戦間期日本電力業の企業買収 : 株式取得を中心に

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  • Corporate acquisition in the electric-power industry during the interwar period in Japan
  • セン カン キ ニホン デンリョクギョウ ノ キギョウ バイシュウ カブシキ シュトク オ チュウシン ニ

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The purpose of this paper is to analyze the effects of corporate acquisitions in the electric-power industry during the interwar period in Japan. First, we examine the change in the structure of electric companies' stockholdings and the board of directors. In the second half of the 1920s, electric companies whose business showings were deteriorating in an increasingly competitive environment actively purchased stocks of other electric firms to become the largest stockholder and then dispatched executives to these firms. Second, we focus our attention on electric supply networks, business connections, capital investments, and restructuring of the acquired companies. The acquired companies not only improved their power lines and substations but also built new ones in order to tie each power plant together organically. The equipment and facilities connected through acquisitions worked to expand the companies' electric supply networks. In this process, the acquiring companies became involved in the plans that were being carried forward by the acquired companies. On the other hand, the acquired companies withdrew from their subsidiary businesses to concentrate their funds on the electric power section. At the same time they saved their financial costs by raising funds through low-interest loans and debt condensing through the issuance of new corporate bonds.

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