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1、TheJapanesekeiretsusystem 1.Structureofthekeiretsu Thenamekeiretsu(inJapanese.系列)meansliterally"system","series"or"line".Keiretsuaregroupsofcompanieswithveryclosebusinessrelations(MunichBusinessSchool,2008).Thecoreoftheseconglomeratesisabankwhichprovidesthemwithliquidityorloansandhol
2、dsequitypositionsinthememberfirms.Cross-shareholding,thatmeansthatthecompaniesareshareholdersofthemostoreveryothercompanyinthenetworkwithoutbeingthemajorityshareholder,andfinancialsupportofthebankmakeitnearlyimpossibleforforeigninvestorstoentertheJapanesemarketthroughhostiletakeovers(F
3、lath,2005,pp.238-239). Boardmembersofonecompanyareinmanycasesalsoboardmembers,membersofthesupervisoryboardorconsultantsofothergroupenterprises.Consequently,personalconnectionsarekeepingthegrouptogetherinadditiontothestructuralconnections(Kensy,2001,pp.202-203).Personalrelationsaremore
4、importantintheJapanesesocietythanintheWesternsocietiesliketheUnitedStates(US)orEurope(AllenandZhao,2007,pp.1-2).10 Boardmembers,themiddlemanagementandqualifiedemployeesmeetperiodicallytoexaminethemarketperformanceofthegroupasawholeandofindividualfirmsdeterminingpotentialimprovementsli
5、keproductqualityorcostreduction(Kensy,2001,p.203).Despiteallthesementionedconnectionsinsidethenetworkmostofthecompaniesareseparatelegalentities(Flath,2005,pp.238).Therearetwodifferentmaintypesofkeiretsu,theverticalandhorizontal(intermarket)keiretsu. 1.1Verticalkeiretsu Averticalkeire
6、tsucoversthewholevaluecreationchainofaproductand/orservice.Inmostcases,theyareformediftheendproductismadeofmanysub-productslikeinthecarindustryortheelectricalindustry.Thereby,anindustrialenterpriseand/oratradingcompanyarethecentreofaverticalnetwork.Abankcanalsobepartofthenetworkcentre,
7、butthatisnotaprecondition(ArgyandStein,1997,p.108). Generally,itsstructureislikeapyramidwiththecorecompanyontop.Thesupplyingcompaniesaresupposedtoprovidetheindustrialenterprisewithresources,subproductsandservicessothatthemainproductcanbeproduced(Flath,2005,p.246).Therefore,thesuppli
