultural heritage of the chaebol group companies and the emotional elements of managers, such as "parents have died, brothers and sisters must help each other", which jointly promoted the war. After the formation of the legal person mutual shareholding and stable shareholder system of Japanese companies.

Even in 1991, financial institutions and non-financial companies collectively held 70% of all stocks in Japanese companies, which just reversed the state of 70% held by individuals in 1949.

It can be said that cross-shareholding is a way of maintaining corporate control under the condition of decentralized equity, which was “generated” by post-war Japanese companies under the constraints of their unique system, cultural heritage and historical conditions. We are accustomed to say in general terms that the Anglo-American model has decentralized ownership while the Japanese-German model has concentrated ownership, which is very inaccurate. In fact, Japan is the third most dispersed country in the world, after the United States and the United Kingdom.

Chapter end

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