Group of enterprises

A relationship formed by multiple companies based on specific interests. There is no clear theoretical definition, and the term is generally used from two broad perspectives. The first is an understanding that considers corporate keiretsu to be roughly the same as corporate combinations, corporate groups, and corporate groups, and refers to former zaibatsu corporate groups such as Mitsubishi and Sumitomo, and groups of companies that are loan recipients such as XX Bank. The second is an understanding that refers to a group of companies that are connected by inter-company relationships that are extremely Japanese in nature. In this sense, corporate keiretsu can be said to be a unique Japanese corporate combination and corporate group. Inter-company relationships that are highly Japanese in nature are not only characterized by external characteristics such as dominance and subordination, and long-term transactions, but also by internal characteristics such as interdependence, coexistence and mutual prosperity, trust and gratitude, and are characterized by the fact that these external and internal characteristics function as a single inter-company culture. In the West, the word keiretsu is often used as it is to describe such corporate keiretsu that has Japanese characteristics. On the one hand, there are commentaries criticizing such corporate mergers as exclusive and arbitrary. On the other hand, there are also theories that acknowledge and appreciate the fact that these characteristics are the source of the competitiveness of Japanese companies and that view such keiretsu as a system that exists somewhere between a market (resource allocation through free transactions) and an organization (resource allocation through planned management).

In reality, these two perspectives are often difficult to separate. For example, in Japan, bank keiretsu, as used in the first sense, is not limited to a simple lending relationship, but is usually controlled by banks in both overt and covert ways, and companies usually maintain a relationship of trust with a specific bank as their main bank in order to secure a stable financial base. Therefore, in what follows, we will understand corporate keiretsu by appropriately incorporating the two perspectives mentioned above, while focusing primarily on functional perspectives such as capital keiretsu, production keiretsu, sales keiretsu, and purchasing keiretsu, depending on the actual circumstances of the specific interests that are the basis of corporate combinations.

A capital keiretsu is a group of companies that are bound together by capital, specifically by the ownership of shares. There are horizontal keiretsu, vertical keiretsu, and a combination of both, and in the narrow sense, the last combination keiretsu is often used to refer to a corporate keiretsu. A horizontal capital keiretsu is generally called cross-shareholding, in which multiple companies hold each other's shares to mutually secure a stable foundation for management. The main purpose of cross-shareholding is not investment, but strengthening inter-company relations and ensuring the smoothness of transactions. Each company maintains an almost equal status, forming a relationship of trust in which, on the one hand, they protect the other party and do not interfere, and on the other hand, they gain the other party's understanding and support and do not cause trouble. Usually, the percentage of cross-shareholding is relatively low, and it is not uncommon for it to be at a symbolic level. This type of cross-shareholding has traditionally been practiced widely and has been a topic of debate as a distinctive Japanese feature, but as criticism has grown, it has retreated considerably. However, as economic globalization has led to increased M&A (mergers and acquisitions), it appears that it is being reconsidered as a countermeasure.

A vertical capital keiretsu is an inter-company relationship that has a capital contribution relationship of dominance and subordination, but rather than referring to the ownership relationship between parent, child, and grandchild companies in general, it is customary to call it a (vertical) corporate keiretsu when a functional relationship such as production and sales is added to it. If we focus only on this functional relationship, it becomes a production keiretsu and a sales keiretsu, which will be described later. A corporate keiretsu that combines the above horizontal and vertical relationships is often called a corporate group. The three corporate keiretsu of the old zaibatsu, such as the Mitsubishi group, the Mitsui group, and the Sumitomo group, are typical examples of this, and they covered many industries and businesses as a single set. These old zaibatsu corporate groups were once dismantled after World War II, but were later revived and reorganized. However, with the globalization of the economy, the boundaries of the old zaibatsu gradually lost their reason for existence, and inter-company alliances that do not adhere to those frameworks are boldly developing.

Although it is a type of capital keiretsu, the most important in Japan are bank keiretsu. They are groups of lending companies centered around a main bank, and the three bank keiretsu, Fuyo (Fuji Bank), Sanwa Bank, and Dai-Ichi Kangyo Bank, along with the three zaibatsu corporate keiretsu, are known as the "six major corporate keiretsu," and formed the core structure of the Japanese economy during the period of growth and development after World War II. However, as the economy became globalized, the six major banks themselves, as symbolized by Sumitomo Mitsui Banking Corporation, began to form alliances, and the existing corporate keiretsu changed dramatically.

A production keiretsu is a group of companies that effectively carry out product development and production. A typical example of such a group of companies is a group of companies that form a relationship between a prime contractor and first and second subcontractors, or a group of companies consisting of a large manufacturer that produces the final product and a large number of parts manufacturers that supply parts to that manufacturer. The classical understanding of such a group of companies is that it is a structure in which a higher-ranking company dominates and exploits a lower-ranking company. It cannot be denied that such a reality existed, but to understand the current situation, it is not enough to simply explain the conflicts and rivalries of interest. Instead, the theory that it is more appropriate to understand it as a relationship of cooperation and trust has become dominant. At the root of this is the recognition that there are two types of production in parts-intensive industries, where many companies and departments need to work closely together to coordinate their activities: integral type (fitting type) and modular type (combination type). The former refers to a situation in which close and frequent coordination takes place between finished product manufacturers and parts suppliers (manufacturers and suppliers) at many stages from the development and design stage to final product assembly and shipping; a typical example of this is the pyramidal group of parts production manufacturers in the automobile industry, with the finished car manufacturer at the top. In contrast, the latter refers to a situation in which it is relatively easy to complete a product by combining standardized parts, such as the production of personal computers and mobile phones. Japanese companies are said to have an advantage in the former type of integrated manufacturing, while American and Korean companies are said to have an advantage in the latter type of combination. Considering that the integrated type is supported by long-term transactions based on trust, it is easy to understand that the advantage of Japanese companies is deeply linked to Japanese corporate keiretsu.

A sales keiretsu is formed when large manufacturers, general trading companies, franchisors (parent companies with rights) and other entities link distribution companies in a distribution network through special agreements, agency contracts, and other means. As with production keiretsu, this type of sales keiretsu can be viewed as a relationship of dominance and subordination, but it can also be viewed more functionally as a relationship of mutual dependence and trust. Measures to strengthen the latter perspective include sales incentive systems and support measures for lower-ranked companies, such as management guidance and education and training by higher-ranked companies. A sales keiretsu is sometimes limited to handling products from a specific manufacturer, but this has been criticized as a violation of the Antimonopoly Act. If a sales keiretsu is viewed from the downstream side of logistics, it becomes a purchasing keiretsu.

In the case of corporate affiliations, there are many cases in which ties are strengthened by adding on functional relationships such as capital, production, and sales, such as the dispatch of executives, personal exchanges between managers such as presidents' meetings, and organizations for cooperation and mutual development among participating companies.

[Mitsuo Morimoto]

"Japanese Keiretsu and Corporate Groups" by Shimotani Masahiro (1993, Yuhikaku)" ▽ "Japan's Six Biggest Corporate Groups" by Okumura Hiroshi (1994, Asahi Shimbun)" ▽ "Japanese Corporate Groups" by Tachikawa Takeo (1996, Yuhikaku)" ▽ "Inter-corporate Systems - Strategies and Structures in Japan, the US and Europe" by Shimada Katsumi (1998, Nihon Keizai Hyoronsha) ▽ "The Structure of Modern Corporations" by Kama Masashi (1999, Gakubunsha) ▽ "Management of Inter-corporate Partnerships" by Chang Shumei (2004, Chuo Keizai) ▽ "The Formation and Disintegration of Corporate Groups - A Study of CEO Meetings" by Kikuchi Hiroyuki (2005, Nihon Keizai Hyoronsha) ▽ "Comprehensive List of Corporate Keiretsu - Annual Editions (Toyo Keizai Shinposha)"

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

複数の企業が特定の利害を基礎にして形成する結合関係。明確な理論的定義はなく、一般には大まかに二つの視点から使用される。第一は、企業系列を企業結合・企業集団・企業グループとほぼ同じとみなす理解であり、三菱(みつびし)系や住友系などの旧財閥系企業集団、○○銀行系のような融資先の企業群を企業系列とよぶものである。第二は、企業系列をきわめて日本的特質の強い企業間関係で結ばれた企業群をさすとする理解である。この意味では、企業系列は特殊日本的な企業結合であり企業集団であるといえる。日本的特質の強い企業間関係とは、支配と従属、長期的取引のような外形的特質だけでなく、その根底に相互依存、共存共栄、信頼と報恩のような内面的特質が潜んでいて、しかもこれら外形と内面が一つの企業間文化として機能しているところに特徴がある。こうした日本的特質をもつ企業系列について、欧米ではkeiretsuの語をそのまま使用することも少なくない。そのうえで、排他的・独善的企業結合として批判する論評がある一方、その特質が日本企業の競争力の源泉となっている点を直視し評価して、そのような系列を市場（自由な取引による資源配分）と組織（計画的管理による資源配分）の中間に位置するシステムとする理論も現れている。

　これら二つの視点は、現実には明確に分離しがたい場合が多い。たとえば、第一の用法でいう銀行系列は、日本の場合、単なる資金の融資関係にとどまらず、銀行による支配が陰に陽につきまとったり、企業が安定した財務基盤を確保したりするために特定の銀行をメインバンクとして信頼関係を維持するのが普通だからである。そこで以下では企業結合の基礎になる特定の利害の実態によって、資本系列、生産系列、販売系列、仕入系列など機能的視点を主としながら、前記の二つの視点を適宜織り込んで企業系列を把握することにする。

　資本系列とは、資本、具体的には株式の所有関係を紐帯(ちゅうたい)とする企業群である。これには、水平的系列、垂直的系列、両者の複合系列があり、狭義には最後の複合的系列をもって企業系列とすることが多い。水平的な資本系列は、一般に株式の持ち合いとよばれ、複数企業が相互に株式を持ち合うことにより、経営の安定した基盤を相互に確保するものである。株式の相互保有は、投資を主目的とするものではなく、企業間関係の強化、取引の持続的円滑化などを目的としており、各企業はほぼ対等の地位を保ち、一面で相手先の擁護と不干渉の信頼関係を、他面で相手先の理解・支持の獲得と迷惑を及ぼさないという義理の関係を形成する。通常、持ち合いの株式比率は比較的低く、象徴的な水準であることもまれではない。このような株式の持ち合いは、伝統的に広範囲に行われ、日本的特質の一つとして賛否の議論をよんでいたが、批判の高まりとともにかなり後退した。しかし経済のグローバリゼーションによるM&A（企業の合併・買収）が盛んになると、それへの対抗策として見直されている節もある。

　垂直的な資本系列は、支配と従属の出資関係をもつ企業間関係であるが、そうした親・子・孫会社の所有関係全般というよりは、それらに生産・販売等の機能的関係が加わった場合をとくに（垂直的）企業系列とよぶのが通例である。この機能的関係のみに注目すれば、後述の生産系列、販売系列になる。以上の水平的・垂直的関係を複合する企業系列は、企業集団とよばれることも多い。三菱系列、三井系列、住友系列のような旧財閥系の3企業系列はこの典型であり、多くの産業・事業を一つのセットとして網羅しているものであった。このような旧財閥系企業集団は、第二次世界大戦後いったん解体されたが、その後復活し再編された。しかし、経済のグローバリゼーションによって旧財閥の垣根はしだいにその存在理由を喪失し、その枠にこだわらない企業間合従連衡(がっしょうれんこう)が大胆に展開している。

　資本系列の一種に該当するが、日本で重要性の高いものが銀行系列である。それは、メインバンクを中心にした融資企業の集団であり、とくに芙蓉(ふよう)（富士銀行）系、三和銀行系、第一勧業銀行系の3銀行系列は、前記の財閥系3企業系列とともに6大企業系列とよばれて、第二次世界大戦後の成長発展期には日本経済の基幹構造を形成していた。しかし、やはり経済のグローバリゼーションにより、三井住友銀行が象徴するような6大銀行自体の合従連衡が進むと、既存の企業系列は大きくその様相を変えることになった。

　生産系列は、製品の開発・生産を効果的に遂行するための企業系列である。こうした企業系列の典型は、元請(もとうけ)と一次・二次等の下請(したうけ)関係を形成する企業群、あるいは最終製品を生産する大メーカーとそのメーカーに部品を供給する多数の部品メーカーからなる企業群である。このような企業系列の古典的理解は、上位企業による下位企業の支配・搾取の構図とするものであった。そのような現実が実在したことは否定できないが、現代の実態の理解には、そうした利害の対立・相克面を説くのみでは不十分である。それよりもむしろ協力・信頼の関係と理解するほうが実態に即しているとの説が支配的になってきた。その根底には、多数の企業・部門が緊密な調整行動を必要とする部品集積型産業の生産の実態として、インテグラル型（擦り合わせ型）とモジュール型（組み合わせ型）がある、との認識がある。前者は、開発・設計の段階から最終的に製品を組立て・出荷するまでの多くの工程で、完成品メーカーと部品サプライヤー（製造・供給者）間の緊密で頻繁な調整が行われる状態をいい、その典型は、自動車産業における完成車メーカーを頂点とする部品生産メーカーのピラミッド型企業群である。これに対して後者は、標準化された部品の組み合わせによって製品を完成させることが比較的容易な状態をいい、パソコンや携帯電話の生産がこれに該当する。日本企業は前者の擦り合わせ型のモノづくりに優位性をもつといわれ、アメリカや韓国の企業は後者の組み合わせ型に優位性をもつとされている。擦り合わせ型が、信頼を基盤とした長期取引に支えられて成り立つことを考えれば、日本企業の優位性が日本的企業系列と深く結び付いていることが理解できよう。

　販売系列は、大メーカー、総合商社、フランチャイザー（権利をもつ親企業）などが流通ネットワーク上の流通企業を、特約、代理店契約等の方法で結合するものである。このような販売系列についても、生産系列と同様に、支配と従属の関係とみる視点とともに、より機能的に相互依存の信頼関係とみる視点が成立する。後者の視点を強化する方策として、販売奨励金制度や上位企業による経営指導・教育訓練等の下位企業支援策がとられる。販売系列では、特定メーカーの製品に取扱いを限定することがあるが、これは独占禁止法違反ではないかとの批判がある。販売系列を物流の下流側からとらえれば、仕入系列になる。

　企業系列については、資本、生産、販売のような機能関係に重ねて役員の派遣、社長会のような経営者の人的交流、参加企業の協力・相互啓発組織を上乗せし、紐帯を強化している事例が多い。

［森本三男］

『下谷政弘著『日本の系列と企業グループ』（1993・有斐閣）』▽『奥村宏著『日本の六大企業集団』（1994・朝日新聞社）』▽『橘川武郎著『日本の企業集団』（1996・有斐閣）』▽『島田克美著『企業間システム――日米欧の戦略と構造』（1998・日本経済評論社）』▽『釜賀雅史著『現代企業の構造』（1999・学文社）』▽『張淑梅著『企業間パートナーシップの経営』（2004・中央経済社）』▽『菊地浩之著『企業集団の形成と解体――社長会の研究』（2005・日本経済評論社）』▽『『企業系列総覧』各年版（東洋経済新報社）』

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