Jan. 25, 2007
戦前日本における資本市場の生成と発展―東京株式取引所への株式上場を中心として―
The Genesis and the Development of the Pre-War Japanese Stock Market
要旨Abstract
本論文は1878年の創設から1930年代半ばにいたる東京株式取引所（東株）の発展を概観し，その上場企業の増加に影響を与えた要因を探る．東株の規模は，対GDP比で見て，同時代の他国に比べても，また現在の先進国に比べても，非常に大きなものであった．東株への上場基準は緩かで，特に現物市場への上場はほとんど規制されていなかったので，当時のデータを使ってどのような企業が上場を決定したのかを調べることができる．綿紡績企業を使った回帰分析から，資本金が大きい企業ほど，そして年齢が高い企業ほど上場する確立が高いことが確認できる．また，東日本の企業は西日本の企業よりも東株に上場する確立が高いが，この傾向は時代を経るにつれて，特に1918年の東株の組織改革以降，弱まった．組織改革は，上場株の増加を促す効果も持った．最後に，外部株主の権利を強めた1911年の商法改正も，東株への上場を増加させる効果を持った．
This paper examines the development of the Tokyo Stock Exchange since its inception in 1878 to the mid-1930s. Special attention is paid to the increases in the number of listed stocks throughout this period. By the mid-1930s, the Tokyo Stock Exchange had grown to a market bigger (measured relative to GDP) than many contemporary stock exchanges in major economies. Even compared with the stock exchanges in major countries today, the pre-war Tokyo Stock Exchange was quite large. New listings in the spot market section of the Tokyo Stock Exchange were not restricted for most of this period. Our regression analysis reveals that many firms decided to list their stocks on the Tokyo Stock Exchange as they became older and bigger. The commercial code change in 1911, which increased the protection of outside shareholders, also had a positive impact on the listings on the Tokyo Stock Exchange. The Tokyo Stock Exchange reform of 1918 that aimed at standardization of the spot transactions increased the listings on the Exchange. The analysis also suggests that in the earlier period, there was a ??home bias?? that the companies located in the Eastern part of Japan (closer to the Tokyo Stock Exchange) were more likely to be listed in the Tokyo Stock Exchange, but the effect diminished after the Exchange reform of 1918.
書誌情報Bibliographic information
Vol. 56, No. 1, 2005 , pp. 15-29
HERMES-IR（一橋大学機関リポジトリ）: https://doi.org/10.15057/21220
