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The Development of Large Enterprises in Japan: an Analysis of the Top50enterprises in the Profit Ranking Table(1929-1984)

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The Development of Large Enterprises in Japan: an Analysis of the Top50enterprises in the Profit Ranking Table(1929-1984) The Development of Large Enterprises in Japan: An Analysis of the Top50Enterprises in the Profit Ranking Table(1929-1984) By Hiroaki Yamazaki University of Tokyo ‡T.Introduction My purpose in this paper is to outline changes in the composition of the50largest enterprises in Japan in relation to changes in the indus trial structure.Most Japanese economic historians have tended to only consider private mining and manufacturing industries in analyzing industrial structure.But it is essential not to neglect the electric power, railroad and government-operated heavy industries because these occupied an important place in Japanese industry as a whole before World War ‡U.Moreover,I would like to utilize an enterprise ranking table to outline changes in the composition of the50largest enter prises.In general,enterprises are ranked in terms of total assets or total sales,and the ranking tables are divided into mining and man ufacturing,public utilities,and trade and finance because the impor tance of scale when measured in these ways differs depending on the industry.I have therefore constructed a new ranking table based upon the net profit of each enterprise.In this way it is easy to evaluate the performance of all enterprises on the same basis.The period under observation is from1929to1984;the tables give data for1929,1943, 1955,1973and1984.The year1929immediately preceded the great depression and,as will be shown later,characteristic features of Japanese industrial structure dating from the Meiji era can be found during the course of this year.During the war,the last year for which the stock company yearbook can be used is1943.Changes during World War ‡U can be ascertained by comparing1943with1929.The year in which the Japanese economy began to grow rapidly was1955. Therefore,we can obtain information concerning the changes during the postwar reform and postwar revival period by comparing1955with 1943.The first oil crisis hit Japan in1973.The changes during the high growth rate period can be seen by comparing1973with1955.And finally,1984is the most recent year for which we have a stock company yearbook.The changes after the first oil crisis can be seen by compar ing1984with1973. 12 Table1 Japanese lndustrial Structure in1929and1942 (Thousands of Yen) 19291942 Rankinglndustriesp「 書言麗i呂1灘o「Industriesp「 諜1雛o「 1Rawsilk795 ,5991ronandsteel2,626,512 2Cottonyarn678 ,466Navyandarmyarsenals2,294,100 3Electricpower658 ,316Aircraft1,930,400 4Broadcottonfabrics526,096Guns ,bulletsandweapons1,915,242 5Nationalrailways517,795Nationalrailways1 ,441,9216J apanesesake302,120日ectricpower1 ,375,943 7Coalmining245 ,762Coalmining1,077,769 8Privaterailways232 ,254Shipbuilding858,377 9Militaryordnance208 ,5371ndustrialchemicals785」69 10Government-operatedsteelmills189 ,551Specialsteel753,170 11Printing186 ,304Electricalmachinery633,292 12VVbolfabrics176,896Medicine630 ,80013S teelproducts173,833Privaterailways560 ,33714S ugar158,125Lumber551 ,600 15Fiourmilling134 ,895Pigiron502,631 16Chemicalfertilizers132 ,711Rawsilk463,098 17Broadsilkfabrics129 ,516Metalmachinetools449,442 18Lumber112 ,170Coke421,210 19Non-ferrousmetalmining108 ,204Cottonyarn327 ,52020C oPPer108 ,166Tbols323β95 Sources: Shokosho(Ministry of Commerce and Industry),Kojyo Tokei Hyo(Census of Manufactures) ,1929and1942; Honpo Kogyo no S usei(Trend of Japanese Mining Industry),1929and1942;Ryoshin Minami,Tetsudo to Denryoku(Railway and Electric Power),T oyo Keizai Shinpo Sha1945;Miyohei Shinohara,Kokogyo(Mining and Manufacturing Industry)Toyo Keizai Shinpo Sha1972; United States Strategic Bombing Survey,Japanese War Production Industries 13 Table2 Ranking Table of Top50Enterprises in Japan by Net Profit Ranking19291943 1SouthManchurianRailwayBankofJapan 2TbkyoElectricLightJapanElectricGenerationandTransmission 3MitsuiBussanMitsubishiHeavylndustries 40sakaGodoSpinningSouthManchurianRailway 5DaidoElectricPowerHitachiCo. 6YokohamaSpecieBankJapanlronandSteel 7TohoElectricPowerKantoDistrictElectricityDistribution 8ToyoSpinningMitsuiBussan 9KanegafuchiSpinningSumitomoMetallndustries lOHypothecBankofJapanManchurianHeavylndustries llYasudaBankKansaiDistrictElectricityDistribution 12TokyoGasCentralBankofManchuria 13KatakuraSilkManufacturingJapanNitrogenousFertilizer 14BankofJapanOliPaperCo. 1501iPaperCo.KanegafuchiSpinning 16DaiNipponSpinningMitsubishiMining 17DaiNipponBreweriesManchurianElectricWorks 18UjiRiverElectricityTokyoShibauraElectric 19NipponElectricPowerJapanMining 20DaiichiBankMitsuiMining 21MitsubishiBankJapanSteelPipe 22KeihanElectricRailwayOsakaMercantileSteamShip 23TbkyoMarineandFirelnsuranceKobeSteelWorks 24KyushuHydro-ElectricPowerToyoSpinning 25MitsubishiMiningMitsubishiBank 26FujiPaperManufacturingJapanMailSteamship 27NankaiRailwayMitsubishiShoji 28MitsuiMiningKoreanElectricEnterprise 29JapanMailSteamship .YasudaBank 30FormosaSugarManufacturingTokyoMarineandFireInsurance 31KyotoElectricLightHypothecBankofJapan 32ChiyodaLifelnsuranceTokyoElectricExpressRailway 33MitsuiBankShowaSteelManufacturingWorks 34SumitomoBanklndustrialBankofJaρan 35AsanoCementKyushuDistrictElectricityDistribution 36HanshinElectricRaiIwayKawasakiHeavylndustries 37SanlushiBankYokohamaSpecieBank 38HokkaidoCollieryandSteamshipHokkaidoCollieryandSteamship 39MeijiSugarManufacturingDaiNipponSpinning 40KyushuElectricRaiiwayNipponOil 41JapanNitrogenousFertilizerJapanSoda 42HiroshimaElectricityFurukawaElectriclndustry 43JapanWoolTextileDaiNipponSugarManufacturing 44DaiichiLifelnsuranceChubuDistrictElectricityDistribution 45NipponOilBankofFormosa 46DaiNipponSugarManufacturinglmperialBank 47SaghalienlndustriesHonkeikoCoalandlron 480sakaGasDaiNipponBreweries 49HokkaidoElectricLightSanwaBank 501ndustrialBankofJapanJapanExpress Sources:Seishi Nakamura,•gHiyakusha Ranking no Hensen•h(Changes in ranking in the largest100companies in Japan),Chuokoron Keiei Mondai(Chuokoron Management Problems)special issue for autumn of1977;Kigyo Tokei Soran(Outline of Enterprise Statistics)Toyo Keizai Shinpo Sha1943;Jyojyo Kaisha Soran(Outline of Listed Companies)Tokyo Stock Exchange1955; Kaisha Nenkan(Year Book of Companies)Nihon Keizai Shimbun1974and 1985;Kaisha Sokan(Year Book of Non-Listed Companies)1974and1985. 14 195519731984 JapanDevelopmentBankBankofJapanBankofJapan BankofJapanJapanDevelopmentBankTbyotaMotorCo , JapanExpressTbyotaMotorCo,TokyoElectricPower ToyoRayonNissanMotorCo.HitachiCo , YahatalronandSteelMatsushita日ectriclndustrialCo.MatsushitaElectriclndustrialCo .F ujilronandSteelNipPonSteelSumitomoBank TokyoGasIBMJapanNissanMotorCo , TokyoElectricPowerHitachiCo。KansaiElectriCPower ToaNenryoKogyoSumitomoBankChubuElectricPower HitachiCo・ .NomuraSecuritiesCo、FujiBankJapanSte elPlpeTokyoElectricPowerTokyoShibauraElectric AsahiChemicallndustryFujiBankNomuraSecuritiesCo. K孕nsaiEkミctricPowerMit§ubishiBankFujitsu NlpponOllDalichiKangyoBankMitsubishiBank MatsushilaElectriclndustryChubuElectricPowerDaiichiKangyoBank KawasaklSteellndustrialBankofJapanJapanDevelopmentBank FujiBankSonyCorp,SanwaBank AjinomoloCo・TokaiBank旧MJapan Toyo串plnning 。MitsuiBankNECCorp,DalNlppon串ρinn lngTokyoShibauraElectricExport-1mportBankofJapan UウelndustrlesToyoRayonFujiPhotoFilmCo, NlhonCementTbyotaMotorSaleslndustrialBankofJapan OnodaCemgntKawasakiSteelNipponSteel ChubuElectrlcPowerLong-T6rmCreditBankofJapanToaNenryoKogyo MitsuiSteamshipSanwaBankTokaiBank MilsubishiOilDaiwaBankChugokuElectricPower TelkokuRayonT6ikokuRayonNipPondensoCo . TokyoSりi⇒auraElectricSumitomoMeta口ndustriesMitsubishiHeavylndustries JapanMlnlngAsahiChemicallndustryMitsuiBank AsahiGlassMitsubishi卜1eavyIndustriesSonyCorp. MitsubishiBankTokyoMarineandFirelnsuranceMitsubishiElectric ManufacturingCo. TohokuElectricPowerJapanSteelPipeDaiwaSecuritiesCo . MitsubishiHeavylndustriesKashimaConstructionKyushuElectricPower Reorganized TokaiBankKubotaIronandMachinerySharpCorp. Works SanwaBankTaiseiConstructionMatsushitaElectricWorks SumitomoBankNikkoSecuritiesCo.TohokuElectricPower MitsubishiMetalMiningTokyoBankNikkoSecuritiesCo , Kyushu日ectricPowerMatsushitaElectricWorks卜londaMotorCo . OjiPaperCo.MitsubishiSholiTbkyoGas J自panWoolTextileA串ahiGlassKyoseraCorp . M .ltsuiBank..Mlts"bishiTrustTokyoBankN l駆o$ecurltlesCo.SumltomoTrustTDKCorp. DallchlBankKomatsuManufacturingCo.MatsudaMotorCorp, HypothecBankofJapanKyowaBankOsakaGas TokyoMarineandFireHondaMotorCo.Long-1陀rmCreditBankofJapan lnsurance SumitomoMetallndustriesMitsubishiEilectricYamaichiSecuritiesCo, ManufacturingCo. ToyotaMotorCo.BridgestoneTireCo.SanyoElectricCo. HitachiShipbuildingDaiwaSecuritiesCo 。AsahiGlass andEngineering lndustrial旦ankofJapanC.1toh&Co.KirinBreweryCo . MaruzenOllCo,MitsuiTrustTokyoMarineandFireInsurance 15 T able3 Number of Enterprises by lndustry 19291943195519731984 Beer11--1 Sugar31-一 一 〇therfoods--1-- Cottonyarn432-- RawsiIk1-一 一 一Lightlndustries WooIfabrics1-1-- Paper311-- Cement1-2-- Glass--111 Rubber-一 一1- Film-一 一 一1 Chemicalfertilizers121-- Chemicalfibres--33- ,HeavyandO ll114-1 Chemical Machinery-2-2- ,I ndustrles Ships-2211 Electricalmachines-23713 Motorvehicles--135 ironandsteel-6541 Mining342-一}Mining 険ii糎i}-t"it鵬 Construction-一 一2- Finance1311111814 Securities--134 Foreigntrade1213- Shipping121-- Landtransport-11-一 Source:Table2 16 T able4 Number of Enterprises by Typel(1929～1984) lPrewarandWartime口Postwar 19291943195519731984 Affiliatedwithgovernment514Affiliatedwithgovernment223 Banks46Affiliatedwithforeignenterprises-11 Affiliatedwithza/b∂ オsα1617Affiliatedwithbusinessgroup232319 Mitsui77Mitsui343 Mitsubishi56Mitsubishi676 Sumitomo21Sumitomo232 YasudallFuji453 Furukawa-1Sanwa523 AsanollDaiichi-Kangyo322
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