明治中期=市場勃興期における株式会社の資金調達(2)フロー分析

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  • メイジ チュウキ=シジョウ ボッコウキ ニ オケル カブシキ ガイシャ ノ シキン チョウタツ(2)フロー ブンセキ
  • Fund-Raising for Joint-stock Companies during the Period of an Emerging Market Economy in Meiji Japan : A Flow Analysis

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This paper examines the fund-raising structure of joint-stock companies in the middle of the Meiji Era on a flow basis. Regarding the capital structure of joint-stock companies in the Meiji Japan, researchers have often confused stock analysis and flow analysis. Distinguishing clearly between the two, I develop a new method for a flow analysis using the idea of a contribution ratio in order to overcome the difficulties arising from flow analysis. From research into 90 companies, we found several new facts. Companies, on a flow basis, raised funds internally or through short-term debts as well as with shareholders’ capital, though they had, on a stock basis, extremely low debt-ratios. Such a contrast between stock and flow analyses suggests that the motives for the companies in an emerging market for raising funds might differ depending on whether there was a need for venture capital at the initial stage or a need for additional funds to expand the business at some second stage. How did companies choose their method of raising funds between shareholders’ capital, internal funds, and short-term debts in this second stage? First, the companies judged whether or not their internal funds were sufficient to cover their demand for funds. If they were insufficient, they had to raise funds from shareholders or from loans. These behaviors might be regarded as similar to the pecking order hypothesis.

収録刊行物

  • 経済志林

    経済志林 79 (3), 139-184, 2012-03-20

    法政大学経済学部学会

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