日本企業的經營行為與復甦成效

Abstract

Japanese economy have achieved postwar recovery and have undergone economic development at a rapid pace rarely seen in the world history, the times to be called 'Japan as No.1' surely existed. However, it was sluggish for a long time as the result of external impact including Nixon shock (1971), Plaza accord (1985), the outbreak and collapse of the bubble economy (1986-1991). The growth rate of real GDP of Japan from 1991 to 2014 is only 0.87% yearly. After the bubble burst, corporate sector had suffered from three excess (excess debt, employment and facilities) since the price of asset went into free fall and wealth of 1,500 trillion yen, which was almost 3 years of GDP, had disappeared. Besides, working-age population, the center of domestic demand, entered into decrease trend from 1995. They couldn't but change their behavior from maximizing profit to minimizing debt. Furthermore, the environment around Japan had changed tremendously. Globalization had advanced rapidly in the form of growing imports and exports and greater overseas expansion by enterprises as the result of the collapse of the Soviet Union, the end of the Cold War structure. By transferring production base into developing countries, a large number of jobs were created locally and middle-income class consumers in emerging market has increased, especially in Asia. Economic center of gravity has changed from developed countries to emerging nations. In this research, analysis is conducted on the behavioral pattern of Japanese companies while this period, using statistic data and individual company data. Around 2005, the private sector had almost finished adjusting their balance sheet. Besides, from 2005, Japan's income balance surpassed that of trade surpass for the first time and ordinary profit of Japanese companies come to exceed operating profit as a whole. Japanese companies finally escaped from the aftereffect of the bubble burst and started to go forward. The effort toward recovery of Japanese companies will be classified into three categories, 'Trade', 'Overseas expansion' and 'Cross border M&A' and will be described in detail.