01 Kefalaio.QXP

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1 131 6ﾑ800apple 閨0ｹ ｧ9000ｹ ｷ3036ｧ ｧ 閨00 02 ﾇ 0001 閨 , 08 03fi03080ｹ ｷ3036ｧ ｹ ｦ00ｹ0 00apple ｧ80ｹ fi ｹ 陦 020ｷ307 0ｸ7apple ｸ703086ｦ 閨04080ｸ apple020ｸ ｧ9 00apple ｹ ｦ apple ｧ8 apple080ｸ7 閨 ｧ apple086ｧ ｦ fi0ｹ0 0ｸ702fi , 閨030006, ｧ9 apple080ｸ7 006ｧ apple086ｧ apple 0902fi ｧ ｦﾌ fi fi , fi apple026ｦ apple ｷ3036ｧ9000ｹ0 apple080ｸ ｦ apple08030ｸ ｧ8 00apple ｧ fi ｧ9 006ｧ ｧ ｸ707086ｦ ｹ0 apple 0304 閨0ｹ ｹ fi0408, ｧ apple086ｧ fi02 07, 閨07 00 閨03080ｹ0, fi0ｹ0 fi ｸ76 5 0ｹ ｧ9 0ｸ7apple 閨0ｹ0 006ｧ apple08036ｦ0 apple fi apple0207 applefi 02060ｹ0 0ｸ7apple ｧ9000ｹ0. 6ｾ402060ｹ 閨0ｹ ｸ ｸ , fi000ｷ30ｹ0, ｸ7apple ｧ9000ｹ0 ｨC fi , 0000applefi ｧ8, 00apple ｷ3076ｧ9000ｹ apple 閨0ｹ ｹ0ｨC 006ｧ ｧ907000ｹ0 apple080ｸ7 fi fi apple ｦ007 02o ｦ ｸ fi ｧ ｷ 閨070ｷ ｷ307 00apple0007 6ｦ004000ｷ307 (foreign direst investment) ｦ ｹ0 apple fi ｹ ｧ9 0ｹ0, apple0608 0ｸ fi. ｦ ｧ903 0ｹ ｧ 閨 閨 ｹ ｧ80ｹ0 040ｸ ｹ ｹ ｦ00ｹ0 00apple ｧ80ｹ fi ｹ 陦 020ｷ307 0ｸ7apple ｨC 020ｷ307 apple08030ｸ apple O06 apple08030ｸ 閨0ｹ0 0000apple 閨0ｹ ｧ9000ｹ0 00apple ｦ ｦ007 0ｷ30ｹ0 00apple ｧ ｹ0 apple080ｸ ｸ707 03fi apple ｧ80ｹ ｹ0 (trade intermediation) ｦ0 040ｷ , 閨04080ｸ707 apple ｸ ｧ apple fi ｹ0 applefi 006ｧ ｹ0. 6ｾ apple , apple 閨0ｹ ｧ9000ｹ ｧ apple08036ｦ ｹ ｸ702fi ｸ70ｹ apple ｧ9ｨB apple ｦ , 0906 apple ｦ00ｹ0 03fi09080ｸ70ｹ0. 6ｾ40ｸ ｦ apple ｧ ｸ7apple , apple ｧ ｧ ｧ90ｷ30ｹ0 0ｸ703 6ｧ ｧ ｧ9 0ｷ30ｹ0 0000apple ｧ8 6ｧ , fiapple0ｷ30ｹ0, 03fi09080ｸ , 0000apple ｧ apple00ｨB 00apple0007 6ｦ004000ｷ307 (merchant bank) 6ｧ8 07 0ｸ ｧ ｧ9. 6ﾑ8apple06apple03 閨0807, fi ｷ apple fi fi ｧ ｸ70ｹ apple ｦ fi ｸ ｧ90ｹ0 fi ｹ fi ｹ , apple 閨0ｹ 閨0ｹ apple 閨0ｹ ｧ9000ｹ 鐶pple , apple ｸ7 0403fi07080ｸ7, 0400

2 1316 ﾞ09O ｦ O086ｾ4 6ﾑ80909O06O086ｾ4 6ｾ4ｦ ｦﾐ6ｾ4 09O 086ﾑ80503ｦﾐ ﾒ6ﾑ86ｾ4 000ｸ 閨0ｹ apple 閨0ｹ ｧ9000ｹ , 閨0ｹ 閨0ｹ0, ｧ apple ｷ ｧ9000ｹ0 apple ｧ9080ｸ7, ｧ ｸ70ｹ0 026ｦ0apple080ｸ70ｹ0 00apple ｧ ｹ0. 1 ﾞ ｷ3apple6ｧ9ｨB080ｸ70000, 00apple6ｧ904090ｹ0, apple ｧ ｦ0, apple080ｸ ｦ0- apple02080ｸ707 applefi 02060ｹ 閨0ｹ 閨0ｹ ｸ703096ｧ9 0ｹ ｦ0 0000apple O apple 閨0ｹ ｧ9000ｹ0 00apple ｧ ｦ apple03080ｸ8fi07, fiapple0ｷ30ｹ ｹ0, ｧ8 09 ｨB apple ｧ ｦ apple ｧ8, apple03080ｷ ｹ apple apple03080ｸ8fi0702 6ｧ8 0ｸ7apple ｧ9000ｹ0, fi ｧ 閨0709 apple ｧ8. O ｧ9000ｹ ｦ0 0000apple08036ｧ9080ｸ7 040ｸ707 0ｸ707ｨB080ｸ707 02fi apple fi apple03080ｸ8fi , 02 08apple086ｧ ｸ70ｹ0 00apple 鐶pple080ｸ apple ｦ apple apple03080ｸ8fi apple 閨0ｹ0 apple 閨0ｹ0. ｦﾐ , 00apple ｧ ｹ0 閨04080ｸ ｸ703096ｧ9 00 閨 ｹ ｧ9000ｹ0 0ｸ702 閨0ｹ0. ﾇ 0000apple ｧ apple ｧ ｧ9 006ｧ90200 applefi ｨB ｹ0 ｨCapple080ｸ apple ｦ ｸ70306fi ｸ7 apple03080ｸ8fi ｹ apple086ｧ apple ｦ ｨC 006ｧ90200 applefi apple ｹ fi0408, 00apple ｦ ｧ907080ｸ ｹ apple08066ｧ ｹ ｦ0 020ｷ apple , fiapple0ｷ30ｹ ｦ ｧ9070ｷ307 apple080ｸ7 006ｧ ｸ ｧ90ｹ fi ｹ ｧ9070ｷ307 apple080ｸ7 006ｧ apple03060ｹ0 030ｸ 閨0ｹ0 00apple ｧ ｹ0, 6ｧ8 apple ｦ ｧ apple ｧ804000ｷ307 6ｧ8 00apple ｧ804000ｷ ｸ704090ｹ0 080ｸ applefi030ｷ307 (resource firms), fiapple0ｷ30ｹ maker-shosha 2 apple080ｸ ｦ applefi 06 apple0ｷ 閨0ｹ 閨0ｹ0 apple08030ｸ 閨0ｹ ｸ702 6ｧ9 0403fi fi ｧ ｦ ｧ fi0ｹ ｸ70ｹ0, 0806 apple08030ｸ 閨0ｹ0 0000apple 閨0ｹ ｧ9000ｹ0 6ｧ apple 閨07080ｸ 閨0ｹ ｹ ｧ90ｹ0 00apple ｧ ｹ0. ﾇ 0000apple ｧ8 00apple ｧ (merchant enterprise), apple080ｸ7 0000apple ｸ7fi ｸ7apple ｧ9000ｹ ｦ ｧ8020ｷ307, 006ｧ fi ｧ ｦ00ｹ0 00apple ｧ80ｹ ｹ , 0806 apple 0304 閨0ｹ ｹ apple08046ｧ8 apple080ｸ7 apple 閨 ｹ0 0403fi0706 applefi ｧ ｦ ｸ ｸ , ｹ ｷ300 閨07000ｹ0 00apple ｧ ｹ ｷ30402 閨0ｹ0 0ｷ30ｹ0 00apple ｦ004000ｹ0 0000apple 閨0ｹ ｧ9000ｹ003 (chartered trading companies) ｦ applefi ｦ0 6ﾑ80ｸ7-0306apple090ｹ ｸ7 0ｸ7applefi030806apple080ｸ7 02fi ｸ7, apple0ｷ ｸ ｷ307. ﾇ ﾞ ｧ O ｧ8 6ﾑ ｧ9 ﾞ ｦﾐ (English East India Company Dutch East India Company), ﾑ ｧ ｸ7 ﾒfi03apple080ｸ (Hudson ｯs Bay Company) 03000ｷ303086ｦ applefi 閨07080ｸ70ｹ0 0ｷ30ｹ apple ｹ ｦ ｹ003 apple08030ｸ 閨0ｹ ｧ9000ｹ0. 3 O06 000ｸ7030ｷ3apple 0ｸ802 閨0ｹ0 apple ｦ0-1. Mark Casson, 00The Economic Analysis of Multinational Trading Companies03, Geoffrey Jones (00apple0600. 閨02.), The Multinational Traders ( ｧ90708: Routledge, 1998), (6ｾ ) Maker shosha ｨB ｦﾐ apple0ｷ3076ｧ apple ｧ ｧ apple086ｧ9 006ｧ ｸ 閨 閨07 07 apple ｷ309fi, 040ｸ 閨 閨07 07 fi keiretsu. 3. ﾇ ｧ ｹ0 apple ｦ004000ｹ0 0000apple 閨0ｹ ｧ9000ｹ0 006ｧ 縺 ｹ ｸ702 6ｧ9000ｹ ｧ9000ｹ0, A. M. Carlos S. Nicholas, 00 ｰGiants of an Earlier Capitalism ｱ: The Chartered Trading Companies as Modern Multinationals03, Business History Review, 62 (1988), S. R. H. Jones S. P. Ville, 00Efficient Transactions or Rent-Seeking Monopolists? The Rationale for Early Chartered Trading Companies03, Journal of Economic History, 56 (1996),

3 136ﾑ80909O06ｦﾐ ﾒ6ﾑ86ｾ4 6ﾑ8ｦ ﾞｦﾐ066ﾑ8ｦﾐ6ﾑ86ｾ4 6ｾ4ｦ ﾇ 056ﾑ80306ｦﾐ ﾞ ﾒ ﾞｦﾐ ｦ ﾇ03 ｦﾐ6ｾ4ｦ O06ｦﾐ ﾞ ｹ0 0000apple 閨0ｹ ｧ9000ｹ0 006ｧ904 07, fi, ｧ9 apple applefi 閨 ｸ ｸ , ｷ apple0ｷ3036ｧ90ｷ307, 閨03080ｹ ｸ7 0000apple08036ｧ9080ｸ ｦ0 6ﾑ80ｸ70306apple090ｹ ｦﾐ apple0ｷ3076ｧ9 0ｹ ｸ703086ｦ ｧ apple apple ｧ804000ｷ fi- 0408, apple0ｷ 閨0ｹ0 0000apple 閨0ｹ ｧ9000ｹ0 ｨC apple ｧ ｹ ｦ0 0000apple08036ｧ9080ｸ703 6ｧ8 sogo shoshaｨc apple 03 閨 apple08036ｦ ｧ ｸ ｦ00ｹ0 0000apple08036ｧ9080ｸ ｹ0 ｦﾐ apple0ｷ3076ｧ9 0ｹ ｦﾌ fi fi 閨 ｧ ｸ7 1990, ｹ0 08apple086ｧ9 0ｹ ｸ703086ｦ 閨 ｸ707 apple fi applefi ｧ ｸ7 020ｷ ｷ ｹ0 ｦﾐ apple0ｷ3076ｧ9 0ｹ0. 4 ｦﾐ , ｧ90ｹ0 0000apple 閨0ｹ ｧ9000ｹ0 08 6ｧ fi0206 6ｧ fi 閨0ｹ apple00036ｧ9apple020ｷ ｷ307 ﾇ070ｷ300 閨070ｷ , 閨00apple apple ｸ ｷ307 (commodity traders) fiapple0ｷ30ｹ0 08 Cargill, apple080ｸ7 006ｧ ｸ70ｹ ｹ0 ﾇ09 ﾞ, ｧ ｹ0 apple08030ｸ 閨0ｹ0 00apple ｧ ｹ ｸ702 6ｧ9 0403fi ｦ 08 ﾇ070ｷ300 閨0708 ｦﾌ 046ｧ ｸ7apple6ｧ ｧ ｧ9 020ｷ apple08030ｸ ｦ0 0000apple08036ｧ9080ｸ7. ﾇ 03 閨 ｹ0 ｦﾌ ｧ9 0ｹ0 0ｷ30ｹ 閨 ｸ7 02fiapple080ｸ ｹ0 ｦﾌ ｧ80ｹ0 6ﾑ8apple ｹ ｹ0 00apple 閨 ｧ ｧ ｸ7036ｦ ｷ fi 0000applefi O06 apple08030ｸ 閨0ｹ0 0000apple 閨0ｹ0 00apple ｧ ｹ0 (merchant firms) 6ｧ8 0000apple 閨0ｹ ｧ9000ｹ0 (trading companies), apple080ｸ apple026ｦ ｧ8 09 applefi ｸ 閨 閨03080ｸ70ｹ ｸ ｸ ｷ ｦ0 0000apple08036ｧ9080ｸ ｹ0 ｦﾌ ｧ9 0ｹ0, apple086ｧ9-000ｹ0 apple0802 閨 apple03fi020ｸ7apple ｹ0 apple ｹ ｹ0 06 apple0ｷ apple , 006ｧ fi 03 閨 ｹ0 apple 03086ｦ004 0ｹ 閨02090ｹ0. ﾞ 閨04080ｸ ｧ fi applefi 02060ｹ0 06 apple0ｷ 閨0ｹ0 00apple ｧ ｹ ｦ0 0000apple08036ｧ9080ｸ7 (sogo shosha), 閨0ｹ0 0000apple 閨0ｹ ｧ9000ｹ0 006ｧ 閨03080ｸ ｹ apple ｦ00ｹ0 03fi09080ｸ70ｹ0. ﾞ ｹ0, apple applefi fi ｸ apple0803 閨00080ｸ7 ｨC02 06, apple0806 閨 , apple08036ｦ0 apple 03 06fi ｨC 0ｸ7apple6ｧ 閨0ｹ0 02fi0408 0ｷ30ｹ ｧ90ｹ ｹ applefi fi ｷ30ｹ0 090ｷ309086ｧ9 020ｷ ｷ307 00apple0007 6ｦ004000ｷ ｷ fi. 6ﾑ , apple 閨0ｹ ｧ9000ｹ0 apple 03080ｸ ｨB080ｸ fi 閨030807, 00apple0006 6ｧ8 apple 閨0ｹ0 applefi 0ｸ702 閨0ｹ0 6ｧ ｷ300 閨07000ｹ ｸ7036ｦ apple08036ｦ ｦ00ｹ0 0203fiapple080ｸ70ｹ ｦ ｹ 閨0ｹ0 00apple ｧ ｹ0. 6ﾑ8apple6ｧ904090ｹ0, apple 閨0ｹ0 0000apple 閨0ｹ0 00apple ｧ ｹ0 apple08-006ｧ apple08036ｦ 閨0ｹ 閨04080ｸ707 00apple 閨 ｧ ﾇ 閨0209, 00apple0800 閨070ｷ30ｹ0, 0ｸ ｷ apple apple ｧ ｹ0 00apple 閨 ｧ804080ｸ ｦ ｧ ｦ00ｹ0 00apple ｧ80ｹ fi ｹ0 apple080ｸ7 閨 ｧ9. 4. Geoffrey Jones, The Evolution of International Business ( ｧ90708: Routledge, 1996), , , ｸ7 6ｧ ｸ7, 00Multinational Trading Companies in History and Theory03, Jones (00apple0600. 閨02.), Multinational Traders. 5. Anne C. Perry, The Evolution of U.S. Trade Intermediaries ( 縺080ｸ7 閨0402apple080302, ﾒ0807.: Quorum Books, 1992)01 Lawrence A. Clayton, Grace, W. R. Grace & Co.: The Formative Years ( , I03.: Jameson Books, 1985).

4 1318 ﾞ09O ｦ O086ｾ4 6ﾑ80909O06O086ｾ4 6ｾ4ｦ ｦﾐ6ｾ4 09O 086ﾑ80503ｦﾐ ﾒ6ﾑ86ｾ4 ｦ 08 apple 03fi ｧ908 閨 ｹ0 026ｦ ｸ70ｹ0 0402fi04080ｸ70ｹ0. O apple ｹ0 006ｧ ｧ ｹ ｹ0, 02060ｹ ｸ703096ｧ9000ｹ ｧ8 020ｷ307 apple08030ｸ apple apple080ｸ7 陦03000ｸ ｦﾌ ｧ9. ﾞ07 ｨB ｧ ｷ3096ｧ ｸ70ｹ , 閨03080ｹ ｹ0 07 陦 0ｹ0 閨03000ｸ707 0ｹ 閨 fi , 閨 fi 00apple ｧ ｧ fi0206 fi fi 閨0ｹ0 0000apple 閨0ｹ ｧ9000ｹ 鐶pple apple026ｦ ｨC6ｧ ｧ 閨0ｹ0ｨC apple08046ｧ ｸ7 ﾞ ｧ9080ｸ ｸ7, 閨 ｧ ｸ70ｹ0 040ｸ ｧ9ｨB 閨 ｧ O 006ｦ ｹ0 0402fi04080ｹ ｸ ｧ9080ｸ7 006ｧ ｹ0 00apple 閨0ｹ 閨0ｹ0 020ｷ apple ｦﾐ 06 6ｧ , 00apple apple ｧ ｹ0 040ｸ707036ｧ802000ｹ0 0ｸ7applefi 02060ｹ0 08apple086ｧ9000ｹ 閨0ｹ0 0000apple 閨0ｹ ｧ9000ｹ0 apple ｧ8030ｷ apple086ｧ , ｹ0 040ｸ707 鐶pple ｹ0 0ｸ ｷ ﾇ ｧ8 apple 閨 apple080ｸ7 0ｸ ｧ ｹ0 00apple 鐶pple ｸ ｸ7026ｧ ｧ9 0000apple 076ｧ9 030ｸ704090ｹ003 (reinvention) 0400 閨 fi ｧ9ｨB O 02036ｧ902080ｹ0 0402fi04080ｹ0 00 0ｹ ｧ ｧ apple ｸ ｦ ｷ ｧ8020ｷ307 6ｧ8 0ｸ ｧ8020ｷ307 applefi 02060ｹ0 08apple086ｧ9000ｹ 閨0ｹ0 0000apple 閨0ｹ ｧ9000ｹ ｸ apple ｧ800 02, apple080ｸ ｸ70ｹ0 00apple 閨 ｸ ｦ , 閨0ｹ0 apple000306apple ｹ0, 07 00apple ｸ 閨 fi apple080ｸ ｨB ｨB ｸ ｨBfi02 07 applefi ｸ703086ｦ00ｹ ｦ00ｹ ｧ ｸ7 0403fi07080ｸ7. ﾇ ｧ ｹ apple086ｧ ｹ0 apple 036ｧ ｦ ｹ ｧ90ｹ0 00apple 閨0ｹ ｹ0. ｦ 閨0ｹ0 0000applefi ｸ ｦ applefi ｦ007080ｸ70ｹ0, 閨 ｹ ｧ ｹ0 020ｷ apple 閨070ｷ307 00apple ｧ8020ｷ307 apple080ｸ7 07 apple026ｦ ｦ0 040ｷ ｧ apple00036ｧ9apple ｦ002, apple ｧ8 閨 ｧ ｹ0 0000apple 閨0ｹ ｧ9000ｹ0 02fi ｷ3036ｧ ｹ0 00apple ｧ ｹ ｹ0 apple08030ｸ ｧ80ｹ0 00apple ｧ80ｹ fi ｹ0 fi ｧ ｹ ｦ00ｹ0 00apple ｧ80ｹ ｹ0. 6ｾ402060ｹ0 6ｦ008 00applefi ｹ0 0007fi ｹ apple apple6ｧ804080ｸ ｸ70708apple ｹ0 040ｸ ｧ90ｹ0 閨 ｹ ｷ3036ｧ ｧ 閨 ｷ apple ｧ ｧ9. 6ｾ ｸ702 6ｧ9 0007fi ｸ7 apple 03fi ｹ ｧ9080ｸ7 apple ｧ9 apple080ｸ apple ｧ ｧ903 0ｹ ｧ ｷ3036ｧ9 ｦ ｧ903 0ｹ ｧ ｧ 閨 ｹ0 apple080ｸ ｦ applefi 02060ｹ ｷ3-036ｧ9000ｹ ｹ0 00apple ｧ ｹ ｹ0 apple08030ｸ ｧ80ｹ ｧ9 0ｹ0, apple086ｧ9000ｹ0, fi000ｷ30ｹ0, ｸ 閨0ｹ 閨0ｹ 閨02000ｹ ｹ0 apple 03 06fi ｹ ｧ9 0ｹ0 020ｷ applefi- 030ｷ ｷ fi, ｧ ｸ7 Stanley Chapman, Merchant Enterprise in Britain ( ﾒ 6ｧ9-00apple030602ｨB: Cambridge University Press, 1992) ｸ7 Charles A. Jones, International Business in the Nineteenth Century (09apple : Wheatsheaf, 1987).

5 136ﾑ80909O06ｦﾐ ﾒ6ﾑ86ｾ4 6ﾑ8ｦ ﾞｦﾐ066ﾑ8ｦﾐ6ﾑ86ｾ4 6ｾ4ｦ ﾇ 056ﾑ80306ｦﾐ ﾞ ﾒ ﾞｦﾐ ｦ ﾇ03 ｦﾐ6ｾ4ｦ O06ｦﾐ ﾞ ｧ apple080ｸ 閨 apple03fi ｹ0 0000apple 閨0ｹ ｧ9000ｹ , ｧ ｸ70ｹ fi ｧ apple 鐶pple080ｸ ｹ0 00apple ｧ ｹ0 0ｸ702086ｦ ｸ7 026ｦ0apple080ｸ7. 6ｾ ｧ ｧ ｷ3036ｧ9, applefi 閨 ｧ8 03 閨0409 0ｷ30ｹ ｧ8 apple09096ｧ apple fi ｹ0, apple 閨0ｹ ｧ9000ｹ ｧ9ｨB080ｸ 閨07 03fi fi0309 0ｸ7026ｧ ｧ9. ﾇ 0ｸ7apple08026ｧ ｸ7-026ｧ ｸ7 03fi03080ｸ7 020ｷ apple fi fi apple ｧ ｹ ｷ3apple6ｧ9ｨB ｷ30ｹ ｦ ｸ , ｹ ｦ ｷ307 0ｸ7apple0803 閨04000ｷ307 apple07070ｷ ｹ0 08apple086ｧ9000ｹ ｧ apple ｧ ｷ3036ｧ ｸ7apple ｹ ｧ90ｹ ｹ applefi 閨 fi 閨 ｹ0 apple fi ｹ ｧ80ｹ0 020ｷ307 07fi000ｷ307. ﾇ 03000ｷ3036ｧ ｸ7 02fi ｸ70ｹ0 040ｸ apple 閨 fi ｧ ｹ0 0707apple020ｸ701090ｹ0 020ｷ307 00apple ｧ804000ｷ307. ﾇ 03000ｷ3036ｧ9 0ｸ7026ｧ8, apple080ｸ7 0002apple090907ｨB0006 applefi apple030ｷ30208applefi ｧ ｸ7 Coase 閨 apple03080ｸ ｧ9 applefi Oliver Williamson ｸ70ｹ0, 0ｸ7apple ｧ9ｨB0006 fi apple ｧ ｹ 閨0ｹ apple ｷ3apple006ｦ0080ｸ 閨0ｹ fi 080ｸ70ｹ ｷ304090ｹ0 020ｷ apple03080ｸ8fi07020ｷ apple ｧ9 fi 閨070ｷ ｸ applefi ｧ ｸ apple ｧ apple ｧ8, fi0206, fi0908 0ｸ702fi, apple ｧ ｹ ｷ ｦ0080ｸ fi ｹ0 apple 閨07080ｸ apple08066ｧ804080ｸ fi ｹ0 040ｸ ｦ 08 02fi ｹ0 040ｸ apple ｦ0apple applefi apple fi, ｸ7apple ｷ ｧ802030ｷ307, apple 閨 fi020902, fi ｸ ｦ0, fi020902, ｸ70407fi ｷ ｸ , 02080ｸ70ｹ ｦ00ｹ ｦ00ｹ ｧ902020ｸ7apple ｹ0 apple fi ｹ0. 7 ﾇ 03000ｷ3-036ｧ ｸ7 02fi ｸ70ｹ0 040ｸ , fiapple0ｷ30ｹ fiｨB ｹ0 apple08030ｸ 閨0ｹ ｧ9-000ｹ0, 0ｸ7apple ｧ9ｨB0006 fi apple ｧ ｹ0 00apple ｧ907080ｸ ｸ70ｹ0 apple 閨03 applefi ｦ , 00apple0006 6ｧ fi ｹ0 040ｸ apple086ｧ ｦ ｹ ｧ90ｹ 閨0ｹ ｷ307 apple03080ｸ8fi07020ｷ307 00apple ｧ ｷ303006ｧ ｷ ｧ ｸ ｷ ｸ apple ｧ ﾇ 03000ｷ3036ｧ9 0ｸ7026ｧ8 apple 鐶pple0006 fi ｸ 閨0ｹ0 040ｸ 閨0ｹ , apple086ｧ9 070ｸ703 apple ｸ ｧ9 fiapple0ｷ30ｹ apple ｸ ｧ9 0ｹ0, apple ｧ ｸ7apple ｦ ｷ3046ｧ9 006ｧ ｷ apple ｧ800 02, apple080ｸ7 apple ｦ007 00apple6ｧ ｸ7apple0903 閨 apple ｧ90ｹ 閨0ｹ0, ｦ 閨04080ｸ ｹ ｧ9 0ｹ R. H. Coase, 00The Nature of the Firm03, Economica, 4 (1937), Oliver Williamson, Markets and Hierarchies (N 陦 08fi030209: Free Press, 1975) ｸ7 6ｧ ｸ7, 00Transaction cost economics: The Governance of Contractual Relations03, Journal of Law and Economics, 22 (1979) ｸ7 6ｧ ｸ7, 00The Modern Corporation: Origins, Evolution, Attributes03, Journal of Economic Literature, 19 (1981) ｸ7 6ｧ ｸ7, The Economic Institutions of Capitalism (N 陦 08fi : Free Press, 1985) ｸ7 6ｧ ｸ7, 00Transaction Cost Economics: How it Works; Where it is Headed03, Berkeley CA: Business and Public Policy Working Paper, Haas School of Business, University of California (09apple 閨 ｸ8, O ｹ0 1997).

6 1320 ﾞ09O ｦ O086ｾ4 6ﾑ80909O06O086ｾ4 6ｾ4ｦ ｦﾐ6ｾ4 09O 086ﾑ80503ｦﾐ ﾒ6ﾑ86ｾ4 fi ｹ ｧ80ｹ ﾞapplefi 0ｸ702fi 鐶pple fi apple ｧ ｨB ｹ0 (merchant intermediaries) apple6ｧ9ｨB apple ｸ7 0403fi07080ｸ7, ｹ apple ｧ ｹ ｸ apple ｦ 陦 ｷ ｦ0080ｸ ｹ fi 閨0ｹ ｸ70ｹ ｸ70ｹ0 06 6ｦ003080ｸ70ｹ ｹ0 apple ｷ3096ｧ80ｹ ｹ ｧ80ｹ0, apple08086ｦ009080ｸ fi ｹ0 040ｸ O ｷ3036ｧ9000ｹ ｸ 陦 fi04080ｸ ｷ ｸ 閨04000ｷ307 apple 03 閨04080ｸ ｧ 閨07 02 閨 apple0802 閨 , 0ｸ7apple ｧ9ｨB ｹ0 fi ｷ309006ｧ90ｹ apple03080ｸ8fi07020ｷ ｨB , 0207apple ｧ8, 02060ｹ0 0ｸ7apple ｧ9000ｹ0 020ｷ applefi030ｷ ｹ ｧ90ｹ 閨0ｹ0, 02fi apple0006 6ｧ apple ｧ ｹ0 0ｸ702086ｦ ｸ7 006ｧ9 080ｸ70ｹ ｨB apple fi apple fi ｹ ｹ0 020ｷ307 apple , fi apple0006 6ｧ fi ｸ70ｹ0 00apple ｧ ｧ fiapple0806 6ｧ apple ｦ apple0007 6ｦ004080ｸ apple ｸ ｧ ｹ0 040ｸ 閨0ｹ0, 02 08apple086ｧ9 006ｧ apple 03 6ｧ apple ｧ ｹ0 086ｧ800090ｹ ｹ0 00apple ｧ ｹ0. 8 6ｾ ｧ ｹ ｦ00ｹ0 00apple ｧ80ｹ fi ｹ0, 09 6ｦ0apple ｷ307 apple08030ｸ apple ｧ804000ｷ ｧ ｸ ｸ707 0ｸ7 0400fi 02080ｸ7 02fi ｸ70ｹ0 040ｸ ｹ ｸ 閨0ｹ 閨0ｹ ｹ0 0ｸ7applefi apple ｷ apple08030ｸ ｧ8 00apple ｧ ｧ fi apple ｧ ｨB 閨07 00apple 閨 apple ｧ ｷ ｧ 閨 ｷ 閨0ｹ0 apple , 閨07080ｸ7 fi ｹ0 00apple ｧ ｹ0 閨04080ｸ ｦ apple fi ｹ 閨0ｹ0, 02080ｸ70ｹ0 applefi03080ｸ70ｹ ｸ ｦ ｹ ｹ ｸ70ｹ ｧ ｧ9 0ｹ003 00apple ｦ apple ｦ ｸ707 applefi 08apple ｧ8apple apple036ｧ803080ｹ0 apple 03 09fi07020ｷ fi0408, 閨 ｧ ｧ ｹ apple086ｧ ｹ0, 00 閨 apple03fi fi ｦ ｧ ｸ7apple ｧ ｹ ｧ9 0ｹ ｹ 閨0ｹ 閨0ｹ0. ｦ apple ｧ ｧ9 0ｹ ｸ707 閨 ｸ apple ｧ fiapple080ｸ703, apple080ｸ ｦ fi apple086ｧ apple ｧ apple ｧ9 07 apple ｧ apple apple086ｧ ｷ307 00apple0007 6ｦ004000ｷ ｷ fi, 07026ｧ ｸ703006ｧ fi 02090ｹ0 apple 閨 ｧ9 0ｹ0 apple apple ｹ ｷ309 閨0ｹ0. 6ｾ402 apple ｧ ｸ apple ｧ9 07 apple 閨 ｹ apple6ｧ9apple ｧ ｹ ｹ ｹ0, 0806 apple apple ｷ ｧ9 applefi ｧ fi ｹ ｧ9 0ｹ0, ｧ ｧ ｧ applefi ｧ ｧ ｧ apple00036ｧ9apple020ｷ ｷ307 apple08030ｸ apple ｧ804000ｷ307, 00apple0006-6ｧ8, ｹ ｷ309 閨0ｹ0 096ｧ 閨 ｸ fi ｹ0, ｧ9000ｹ ｦ ｸ apple ｷ3096ｧ8. 8. J. C. McManus, 00The Theory of the Multinational Firm03, G. Paquet (00apple0600. 閨02.), The Multinational Firm and the Nation State ( ｹ0, O0702.: Collier-Macmillan, 1972)01 Peter J. Buckley Mark Casson, The Future of the Multinational Enterprise ( ｧ90708: Macmillan, 1976)01 J. F. Hennart, A Theory of Multinational Enterprise (A apple0803: University of Michigan Press, 1982) ｸ7 6ｧ ｸ7, 00The Transactions Cost Theory of the Multinational Enterprise03, Christos N. Pitelis Roger Sugden (00apple0600. 閨02.), The Nature of the Transnational Firm ( ｧ90708: Routledge, 1991).

7 136ﾑ80909O06ｦﾐ ﾒ6ﾑ86ｾ4 6ﾑ8ｦ ﾞｦﾐ066ﾑ8ｦﾐ6ﾑ86ｾ4 6ｾ4ｦ ﾇ 056ﾑ80306ｦﾐ ﾞ ﾒ ﾞｦﾐ ｦ ﾇ03 ｦﾐ6ｾ4ｦ O06ｦﾐ ﾞ 21 ｦ fi ｸ fi apple03fi020ｸ7apple ｸ7 John H. Dunning 00070ｹ0 6ｧ 閨 ｷ fi apple03 6ｧ ｹ ｹ ｷ 閨0ｹ0 apple ｧ ｹ0. ｦ fi ｸ fi apple03fi020ｸ7apple08 0ｸ7apple ｧ9ｨB0006 fi apple ｧ ｹ ｦ ｧ8 apple ｷ3096ｧ8 07 閨04080ｸ707 apple ｧ ｧ9 0ｹ apple ｧ fiapple080ｸ ｦ007 apple fi ｸ ｷ307 apple ｸ ｧ90ｷ ｸ70ｹ 閨 ｧ 閨 fiapple fi ｧ apple ｧ ｷ303006ｧ9 fi apple ｧ9 07 apple ｧ 閨 ｸ703006ｧ9 0ｸ ｸ apple ｧ ｨC ｧ8 07 閨 閨 ｷ ｧ902000ｸ704090ｹ0. 9 ｦ ｸ fi apple03fi020ｸ7apple ｸ7 Dunning 086ｧ apple 閨 apple08-030ｸ 閨0ｹ0 0000apple 閨0ｹ ｧ9000ｹ0. 6ｾ ｸ703006ｧ ｧ ｸ ｸ ｦ ｸ7 apple ｦ0apple080ｸ ｧ 閨 , 08 Dunning ｧ8, ｧ ｸ7 0403fi07080ｸ7, applefi apple08046ｧ ｸ7 0000apple ｦ0 02 apple ｦ 陦 0000apple08046ｧ ｸ ｦ0 02 apple ｦ003, ｹ ｦ ｹ0 apple08030ｸ 閨0ｹ ｧ9000ｹ apple026ｦ ｷ ｧ902000ｸ ｷ307 apple ｷ ｸ ｸ70ｹ0, 020ｷ307 apple0ｷ3036ｧ804000ｷ ｹ0 apple ｷ3096ｧ80ｹ0. ｦ 080ｸ applefi ｧ ｸ7 1870, fiapple0ｷ30ｹ0 0ｸ7apple ｧ9ｨB Dunning, ｧ 閨 ｷ303086ｦ007 apple03080ｹ0 02 apple6ｧ9040ｷ3, apple ｷ3096ｧ8 applefi030ｷ307, ｧ804080ｸ ｸ70ｹ apple apple080ｸ70ｹ0 apple0ｷ3036ｧ804000ｷ ｹ ｧ90ｹ 閨0ｹ fi09080ｸ70ｹ0 02fi ｸ70ｹ0 040ｸ ｧ ｸ703086ｦ apple ｧ ｧ9 0ｹ ｸ70ｹ0. 6ｾ40208 apple03 6ｧ ｸ702fi, fi ｦ ｹ0 apple 0902fi ｹ0 apple ｷ3096ｧ80ｹ ｸ7 apple 0902fi ｸ7 0000apple08036ｧ9080ｸ7 apple ｹ ｸ7fi ｸ70ｹ0 0000apple ｦ00ｹ ｨB ｹ0, ｹ0 applefi 閨 ｸ ｸ ｸ fi 0000applefi 閨 applefi 02 apple03080ｸ8fi0702 apple080ｸ 閨 ｦ (bulk commodities) 0400 apple ｦ , ｸ70ｹ ｸ70ｹ0 07 apple0ｷ303086ｦ apple03080ｸ8fi 閨07 0ｹ , apple ｧ ｧ9 0ｹ ｸ70ｹ ｧ9ｨB fi apple fi ｧ8 070ｸ7030ｷ307 apple ｸ ｧ90ｷ307. O Dunning 00apple06046ｧ ｸ ｨBfi ｦ0apple apple , ｷ apple0ｷ , apple6ｧ ｸ700, fiapple0ｷ30ｹ0 08 6ｧ , fi0206 apple030ｷ fi0ｹ applefi0ｹ ｸ70ｹ0 6ｧ802 07, applefi 02fi0200, 09 apple030804apple 閨 ｹ0 apple0909 閨0ｹ0 apple ｷ307 0ｸ fi ｦ ｹ ｷ ｧ80ｹ ｧ9 0ｹ ｧ8 00apple ｧ ｧ ｸ7apple ｦ fi 03fi ｷ apple apple08046ｧ ｸ ｦ0 02 apple ｦ003, 閨000ｹ0 9. John H. Dunning, The Globalization of Business ( ｧ90708: Routledge, 1993). ｦ fi ｸ fi apple03fi020ｸ7apple08 apple ｦ fi ｦ ｦ003080ｹ apple 閨 ｷ 縺 ｸ7036ｦ ｧ9, fi000ｷ30ｹ0, John H. Dunning, 00The Eclectic Paradigm as an Envelope for Economic and Business Theories of MNE Activity03, University of Reading, Department of Economics Discussion Papers in International Investment and Management, 02fi00080ｹ0 2 (1998/99), J. H. Dunning, Multinational Enterprises and the Global Economy ( 縺080ｸ7fi : Addison-Wesley, 1992),

8 1322 ﾞ09O ｦ O086ｾ4 6ﾑ80909O06O086ｾ4 6ｾ4ｦ ｦﾐ6ｾ4 09O 086ﾑ80503ｦﾐ ﾒ6ﾑ86ｾ4 apple080ｸ7 apple 03080ｸ apple0608 apple07070ｷ3 00apple ｦ apple ｦ ｦ0- apple0ｷ ｸ7apple0803 閨04000ｷ307 apple080ｸ ｦ ｸ ｨBfi ｦ0apple ｷ apple ｧ ｹ , 0806 apple08030ｸ 閨0ｹ0 0000apple 閨0ｹ ｧ9000ｹ0 00apple ｧ ｷ ｧ9 fi0206 閨04080ｸ707 apple ｧ ｧ9 0ｹ fi0408, 02 apple ｧ ｸ ｧ applefi ｧ907 apple080ｸ7 閨04080ｸ 閨0ｹ0 00apple ｧ ｹ0. 6ｾ402080ｸ70ｹ ｸ70ｹ ｸ apple ｦ 陦, 02 apple ｧ ｧ9 0ｹ0 006ｧ907 06, 040ｸ , ｷ300 閨 ｧ9000ｹ0 apple080ｸ7 apple ｦ apple ｸ ｧ9 0ｹ0, 閨07080ｸ70ｹ ｸ70ｹ0, fiapple0ｷ30ｹ0 09 0ｸ ｧ9, 0ｸ7apple6ｧ apple ｧ apple080ｸ ｧ 閨 ｸ ｧ9 0ｹ0, apple ｧ apple080ｸ7 040ｸ707 閨 apple 閨0ｹ0 00apple0ｷ3070ｸ7006ｧ9000ｹ0, apple086ｧ9000ｹ0 6ｧ applefi 00fi07000ｹ ｸ70ｹ ｦ apple0806fi ｹ0. 6ｾ 陦 020ｷ307 0ｸ7apple , 02 apple ｧ ｧ9 0ｹ ｨB ｧ ｦ ｹ fi ｹ0 (00soft03 skills), apple080ｸ7 006ｧ ｷ ｷ300 閨07000ｹ ｸ70ｹ apple080ｸ70ｹ fi ｹ 閨0ｹ0 6ｧ ｸ apple03080ｸ8fi ﾇ , 09 apple fi apple ｹ 閨 ｹ0 apple ｦ ｸ apple09096ｧ8 020ｷ307 apple ｷ ｧ9 0ｹ ｹ0 00apple ｧ ｹ ｸ 陦 020ｷ307 0ｸ7apple ﾞ0ｸ702fi, apple fi02 02, ｦ ｧ apple00036ｧ9apple020ｷ ｷ apple ﾞ apple 閨0ｹ ｧ9000ｹ0, fi apple ｦ , fi ｹ ｸ ｸ applefi030ｷ307 6ｧ apple086ｧ , 07 - apple026ｦ ｸ707 6ｧ8 apple ｦ 閨0ｹ ｧ9000ｹ0 (00hard03 technologies), ｹ 閨0ｹ0 0000apple 閨0ｹ fi 閨0ｹ ｸ70ｹ ｦ ｧ fi apple apple ｸ ｸ70ｹ ｧ9, fiapple0ｷ30ｹ apple08036ｧ802000ｹ0 6ｧ apple ｧ802000ｹ0, 00apple ｧ ｧ , apple 閨0ｹ ｧ9000ｹ0 0000apple ｦ , 080ｸ , ｧ9000ｹ0, ｧ9000ｹ apple ｧ ｸ70ｹ apple080ｸ70ｹ 閨02080ｸ ｧ ｹ ｧ9000ｹ apple ｧ 閨04 applefi ｸ70ｹ ｹ 閨0ｹ ｹ 閨 ｹ apple 08 閨0ｹ ｸ70ｹ ｹ0 00apple ｧ ｹ0, 0000 apple ｸ702 閨0ｹ ｷ302 閨0ｹ0. 12 ﾇ ｧ ｹ ｹ ｹ0 apple fi ｹ ｧ ｷ apple ｸ7apple ｧ9ｨB ｹ ｧ9000ｹ0 apple080ｸ7 6ｧ ｦ0apple ｷ apple , 02fi fi ｹ0 040ｸ fi fi ｹ0 apple fi ｹ0. 00apple0ｷ30ｹ0 閨 ｸ7apple ｧ Casson, applefi apple ｦ applefi 06, 02 08apple086ｧ ｦ0apple02080ｸ707 02fi0408 applefi 閨 apple ｦ007090ｹ0, fi applefi 閨 apple fi ｹ0. ｦ 6ｦ008 0ｸ ｧ9 02fi ｸ70ｹ0 00apple ｦ ｷ303086ｦ007 applefi ｸ703096ｧ , fiapple0ｷ30ｹ apple 閨0ｹ ｧ9000ｹ0, apple080ｸ ｦ ｸ7apple 閨 ｸ ｷ apple08-6ｧ90ｷ fi ｷ307 02fi000ｷ ｦ 08 02fi ｹ0 apple fi ｹ0 apple ｦ0apple Robert Grosse, 00International Technology Transfer in Services03, Journal of International Business Studies, 27 (1996), Perry, Evolution, Casson, 00Economic Analysis03.

9 136ﾑ80909O06ｦﾐ ﾒ6ﾑ86ｾ4 6ﾑ8ｦ ﾞｦﾐ066ﾑ8ｦﾐ6ﾑ86ｾ4 6ｾ4ｦ ﾇ 056ﾑ80306ｦﾐ ﾞ ﾒ ﾞｦﾐ ｦ ﾇ03 ｦﾐ6ｾ4ｦ O06ｦﾐ ﾞ 23 applefi ｧ9 02fi ｸ70ｹ0 apple080ｸ7 040ｸ707 閨 fi03080ｷ ｹ ｹ0, fiapple0ｷ30ｹ ｦ ｧ8 6ｧ8 apple ｸ7026ｧ8, 6ｧ apple fi 020ｷ ｦ003060ｷ ｹ ｧ80ｹ fi ｹ applefi 02 apple ｧ ｷ apple apple ｦ apple ｦ ｹ0 040ｸ ｧ9000ｹ0 086ｧ800090ｹ apple fi ｹ0. O apple 閨0ｹ ｧ9000ｹ0 00apple ｧ ｷ ｧ9 fi ｸ707 fi ｧ ｧ9 02fi ｸ70ｹ0 apple080ｸ7 040ｸ707 閨 閨03000ｸ707, apple ｸ70409, 02060ｹ0 040ｸ 閨0ｹ apple fi 閨0ｹ0 0000applefi030608, ｸ700 閨 ｸ70ｹ ｹ 閨0ｹ apple fi apple ﾑ8apple06apple03 閨0807, apple 閨0ｹ ｧ9000ｹ0 apple080ｸ ｦ ｸ 閨07000ｹ 閨0ｹ0 6ｧ8 apple03080ｸ8fi apple ｧ ｧ 閨0ｹ ｸ703096ｧ804080ｸ707 apple ｧ apple fi ｹ0. ﾇ apple fi 閨0ｹ0 6ｧ8 apple03080ｸ8fi0702, applefi ｧ8 apple080ｸ7 03 閨 ｸ ｷ303006ｧ9, 00apple ｧ ｷ ｧ ｧ9 0900fi fi fi0ｹ ｹ0 00apple ｧ ｹ0, fi apple080ｸ7 006ｧ fi 02fi ｹ ｹ0 00apple fi ｹ ｧ804090ｹ ｹ , 閨07 0ｹ ｧ ｹ0 apple080ｸ7 apple0ｷ303006ｧ9 02 apple03080ｸ8fi ｸ 閨 ｸ70303 閨 apple ｧ9000ｹ0 apple080ｸ7 006ｧ ｧ ｹ0 00fi ｧ ｸ7 040ｸ ｧ8, apple ｧ ｧ9 00apple ｧ9 07 apple0ｷ303006ｧ9 apple ｧ9000ｹ apple ｦ00ｹ 閨0ｹ0, 閨 apple ｧ9ｨB fi ｹ0 apple fi ｹ fi 040ｸ ｾ fi apple080ｸ apple 閨0ｹ ｧ9000ｹ ｸ7apple ｦ007 apple ｦ00ｹ 閨0ｹ apple0ｷ 閨0ｹ0, 02fi fi fi 閨 fi ｹ ｧ8 apple 閨 ｧ ｷ3 applefi fi ｹ0 apple080ｸ7 040ｸ707 閨 fi applefi 02060ｹ0 6ｧ ｹ ｹ0 00apple ｧ ｹ ｷ300 閨07. 6ﾑ8apple06apple03 閨0807, 03 0ｸ7apple ｸ ｧ9000ｹ ｧ ｹ applefi apple 閨030ｷ3 apple fi ｹ ｧ ｧ8 閨07 040ｸ 閨0708 apple03080ｸ8fi07, fi apple080ｸ fi 02fi ｹ ｹ ｹ ｸ ｸ ｷ ｧ apple03080ｸ8fi07. 6ﾑ8apple06apple03fi , ｸ703006ｧ apple ｧ ｸ707 02fi07 07 apple apple ｧ9000ｹ0 040ｸ707 00fi ｹ ｦ , apple080ｸ apple ｦ apple ｦ007 applefi fi 閨 apple0ｷ30ｹ0 閨 ｸ7apple0803 閨 Roehl, ｦ ｦ0apple ｷ apple0ｷ apple , 02 apple ｧ ｹ apple086ｧ ｹ ｹ0 0000apple ｧ80ｹ0 00apple ｧ ｹ0 0ｷ30ｹ 陦 ｹ0 006ｧ apple fi applefi ｸ7 apple03080ｸ8fi ｹ ｸ7 fi ｸ ｸ7 0000apple08036ｧ9080ｸ7. O Roehl 0ｸ7apple ｧ9ｨB0006 fi0206 0ｸ7apple ｸ 閨07 020ｸ7apple08apple 閨 apple03080ｸ8fi0702 apple080ｸ 閨 ｦ0 0907, apple086ｧ ｧ ｧ apple fi applefi ｷ ｧ902000ｸ70409, 00apple0006 6ｧ ｸ700 閨 apple ｧ9 14. Mark Casson, 00The Organisation and Evolution of the Multinational Enterprise: An Information Cost Approach03, Management International Review, 39 (1999), ｸ7 6ｧ ｸ7, Information and Organisation: A New Perspective on the Theory of the Firm (O0108fi03 09: Clarendon Press, 1997).

10 1324 ﾞ09O ｦ O086ｾ4 6ﾑ80909O06O086ｾ4 6ｾ4ｦ ｦﾐ6ｾ4 09O 086ﾑ80503ｦﾐ ﾒ6ﾑ86ｾ ｧ90ｹ ｹ ｸ fi ｹ0 040ｸ ｧ80ｹ0 02fi ｸ70ｹ 閨0ｹ0 fi ｸ70ｹ0 apple0ｷ 閨0ｹ0. 15 ﾞ07026ｧ , 09 apple08030ｸ7apple030802fi ｹ ｧ ｸ704090ｹ0, 09 0ｸ ｧ ｹ ｹ0 apple0806fi ｹ0, fi ｹ0 apple ｹ ｹ0 ｨB6ｧ ｹ ｸ fi0ｹ0 fi ｹ ｸ7 0000apple08036ｧ9080ｸ7 006ｧ apple fi ｦ007080ｸ ｹ0 00apple ｧ ｹ apple ｦ , 040ｷ3036ｧ90ｹ apple086ｧ ｨBfi07020ｷ307 fiapple0ｷ30ｹ apple 閨0ｹ ｧ9000ｹ0. O06 apple0608 apple07070ｷ3 06 閨000ｹ ｹ0 6ｧ907080ｸ707, 00apple6ｧ904090ｹ0, 閨07000ｹ0 0ｸ7apple0803 閨 ｹ ｸ70ｹ0 03fi09080ｸ70ｹ ｸ70ｹ0 08apple086ｧ9080ｸ70ｹ0 0000apple 閨0ｹ ｧ9000ｹ0 00apple ｧ apple ｦ007, 00apple ｧ ｹ fi ｸ70ｹ apple00 6ｧ9 apple080ｸ ｸ707- 閨 applefi apple ｧ 閨03080ｸ fi04080ｸ ｹ ｹ ｷ3046ｧ ｹ 閨0ｹ0, apple030804apple apple08066ｧ804080ｸ ｹ fi03000ｹ0 000ｸ ｧ9000ｹ0, ｸ ｷ ｦ003080ｸ70ｹ0. ｦ 08 02fi ｹ0 040ｸ ｧ80ｹ0 apple080ｸ7 apple ｦ0apple applefi apple060400fi 6ｧ ｸ ｧ ｹ0 apple fi ｹ0 00apple ｧ9 07 apple 閨 ｧ ｹ0 0000apple 閨0ｹ0 00apple ｧ ｹ ｷ303086ｦ007 02fi0408 apple03080ｹ0 02 apple6ｧ9040ｷ3 fi apple03080ｹ apple03fi0ｹ fi ｷ apple ｧ fi0206 0ｸ702 閨0ｹ ｧ ｹ0 0ｸ7apple ｦ0080ｸ707, , apple ｧ fi ｸ70ｹ0, ｹ0 apple ｧ9- ｨB080ｸ707 6ｧ ｦ ｧ90ｷ30ｹ apple applefi 06 apple080ｸ ｦ0apple02080ｸ707 applefi 02060ｹ0 040ｸ ｧ9000ｹ ｹ0 apple fi ｹ apple060400fi. O apple 閨0ｹ ｧ9000ｹ0 08 閨 ｸ apple 086ｧ 閨0ｹ apple0ｷ 閨0ｹ , 0ｷ30ｹ0 apple0802 閨 , ｸ 閨0ｹ ｸ70ｹ0 00apple ｧ9 07 apple ｦ007 applefi ｸ707 02fi apple080ｸ7 6ｧ907080ｸ ｸ70ｹ0 apple ｹ ｸ70ｹ ｸ ｦ ｸ70ｹ ｦ apple apple080ｸ7 03 鐶pple0300apple ｸ ｷ30ｹ0 apple ｧ ｹ ｹ0 0000apple 閨0ｹ ｧ9000ｹ0. ﾇ 06 apple ｸ ｧ8 03 閨 ｹ0 0000apple ｧ80ｹ ｧ9 0ｹ0 096ｧ 閨 ｧ ｹ0 apple fi ｧ80ｹ ｹ ｧ , ｹ apple ｹ ｹ0 apple ｦ007 apple fi ｹ0 apple ｧ9000ｹ0. 縺 apple ｸ707, apple 閨0ｹ ｧ9000ｹ0 03 apple03 鐶pple apple ｸ apple fi 02090ｹ apple086ｧ ｹ0 applefi 02060ｹ0 040ｸ 閨0ｹ0, apple ｹ ｧ9 06 applefi fi ｹ0 00apple ｧ ｹ0 apple ｸ apple ｧ8 00apple0007 6ｦ ｹ apple ｧ ｹ0 020ｷ307 apple ｸ ｧ8 020ｷ307 apple ｸ70ｹ0, 6ｧ8 00apple0007 6ｦ ｹ ｹ0 07 閨000ｹ fi ｹ ｸ703096ｧ9 07 閨0ｷ ｸ7046ｧ9 0ｷ307 apple 閨 ｹ0 016ｧ9 0ｹ0. 16 ﾞ0ｹ0 040ｸ ｧ904080ｸ fi ｷ3036ｧ9000ｹ apple08030ｸ ｧ8 00apple ｧ , ｷ ｧ902000ｸ ｹ 閨 ｹ 陦 fi04080ｸ7 00apple ｧ907080ｸ apple ｷ apple086ｧ ｷ apple fi , 00apple ｦ ｹ ｸ 閨07000ｹ0 0ｸ7apple0803 閨 ｹ0 apple080ｸ ｦ0080ｸ707 02fi ｸ ｨBfi ｦ0apple Thomas Roehl, 00A Transactions Cost Approach to International Trading Structures: The Case of the Japanese General Trading Companies03, Hitotsubashi Journal of Economics, 24 (1983), Jean-Fran04ois Hennart Georgine M. Kryda, 00Why do Traders Invest in Manufacturing?03, Jones (00apple0600. 閨02.), The Multinational Traders,

11 136ﾑ80909O06ｦﾐ ﾒ6ﾑ86ｾ4 6ﾑ8ｦ ﾞｦﾐ066ﾑ8ｦﾐ6ﾑ86ｾ4 6ｾ4ｦ ﾇ 056ﾑ80306ｦﾐ ﾞ ﾒ ﾞｦﾐ ｦ ﾇ03 ｦﾐ6ｾ4ｦ O06ｦﾐ ﾞ ｷ apple fi ｹ 閨0ｹ apple086ｧ909046ｧ80ｹ ｸ70ｹ0. O ｧ ｹ0 0ｸ702 閨0ｹ0 08 6ｧ apple090907ｨB080ｸ707, apple fi02 02, applefi 02060ｹ0 apple 閨0ｹ ｹ ｹ0, 02090ｹ0 apple fi ｹ0, 02090ｹ0 086ｧ800090ｹ ｷ 閨04000ｷ307. ｦ ｧ903 0ｹ ｧ apple030804apple 036ｧ ｦ0apple ｹ 閨0ｹ0 020ｷ apple ｷ30ｹ0 0ｸ ｷ307 0ｸ7apple0803 閨04000ｷ ﾇ 0001 閨 ｷ apple ｧ804000ｷ307 ｦ ｹ ｧ9000ｹ0 閨03000ｸ707 0ｹ0 閨04080ｸ apple00036ｧ ｸ ｦ ｹ apple020ｸ701090ｹ0 020ｷ apple ｧ804000ｷ307, ｹ0 apple 閨0ｹ ｸ703086ｦ apple 閨07080ｸ707 閨010ｷ3 applefi 0208 apple00 6ｧ ｹ ｹ0 00 0ｹ0. 17 O fi03080ｹ0 00apple08030ｸ ｧ8 00apple ｧ apple ｧ ｦ0030ｷ ﾑ8apple ｦ00400, 02fi0200, 000ｸ703 閨0ｷ30ｹ ｧ fi ｧ ｧ ｹ0 6ｧ fi fi ｹ ｷ30ｹ ｦﾌ fi fi apple000306fi 080ｸ7, apple080ｸ7 040ｸ707 00fi apple ｷ ｷ apple08030ｸ ｷ307 ﾇ09 ﾞ, fiapple0ｷ30ｹ0 09 IBM Ford. 020ｸ , 6ｧ ｷ30402fi fi0206 apple apple ｦ ｹ ｧ90ｹ ｧ ｹ ｧ9080ｸ 閨 ｸ ｸ , apple ｦ00400, , ｧ fi0206 鐶pple ｸ7036ｧ90ｷ30ｹ ｧ8 020ｷ307 00apple0007 6ｦ004000ｷ ｸ ｧ9080ｸ7 ｨC ｧ8, ｸ70700apple ｸ ｦ 閨 ｸ7ｨC fi ｧ8 020ｷ ｷ307 00apple0007 6ｦ004000ｷ307 applefi ｷ fi, apple080ｸ7 006ｧ 閨0ｹ0 00apple 閨07-0ｸ704090ｹ 閨 apple ｧ ｸ70700apple ｸ ｦ 閨 ｸ fi0408, applefi ｧ ｸ7 1970, apple ｧ ｸ 閨0ｹ apple ｸ7026ｧ8, 閨 ｸ700apple 閨 fi ｦ0030ｷ 閨 ｧ ｷ307 apple 0902fi ｷ307 00apple0007 6ｦ004000ｷ ｧ 閨07000ｹ ｹ0 00apple0007 6ｦ ｹ fi apple0007 6ｦ ｹ ｸ ｧ9080ｸ7. 6ｾ ｦ apple 0902fi ｧ ｹ0 00apple08046ｧ80ｹ ｧ907090ｹ0, ｸ7026ｧ ｦ ｸ700apple 閨 fi 閨07000ｹ ｹ0 00apple0007 6ｦ ｹ fi apple 0902fi ｧ9 6ｧ ｧ904000ｹ ｹ fi 02080ｸ7 apple 0902fi ｸ7 apple03080ｸ8fi ｹ ｸ ｦ 08 apple fi 0ｸ702fi , fi ｧ ｸ7 1990, ｹ0 00apple0007 6ｦ ｹ0 applefi ｷ fi apple apple000ｸ ｦ0030ｷ , ｹ fi 02080ｸ7 apple 0902fi ｸ7 apple03080ｸ8fi ｹ ｾ46ｦ000080ｷ ｹ0 000ｸ703 閨0ｷ30ｹ ｸ7fi ｹ ｧ ｹ ｸ7 Dunning , ｧ8 020ｷ307 apple08030ｸ apple0007 6ｦ004000ｷ307 6ｧ ｧ8. ﾇ 040ｸ ｧ8 6ﾑ80ｸ70306apple09 6ｧ ｦ 閨 ｷ307 apple 0902fi ｷ ｷ307 00apple0007 6ｦ ｷ307 applefi ｷ fi, apple ｷ3apple006ｦ ｹ0 apple00036ｧ9apple080ｸ ｹ fi 02080ｸ7 040ｸ ｦ0 apple ｦ0. 09fi ﾇ070ｷ300 閨0708 ｦﾌ 046ｧ apple apple000ｸ ｹ0 17. ｦ 08 00applefi ｸ7apple ｧ9ｨB , fi, Jones, Evolution. 18. United Nations, World Investment Report: Transnational Corporations, Employment and the Workplace (N 陦 08fi030209: UNCTC, 1994),

12 1326 ﾞ09O ｦ O086ｾ4 6ﾑ80909O06O086ｾ4 6ｾ4ｦ ｦﾐ6ｾ4 09O 086ﾑ80503ｦﾐ ﾒ6ﾑ86ｾ fi. O06 ﾇ070ｷ300 閨07000ｹ ｧ9000ｹ apple apple000ｸ ｹ fi 02080ｸ7 040ｸ ｦ0 apple ｦ0 020ｷ 閨070ｷ ｷ307 00apple0007 6ｦ004000ｷ307. O06 ﾇ070ｷ300 閨07000ｹ ｧ9000ｹ0 6ｧ802 07, 00apple6ｧ904090ｹ0, ｧ ｧ9 0ｸ7apple ｧ80ｹ0 ｨC apple ｹ0 apple00036ｧ9apple080ｸ ｹ fi 020ｷ307 apple 0902fi ｷ ｷ307 00apple0007 6ｦ004000ｷ307 applefi ｷ fiｨC, apple07070ｷ3 applefi ｹ fi 006ｧ apple ｧ ｧ8 ﾞ ｧ ﾞ046ｧ9. ﾒ 陦, 02080ｸ 閨07 006ｦ ｷ307 apple 0902fi ｷ ｷ307 00apple0007 6ｦ ｷ307 applefi ｷ fi 6ｧ apple 閨 ｸ ｦ00ｹ0 applefi03080ｸ70ｹ fi 閨 ｧ 陦 020ｷ307 0ｸ7apple , 086ｧ ｹ ｸ7applefi030806apple08 [ ｧ8, apple00036ｧ9apple080ｸ 閨07 閨020208] 陦 02090ｹ apple086ｧ ｹ0. 19 O0ｸ , ｧ8 0ｸ7026ｧ8 閨 閨 ｦﾌ fi fi O06 apple08030ｸ 閨0ｹ0 00apple0007 6ｦ ｹ ｸ703086ｦ ｸ ｧ ｸ7 1920, ｹ0 ﾇ070ｷ300 閨07000ｹ ｧ9000ｹ ｦ ｦ ｧ ｷ3096ｧ80ｹ0 applefi apple ｹ ｧ80ｹ ｷ307 00apple0007 6ｦ004000ｷ ｷ fi. 6ﾑ ｹ 閨0ｹ0 00apple ｧ ｹ0 020ｷ307 ﾇ09 ﾞ ｦ ｷ fi, apple ｧ ｹ ｧ80ｹ0 0ｷ308 閨 ｹ0 apple apple086ｧ ｹ0 00apple0007 6ｦ ｹ ｧ8 ﾞ ｧ ｦ fi0408, 006ｧ apple08036ｦ0 apple6ｧ fi ｦ ｷ ｷ307 00apple0007 6ｦ004000ｷ ｷ307 ﾇ09 ﾞ ｷ fi 閨 ｧ ｹ0 ｦﾌ ｧ9 0ｹ fi ｸ apple0803 閨00080ｸ7. 6ｾ46ｦ000080ｷ ｹ ｧ ｹ ｸ7 Dunning, 09 ｦﾌ ｧ apple apple000ｸ ｹ fi 02080ｸ7 040ｸ707fi03080ｸ7 020ｷ307 apple 0902fi ｷ307, ｷ307 00apple0007 6ｦ004000ｷ ｷ fi ﾇ070ｷ300 閨07000ｹ ｧ9000ｹ ｹ fi. ﾞ07026ｧ , 09 縺 ｧ9, apple080ｸ7 6ｧ ｹ ｹ0 00apple0007 0ｸ7026ｧ80ｹ0 apple applefi , 閨 applefi ｧ800000ｸ ｷ307 apple fi ｷ307 apple ｸ ｧ90ｷ ｹ ｹ ｸ7 ﾞ ｧ9080ｸ 閨00080ｸ7, apple apple000ｸ700 00fi 閨 fi apple fi 02080ｸ7 apple 0902fi ｸ7 apple ｦ0 020ｷ 閨070ｷ ｷ307 00apple0007 6ｦ004000ｷ O06 apple08030ｸ 閨0ｹ0 00apple0007 6ｦ ｹ0 0ｷ30ｹ0 046ｦ ｧ 閨 ｹ0 applefi ｧ ｸ ｦ 閨04apple ｹ ｹ0 O ｧ80ｹ0 ﾒ036ｧ904090ｹ0, apple030ｷ ｷ ｸ 閨09040ｷ307, 09 apple ｧ apple ｷ ｷ apple ｸ ｷ307 apple0802 閨 ｧ 閨000ｹ0 apple08030ｸ 閨0ｹ0 00apple0007 6ｦ ｹ0, ｸ ｹ0 00apple ｧ ｹ ｸ700apple ｸ ｧ904080ｸ ｧ 閨03 0ｷ30ｹ ｧ ｧ fi0206 0ｸ702fi fi apple03 6ｧ 閨 ｸ7036ｦ apple ｧ8, ｧ apple086ｧ ｧ9ｨB apple ｧ ｧ ﾒ 006ｧ9 020ｸ76 5 閨 fi0ｹ ｧ907090ｹ0 020ｷ307 ﾇ070ｷ300 閨070ｷ 閨 apple6ｧ ｹ ｧ ｹ0, apple applefi ｦﾌ fi fi , 閨 ｹ0 020ｷ ｷ307 00apple0007 6ｦ004000ｷ307 applefi ｷ fi. 6ｾ ｹ0 apple000306apple ｹ0, 08 03fi09080ｹ0 020ｷ ｷ307 00apple0007 6ｦ004000ｷ307 applefi ｷ fi apple03080ｹ ｹ0 00apple0007 6ｦ ｹ ｸ ｧ9080ｸ7 apple03 鐶pple ｧ9 applefi ｧ9 (apple080ｸ7, 00apple6ｧ904090ｹ0, ｧ apple ) ｹ0 040ｸ 閨0ｹ0 01 閨07000ｹ0 00apple0007 6ｦ ｹ0. O06 apple030804apple ｹ ｹ0 02 閨 ｹ ｸ704090ｹ0 19. Dunning, Multinational Enterprises,

13 136ﾑ80909O06ｦﾐ ﾒ6ﾑ86ｾ4 6ﾑ8ｦ ﾞｦﾐ066ﾑ8ｦﾐ6ﾑ86ｾ4 6ｾ4ｦ ﾇ 056ﾑ80306ｦﾐ ﾞ ﾒ ﾞｦﾐ ｦ ﾇ03 ｦﾐ6ｾ4ｦ O06ｦﾐ ﾞ ｷ ｸ ｧ90ｷ307 apple ｦ0080ｸ ｨB0807 apple03fi ｹ ｧ80ｹ fi ｹ0 020ｷ ｷ307 00apple0007 6ｦ004000ｷ307 applefi ｷ fi apple applefi ｦﾌ fi fi apple 閨0ｹ 閨0ｹ ｹ ｧ9000ｹ apple apple ｦ ｹ0 00apple0007 6ｦ ｹ 閨07000ｹ ｹ , 006ｧ ｧ ｷ300 閨 閨 ｸ70ｹ0. 6ﾑ86ｧ apple026ｦ 閨0ｹ 閨0ｹ fi ｹ ｸ70ｹ0 apple ｦ ｧ904080ｸ apple apple ｦ007 00apple0007-6ｦ ｹ ｷ fi, apple apple080ｸ ｸ70ｹ0 00apple 閨 ｧ804080ｸ ｹ0 00apple0007-6ｦ ｹ ｸ70ｹ0. ｦ 08 apple03fi020ｸ7apple08 0ｸ702fi apple ｦ fi apple00036ｧ9apple020ｷ apple ｧ804000ｷ ｷ307 ﾇ09 ﾞ, apple 閨0ｹ0 000ｸ7030ｷ3apple 0ｸ802 閨0ｹ0 00apple ｧ ｹ0. 6ｾ 閨 ｸ apple020ｸ ｷ ｦ ｷ apple ｧ804000ｷ307, 08 Alfred D. Chandler fi ｹ0 閨 ｸ7apple ｧ ｧ9 020ｷ ｷ307 00apple ｧ804000ｷ307, 02090ｹ ｸ703096ｧ9 0ｹ ｷ ｹ0 00apple ｧ80ｹ ｧ ｹ0. 縺 Chandler, apple ｧ ｹ apple086ｧ9000ｹ0 閨 ｦ ｸ 閨 ｹ ｸ70ｹ ｸ70ｹ ｹ apple086ｧ ｹ0 apple080ｸ7 07 apple026ｦ applefi 閨 ｸ ｸ ｧ ｧ907000ｹ0 apple080ｸ7 apple apple086ｧ 閨0ｹ0 00apple0007 6ｦ ｹ ｹ ｧ90ｹ0: apple ｷ3096ｧ8, ｧ apple020ｸ7-0109, ｧ , apple , fi 閨0ｹ0 07 apple026ｦ ｧ ｸ70300fi ｸ7fi ｹ ｧ9000ｹ0 apple 閨 ｸ ｧ9000ｹ apple08-02fi ｧ ｹ ｦ003080ｸ70ｹ0. 20 ﾇ ｧ80ｹ0 0707apple020ｸ ｸ ｹ0 020ｷ307 00apple ｧ804000ｷ ｧ ｧ90709 apple080ｸ7 apple applefi 02060ｹ0 apple ｹ ｷ3-036ｧ9000ｹ ｹ0 apple08030ｸ ｧ80ｹ0 00apple ｧ ｹ0, apple086ｧ9000ｹ0 07 apple026ｦ ｧ ｸ ｧ9 020ｷ307 00apple ｧ804000ｷ ｦ ｧ9 0ｸ ｷ307 00apple ｧ804000ｷ307, 02 0ｸ7apple08 006ｧ ｸ ｦ ｸ ｦ0 apple ｦ0apple080ｸ ｸ7 02fi ｸ70ｹ0 040ｸ apple , 0ｷ30ｹ0 apple0802 閨 , fi ｧ ｧ ﾒ 06, 閨020406, fi ｸ fi0408, fiapple0ｷ30ｹ0 閨 apple03 閨0807 apple ｧ9, 0ｸ7apple6ｧ ｦ0apple apple086ｧ ｹ0 020ｷ307 00apple ｧ804000ｷ ｹ ｧ90ｹ0 00apple 閨0ｹ ｧ9000ｹ O06 000ｸ7030ｷ3apple 0ｸ802 閨0ｹ0 00apple ｧ ｹ0 040ｸ ｸ ｨB ｦ ｸ70ｹ ｷ fi 00 閨04 applefi apple 閨0ｹ ｹ0 00apple ｧ804000ｷ307, 6ｧ8 040ｸ ｦ ｹ0, ｧ fi03080ｸ 閨0ｹ apple 閨07 0ｸ fi ｧ9 020ｷ307 00apple0007 6ｦ004000ｷ ｸ ｧ9080ｸ7 6ｧ8 6ｧ apple 閨07-0ｸ ｷ fi. ｦ fi , fi000ｷ30ｹ0, applefi apple ｷ307 apple A. D. Chandler, Jnr, Strategy and Structure ( ﾒ 6ｧ900apple030602ｨB, M 04.: MIT Press, 1962) ｸ7 6ｧ ｸ7, The Visible Hand ( ﾒ 6ｧ900apple030602ｨB, M 04.: Harvard University Press, 1977) ｸ7 6ｧ ｸ7, Scale and Scope ( ﾒ 6ｧ900apple030602ｨB, M 04.: Harvard University Press, 1990). 21. S. Nicholas, 00British Multinational Investment before , Journal of European Economic History, II (1982), ｸ7 6ｧ ｸ7, 00Agency Contracts, Institutional Modes, and the Transition to Foreign Direct Investment by British Manufacturing Multinationals before , Journal of Economic History, 43 (1983), Peter Hertner Geoffrey Jones (00apple0600. 閨02.), Multinationals: Theory and History ( 縺 ｸ70003: Aldershot, 1986).

14 1328 ﾞ09O ｦ O086ｾ4 6ﾑ80909O06O086ｾ4 6ｾ4ｦ ｦﾐ6ｾ4 09O 086ﾑ80503ｦﾐ ﾒ6ﾑ86ｾ ｧ804000ｷ307, 006ｧ fi0206 apple 閨0ｹ0 000ｸ7030ｷ3apple 0ｸ802 閨0ｹ0 ｨC fi 閨0ｹ 閨0ｹ0ｨC ｧ90ｹ0 00apple 閨0ｹ fi ｹ ｧ applefi 00apple ｧ ｹ0 apple080ｸ ｦ ｧ90ｷ307 applefi 02060ｹ 閨0ｹ0, ｸ707 00apple 閨0ｹ fi ｹ0 apple ｧ8 020ｸ7036ｧ90ｷ30ｹ ｷ fi. ﾇ apple 03080ｸ7046ｧ ｸ70ｹ ｹ ｧ9000ｹ ｷ3096ｧ80ｹ0 apple ｨbfi02 07 apple03060ｹ 閨 fi fi ｧ908, ｸ7076ｧ8030ｷ30ｹ ｦ 閨07 00fi applefi03000ｸ700, apple03080ｸ8fi07 6ｧ8 0ｸ7apple ｧ9, 040ｸ7076ｧ8030ｷ30ｹ ｧ9 00fi ｧ8 apple ｧ8. 6ﾑ8apple0006 6ｧ apple ｧ ｹ0 0ｸ702 閨0ｹ ｧ ｧ fi03080ｸ apple ｷ3096ｧ ｹ ｧ9000ｹ ｷ3096ｧ80ｹ ｸ70ｹ0 apple ｦ0 apple apple08066ｧ804080ｸ707 00apple0007 6ｦ ｹ ｷ fi, 0806 apple ｸ 閨0ｹ ｹ0 006ｧ9 07 0ｷ30ｹ ｧ ｦ00ｹ0 00apple ｧ80ｹ fi ｹ0, ｷ30ｹ0 00 閨 apple apple086ｧ apple0007 6ｦ004000ｷ ｸ ｧ9080ｸ7. 22 ﾇ fi apple ｧ ｹ0 0ｸ702 閨0ｹ ｦ fi 閨 ｹ0 apple ｷ 閨0ｹ ｸ703096ｧ9000ｹ ｸ70ｹ0, apple ｦ apple0800 閨070ｷ30ｹ ｧ ｹ0 00apple 閨07 0ｸ704090ｹ ｷ fi, 6ｧ ｧ90709 apple080ｸ7 08 6ｧ apple03080ｹ0 02 apple07070ｷ ｸ7 040ｸ ｦ 閨03080ｸ70ｹ0 020ｷ ｷ307 00apple0007 6ｦ004000ｷ ｷ fi, apple apple080ｸ 閨 ｦﾌ ｧ ｦ apple0308 閨03000ｸ704090ｹ0 020ｷ 閨070ｷ ｷ307 00apple0007 6ｦ004000ｷ307. 6ｾ 閨0ｹ ｧ ｹ 閨 ｹ0 020ｷ ｷ307 00apple0007 6ｦ004000ｷ ｹ0 ｦﾌ ｧ9 0ｹ ｷ fi apple applefi ｦﾌ fi fi ｧ9ｨB fi apple080ｸ7 閨 ｧ9 applefi 02 閨 ｹ ｸ700 閨07000ｹ0, 0ｸ7apple0003applefi ｹ0 00apple ｧ ｹ0 ｨC ｧ9 apple080ｸ7 006ｧ ｧ 閨0ｹ ｧ ｹ ｾ 閨 ｹ ｧ9 0ｹ ｸ7 1980, 0ｸ702 閨0ｹ ｸ700 閨07000ｹ0 0ｸ7apple0003applefi ｹ0 00apple ｧ ｹ applefi 0209 Mira Wilkins 00 0ｸ702fi ｹ0 00apple ｧ ｹ003 (free-standing firms). ﾒ apple ｹ0 Wilkins, apple ｧ ｹ0 0ｸ702 閨0ｹ0 apple ｦ apple ｸ7apple0602fi 0203fiapple ｷ apple0007 6ｦ004000ｷ307 apple applefi O06 00apple ｧ ｹ0 0ｸ702 閨0ｹ0, apple080ｸ fi0ｹ ｸ70ｹ0, 046ｦ000080ｷ ｧ ｹ ｹ0 Wilkins ｷ307, 07 閨 ｹ0, 6ｧ ｷ 閨07000ｹ ｦﾌ ｧ ｧ ｷ30ｹ applefi ｦ007 00apple 閨0ｹ fi ｹ ｷ fi, apple 閨0ｹ0 applefi 02060ｹ0 08apple086ｧ9000ｹ0, ｧ fi apple03fi020ｸ7apple08, 0007 apple0308 閨020ｸ applefi apple020ｸ ｷ307 apple ｷ ｸ ｷ307 00apple ｧ804000ｷ307, apple080ｸ7 陦03000ｸ ｦﾌ ｧ ﾞ0309fi020003, 09 Wilkins apple ｹ ｧ8, 040ｸ J. M. Stopford, 00The Origins of British-Based Multinational Manufacturing Enterprises03, Business History Review, 48 (1974), 縺 ｧ ｧ ｸ 閨03080ｸ70ｹ0 020ｷ ｷ307 00apple0007 6ｦ004000ｷ ｹ0 ｦﾌ ｧ9 0ｹ ｷ fi T. A. B. Corley, 00Britain ｯs Overseas Investments in 1914 Revisited03, Business History, 36 (1994), Mira Wilkins, 00The Free-Standing Company Revisited03, Mira Wilkins Harm Schroter (00apple0600. 閨02.), The Free-Standing Company in the World Economy, (O0108fi03 09: Oxford University Press, 1998), Mira Wilkins, 00Defining a Firm: History and Theory03, Hertner Jones (00apple0600.

15 136ﾑ80909O06ｦﾐ ﾒ6ﾑ86ｾ4 6ﾑ8ｦ ﾞｦﾐ066ﾑ8ｦﾐ6ﾑ86ｾ4 6ｾ4ｦ ﾇ 056ﾑ80306ｦﾐ ﾞ ﾒ ﾞｦﾐ ｦ ﾇ03 ｦﾐ6ｾ4ｦ O06ｦﾐ ﾞ ｧ8 閨03000ｸ707 apple080ｸ7 apple 陦 fi fi apple ｨbfi02 07, fiapple08, ｦﾌ ｧ O ｧ9, fi ｸ702 6ｧ9000ｹ0 006ｧ ｹ0 apple080ｸ7 陦 ｦ ｦ fi 02 閨 ｷ307 00apple ｧ804000ｷ307 apple applefi ﾇ 026ｦ ｧ ｹ0 06 陦 0ｹ0 0ｸ7026ｧ80ｹ0, fiapple0ｷ30ｹ0 apple ｧ9 09 Wilkins apple0608 apple03fi 閨 ｹ0, 閨 fi ｦ00006 apple0ｷ30ｹ ｰ fi ｱ fi 0ｸ7applefi ｧ fi apple03060ｹ0 006ｧ9 00fi ｧ8 01 閨070ｷ ｷ307 00apple0007 6ｦ004000ｷ ﾇ Wilkins 閨04080ｸ ｷ3036ｧ fi apple 閨0ｹ ｧ9000ｹ0 apple ｦ fi ｧ ｸ702fi 0208 apple03fi020ｸ7apple ｧ80ｹ0 apple ｧ9 0ｹ 閨0ｹ0 applefi 02060ｹ 閨0ｹ ｧ9000ｹ fi ｷ3-096ｧ ｸ70ｹ0 0ｷ30ｹ 閨0ｷ apple ｧ80ｹ ｹ0, fi ｦ ｷ ｧ8020ｷ ｸ70ｹ , apple006ｧ apple08036ｦ0 applefi fi 0ｸ7applefi , apple0006 6ｧ 閨0ｹ0 0000apple 閨0ｹ0 00apple ｧ ｹ0 6ｧ apple08036ｦ fi 閨0ｹ0 applefi 02060ｹ0 000ｸ7030ｷ3apple 0ｸ802 閨0ｹ0 6ｧ ｹ0 06 apple0ｷ 閨0ｹ0 apple applefi ( ) ｦﾌ fi fi O 閨0ｹ0 0000apple 閨0ｹ ｧ9000ｹ0 006ｧ904 07, 00apple6ｧ904090ｹ0, apple ｧ ｧ9 030ｸ ｸ702fi ｷ fi0206 apple 閨0ｹ ｹ0 00apple0007 6ｦ ｹ ｹ0 ｦﾌ ｧ9 0ｹ ｷ fi 08 6ｧ fi0206 鐶pple ｧ ｷ apple ｧ804000ｷ307 (atomistic firm), apple 閨0ｹ0 applefi 0ｸ702 閨0ｹ0 6ｧ 閨07000ｹ ｸ7036ｦ apple ｧ902020ｸ7. ﾇ Wilkins 02060ｹ0 0807fi ｹ0 00apple ｧ804000ｷ30703 (clusters) ｹ0 apple 閨 ｷ30ｹ0 040ｸ707 00fi ｹ ｦ00ｹ0 0203fiapple080ｸ70ｹ0, ｧ8 040ｸ ｧ8, ｸ70ｹ ｦ00ｹ ｸ702 閨0ｹ ｸ70ｹ0, ｧ90ｹ apple ｷ ｧ80ｹ ｹ0, fi03080ｸ70ｹ0, 閨0ｹ0, ｦ00ｹ ｧ90ｷ307, 0203 apple00ｨb6ｧ902000ｹ0, 0000applefi03080ｸ70ｹ apple 閨0ｹ ｧ9000ｹ0. 27 ﾇ ｧ ｹ apple086ｧ ｹ0 6ｧ ｹ0 0000apple 076ｧ9 030ｸ ｹ ｧ fi apple 閨0ｹ ｧ9000ｹ ｦ fi fi ｹ ｹ0 0000apple08036ｧ9080ｸ ｧ80ｹ 閨07000ｹ ｹ0, ｹ 閨0ｹ fi ｹ0. 00apple0ｷ30ｹ0 03 apple ｸ applefi , 00apple 閨 ｸ702fi ｧ9 030ｸ ｸ702fi ｷ ｾ ｸ7046ｧ ｹ ｹ ｹ0 00apple ｧ804000ｷ30703, 09 Wilkins 00apple applefi ｧ ｸ7 Chapman ｸ70ｹ ｦ00ｹ0 0000applefi03080ｸ70ｹ0 apple applefi ｾ , 08 Chapman 陦 fi apple03fi08 080ｹ0 020ｷ applefi030ｷ ｧ fi03080ｷ apple 閨070ｷ307 00apple ｧ9030ｷ307. O Chapman 0807fi ｸ70ｹ ｧ903080ｸ70ｹ0 0ｸ702086ｦ00ｹ0 0000apple0007- 閨02.), Multinationals ｸ7 6ｧ ｸ7, 00The Free-Standing Company, : An Important Type of British Foreign Direct Investment03, Economic History Review, 41 (1988), Wilkins Schroter (00apple0600. 閨02.), The Free-Standing Company. 26. Mira Wilkins, 00The Significance of the Concept and a Future Agenda03, Wilkins Schroter (00apple0600. 閨02.), The Free-Standing Company. 27. Wilkins, 00The Free-Standing Company Wilkins, 00The Free-Standing Company Revisited03,

16 1330 ﾞ09O ｦ O086ｾ4 6ﾑ80909O06O086ｾ4 6ｾ4ｦ ｦﾐ6ｾ4 09O 086ﾑ80503ｦﾐ ﾒ6ﾑ86ｾ4 0ｸ ｦ00ｹ ｧ903080ｸ70ｹ003 (investment groups). ﾞ ｦ00ｹ0 00apple0007 0ｸ ｦ00ｹ ｧ903080ｸ70ｹ0 apple080ｸ7 陦03000ｸ ｦﾌ ｧ apple086ｧ apple ｦ apple applefi O06 fi ｸ702086ｧ9 6ｧ ｸ700 閨 apple 閨0ｹ0, ﾞ046ｧ9, ｧ8 ﾞ ｧ8, ｷ3046ｧ fi0206 ﾞ ｧ8. O Chapman 0ｸ7apple ｧ fi ｦ ｸ703096ｧ ｸ70ｹ0 6ｧ ｧ ｸ7apple ｧ9 03, 040ｸ700apple 閨 , 00fi apple0007 0ｸ ｧ ｧ ｸ7036ｧ90ｷ30ｹ0 閨07 00 閨 ｧ ｹ0 0707apple020ｸ701090ｹ ｹ ｸ7046ｧ9 0ｹ ｹ 閨 ｹ0 (6ｧ8 020ｷ ), apple080ｸ7 040ｸ 閨 ｸ 閨 apple ｧ fi ｦ ｧ903 0ｹ ｧ908 00apple ｧ9, ｷ303006ｧ9, 0400 閨 ｹ ｸ7apple0803 閨 ｹ0 apple080ｸ7 07 apple026ｦ applefi 0209 Mira Wilkins Stanley Chapman fi0408, apple 閨 ｷ applefi04000ｹ ｹ0 00apple ｧ ｷ ｧ8 applefi apple0007 0ｸ ｧ9 fi ｸ7apple ｸ707. O06 Turrell van Helten 閨04080ｸ707 0ｸ7apple ｧ , apple ｧ ｹ , fi 閨 apple080ｸ ｧ Chapman ｧ ｧ ｹ0, 閨07080ｸ7 fi apple ｧ ｧ fi fi applefi03080ｸ70ｹ0 fi ｸ ｦ00ｹ ｧ903080ｸ70ｹ ｹ0 03fi0206 0ｹ0 ﾞ ｧ80ｹ0. 30 ﾞ ｹ0, 0208 閨 ｹ ｹ0 020ｷ apple0007 0ｸ ｧ9030ｷ apple ｷ ｧ ｧ ｦ , 閨07080ｸ7 fi ｧ ｧ apple fi0306, apple 閨0ｹ0 applefi 02060ｹ ｹ0 0ｸ702 閨0ｹ0 閨 ｦ ｧ ｸ ｦ O ｧ ｹ0 apple ｧ80ｹ0 0707apple020ｸ701090ｹ0 apple030804apple 03086ｦ apple6ｧ904080ｸ707 apple fi ｸ70ｹ ｦ00ｹ0 0000apple0007 0ｸ ｦ00ｹ ｧ903080ｸ70ｹ003 applefi ｧ907080ｸ70ｹ0 apple080ｸ ｧ Chapman. 31 ﾇ ｧ9 0ｸ7026ｧ8 03 閨020006, 00apple6ｧ904090ｹ0, 00030ｷ3026ｧ ｹ ｹ ｹ fi ｹ0 020ｷ apple ｾ ｧ ｧ ｹ ｹ0 0ｸ702fi ｹ0 00apple ｧ ｹ0, 09 Wilkins 0ｸ7apple 閨 ｸ7apple ｧ fi0206 6ｧ 閨07000ｹ ｦ fi0706, apple06046ｧ , apple , fi0206, fi, 閨03000ｹ ｸ70ｹ0 006ｧ ｧ8 09 applefi ﾇ 07apple ｸ7026ｧ8 02 6ｧ90306 ｨB00 02 閨 ｸ7applefi apple086ｧ908 apple03fi Alfred D. Chandler ｧ ｧ9 09 ｦﾌ ｧ ｸ ｦ ｦ ｹ0 ﾇ070ｷ300 閨07000ｹ ｧ9000ｹ apple020ｸ ｷ 閨0ｷ ｷ307 閨 ｹ ｧ9080ｸ 閨 ｸ ｸ Stanley Chapman, 00British-Based Investment Groups before , Economic History Review, 38 (1985), Chapman, Merchant Enterprise. 30. R. Turrell Jean Jacques van Helten, 00The Investment Group: The Missing Link in British Overseas Expansion before , Economic History Review, 40 (1987), Stanley Chapman, 00Investment Groups in India and South Africa03, Economic History Review, 40 (1987), Chapman, Merchant Enterprise, Charles Jones, 00Institutional Forms of British Foreign Direct Investment in South America03, Business History, 39 (1997), Wilkins, 00The Free-Standing Company03.

17 136ﾑ80909O06ｦﾐ ﾒ6ﾑ86ｾ4 6ﾑ8ｦ ﾞｦﾐ066ﾑ8ｦﾐ6ﾑ86ｾ4 6ｾ4ｦ ﾇ 056ﾑ80306ｦﾐ ﾞ ﾒ ﾞｦﾐ ｦ ﾇ03 ｦﾐ6ｾ4ｦ O06ｦﾐ ﾞ O Chandler 0ｸ7apple apple020ｸ ｹ0 ﾇ070ｷ300 閨07000ｹ ｧ9000ｹ ｷ307 00apple ｧ804000ｷ307 apple080ｸ ｸ7036ｦ applefi 00apple ｧ9000ｹ ｸ7030ｸ70702 閨0ｹ0, apple086ｧ ｧ ｧ apple0007 6ｦ0080ｸ ｨB06026ｧ8 apple ｷ3096ｧ ｨB0602fi ｨC fi apple fi ｸ7026ｧ ｸ7030ｸ fi 02 apple fi03, ｧ ｸ ｨBfi apple ｧ ｷ307 ｦﾌ fi 02 apple fi03, 02060ｹ 閨0ｹ0 00apple ｧ ｹ0 apple080ｸ7 076ｧ ｸ 閨 ｹ ｸ7036ｦ applefi 0ｸ702 閨0ｹ0. 33 ﾞ Chandler fi apple ｧ ｹ ｷ 閨0ｹ 閨0ｹ0 apple080ｸ7 006ｧ ｧ9000ｹ ｸ7apple ｧ apple086ｧ 閨 ｹ ｧ9080ｸ7, ｧ apple086ｧ fi 02 apple fi fi applefi Chapman ｸ7046ｧ ｸ ｹ ｸ7030ｸ 閨0ｹ fi ｹ0 020ｷ apple0007-0ｸ ｧ9030ｷ ｸ7. O Chapman 陦 fi apple0007 0ｸ ｧ9 fi ｧ ｸ7 apple6ｧ 閨0ｹ 閨0ｹ 閨0ｹ ｹ0 ｨC000304fi ｹ ｧ apple ｸ7 Chandler fi apple03fi ｹ 閨0ｹ0 00apple ｧ ｹ0 applefi 閨 ｸ ｸ ｧ fi ｸ70ｹ ｸ703096ｧ804080ｸ ｹ ｹ0ｨC, , applefi ｹ0 apple03000ｸ703 閨0ｹ0, 08 Chapman 0ｸ7apple ｧ80306ｨB ｧ8 apple080ｸ ｦ Chandler fi 02 apple fi03. O Chapman apple 閨 ｸ707 閨 ｹ ｧ80ｹ0 00apple ｧ80ｹ ｧ ｹ ｧ80ｹ ｹ0 040ｸ ｧ80ｹ0 00apple ｧ ｹ0 (partnership), 09 08apple086ｧ9, fiapple0ｷ30ｹ0 0ｸ7apple ｧ80306ｨB00, ｦ ｸ apple fi apple08020ｸ7046ｧ9. ﾇ 閨 ｸ7 Chapman ｧ90ｷ , ｦ0apple0ｷ30409 fi 閨0ｹ0 0000apple0007 0ｸ 閨0ｹ ｹ ｧ apple fi 0ｸ fi 02080ｸ70ｹ fi 閨000ｹ0 000ｸ ｧ9000ｹ0 閨 ｸ702000ｹ0, fi Chapman 0007 閨 apple0802 applefi apple020602fi 02080ｸ7 apple00-6ｧ apple ｧ9 0ｸ ｷ ｧ9030ｷ ｷ307 00apple06 fi ｸ70ｹ0. 34 ｦ 08 ｨB6ｧ ｷ ｸ7030ｸ ｧ8020ｷ307 0ｸ ｷ ｷ ｹ0 00apple - 02fi03080ｸ703090ｹ ｧ903 0ｹ ｸ70ｹ ｸ703006ｧ ｧ fi ﾞ ｸ7030ｸ 閨0ｹ 閨0ｹ 閨 ｹ0 applefi 0209 ｦﾌ ｧ9 6ｧ ｦ ｧ8 apple ｧ9, 02fi fi ｷ307 0ｸ702fi ｷ307 00apple ｧ804000ｷ apple0007 0ｸ ｧ9030ｷ307 0ｷ30ｹ ｷ307 00apple0007 6ｦ004000ｷ ｷ fi 006ｧ apple 03 apple ｧ ｾ402060ｹ0 apple ｦ ｹ 閨02000ｹ0, ｸ 陦 0ｹ ｸ7 apple 03fi ｹ ｧ9080ｸ7 閨 apple fi apple00036ｧ9apple020ｷ ｷ ｸ7apple0003applefi ｷ apple00ｨb0607, apple080ｸ ｸ703096ｧ ｸ7036ｦ applefi 閨07, apple08030ｸ ｧ902020ｸ fi020003, 09 閨 ｸ7030ｸ ｦ0 6ｦ008080ｸ70ｹ ｧ ｯ fi ｧ ｧ ｦ ｧ8 00apple ｧ80ｹ0. O 閨0ｹ apple00ｨB000ｹ0 閨 ｦ ｧ ｷ fi 0ｷ ｷ apple086ｧ ｹ0 apple ｹ ｧ9 0ｹ 閨 ｸ ｸ70ｹ0 01 閨07080ｸ70ｹ ｸ7030ｸ7-33. Chandler, Scale and Scope. 34. Chapman, Merchant Enterprise, , Mark Casson, 00Institutional Diversity in Overseas Enterprise: Explaining the Free- Standing Company03, Business History, 36 (1994),

18 1332 ﾞ09O ｦ O086ｾ4 6ﾑ80909O06O086ｾ4 6ｾ4ｦ ｦﾐ6ｾ4 09O 086ﾑ80503ｦﾐ ﾒ6ﾑ86ｾ 閨0ｹ ｸ fi ｹ apple apple000ｸ704090ｹ0. 36 ﾞ0ｸ702fi 08 6ｧ ｧ apple08020ｸ7046ｧ9 020ｷ ｷ ｸ7030ｷ3apple 0ｸ ｸ7apple0003applefi ｷ307 00apple ｧ804000ｷ ｾ40208 apple03 6ｧ ｹ0 000ｸ7036ｦ ｹ ｧ9 0ｹ ｸ7030ｷ3apple 0ｸ8026ｧ ｧ ｧ9, 09 07apple fi apple ｧ8 00apple ｧ ｧ apple fi 0ｸ fi 02090ｹ0 6ｧ8 09 applefi ｹ0 08 6ｧ apple00-036ｧ ﾇ 000ｸ7036ｦ ｸ7fi 閨 ｷ307 Cain Hopkins ｸ ｧ8 02 apple fi03 (gentlemanly capitalism) 6ｧ 閨 ｸ fi 03fi ｸ ｧ8 00apple ｧ ｦﾌ ｧ ｸ7 6ｾ46ｧ9020ｸ ｸ ｧ907080ｸ ｷ307 0ｸ7apple ｦ 03 apple00ｨb6ｧ902000ｹ0, 閨00apple 閨07000ｹ0 00apple0007 6ｦ ｹ ｧ ｸ7026ｧ80ｹ ｹ ｧ9 0ｹ apple 閨07080ｸ apple6ｧ fi 02090ｹ0 fi apple00036ｧ ｸ apple0803 閨00080ｸ7, apple 閨 ｸ7026ｧ80ｹ ｾ46ｦ000080ｷ ｧ ｸ7026ｧ8, 0806 閨00apple 鐶pple ｸ7apple ｧ8 00apple ｷ ｦﾌ ｧ9. 6ﾑ ｨB ｹ0 0300apple ｹ fi fi ｷ apple ｹ ｹ0 00apple0007 6ｦ ｹ ｹ0 ｦﾌ ｧ9 0ｹ ｷ fi, ｸ ｧ9 applefi 0ｸ702 閨0ｹ0 0ｸ702fi ｷ apple 閨070ｷ307 00apple ｧ9030ｷ307, 0208 apple 03fi ｧ ｹ 閨000ｹ0 apple ｧ9000ｹ0, 閨07000ｹ0 applefi apple , ｸ7076ｧ804080ｸ ｹ0 apple ｧ903000ｹ0 076ｦ ｹ0 apple080ｸ7 040ｸ ｧ ｧ ｹ ｦ00ｹ0 00apple ｧ80ｹ fi ｹ0. ｦﾐ 06 6ｧ , apple 03fi ｧ ｨB fiapple ｸ70ｹ0 08apple086ｧ9080ｸ70ｹ apple 閨0ｹ ｧ9000ｹ 閨 ｹ ｧ90ｹ ｧ9000ｹ ｸ70ｹ0, fi0ｹ apple086ｧ ｧ ｧ ｦ ｷ fi 閨 , 閨 , apple , applefi apple fi 0ｸ fi 02080ｸ70ｹ ｧ9 6ｾ40208 apple 03fi ｧ ｨB ｹ ｸ703096ｧ9000ｹ0, apple 閨0ｹ 閨0ｹ 閨0ｹ fi ｹ0 020ｷ apple08030ｸ apple ｸ70ｹ0 6ｦ ｸ702 6ｧ9080ｸ70ｹ ｹ fi Geoffrey Jones, British Multinational Banking (O0108fi03 09: Clarendon Press, 1993)01 00British Overseas Banks as Free-Standing Companies, , Wilkins Schr02ter (00apple0600. 閨02.), The Free-Standing Company, Jones, 00Institutional Forms0301 Robert G. Greenhill, 00Investment Group, Free-Standing Company or Multinational? Brazilian Warrant, , Business History, 37 (1995), Geoffrey Jones, 00British Multinationals and British Business since , Maurice W. Kirby Mary B. Rose (00apple0600. 閨02.), Business Enterprise in Modern Britain from the Eighteenth to the Twentieth Centuries ( ｧ90708: Routledge, 1994), Jones, Evolution, P. J. Cain and A. G. Hopkins, British Imperialism: Innovation and Expansion ( ｧ90708: Longman, 1993) ｸ7 6ｧ ｸ7, British Imperialism: Crisis and Deconstruction ( ｧ90708: Longman, 1993).

19 136ﾑ80909O06ｦﾐ ﾒ6ﾑ86ｾ4 6ﾑ8ｦ ﾞｦﾐ066ﾑ8ｦﾐ6ﾑ86ｾ4 6ｾ4ｦ ﾇ 056ﾑ80306ｦﾐ ﾞ ﾒ ﾞｦﾐ ｦ ﾇ03 ｦﾐ6ｾ4ｦ O06ｦﾐ ﾞ ｧ9ｨB 閨 閨000ｹ 閨0ｹ0 閨03000ｸ707000ｹ0, 09 apple 閨 ｧ applefi ｸ70202 apple08036ｦ ｧ8, apple apple ｧ ｧ ｹ ｹ0 020ｷ applefi030ｷ ｷ fi, ｸ 閨0709 apple00036ｧ908 08, fi fi ｷ ｷ apple ｧ804000ｷ 閨07 02 apple ｧ ｦ0 apple080ｸ7 6ｧ ｸ7ｨB09026ｧ , 09 閨 ｧ8 08 apple fi0ｹ ｹ0 00apple ｧ ｹ apple 03086ｦ 閨 ｧ ｸ703 6ｧ ｹ0. O fi03080ｹ apple ｧ ｧ9 03 (trading company) ｧ ｧ ｧ ｦﾌ ｧ9 00 閨 apple03fi , ｷ3apple apple ｦ fi0309 0ｸ7026ｧ apple00036ｧ apple ｧ9 fi030ｷ307, fiapple0ｷ30ｹ0 閨00apple (merchants), 086ｧ902080ｹ apple apple080ｸ7 (agency house) ｧ ｧ ｹ0 (managing agency 39 ). 6ｾ apple 03086ｦ 閨 fi ｸ702086ｧ apple ｦ apple08066ｧ 閨 fi ｧ90ｷ fi ｹ apple ｧ80ｹ ｧ9 0ｹ003 (trading company) ｸ70ｹ apple086ｦ00ｹ ｹ0 apple 03086ｦ004 0ｹ 閨02090ｹ , apple ｧ ｹ0 0ｸ702 閨0ｹ0 apple03 鐶pple apple03 閨 閨0ｹ0 0000applefi ｦ , fi ｹ0 020ｷ ｸ apple03 鐶pple apple ｧ9- ｨB ｷ309 閨0ｹ0 applefi 0209 ｦﾌ ｧ9, 6ｧ ｷ309 閨0ｹ ｦﾌ ｧ9, apple applefi 0ｸ7apple ｧ 閨 ﾇ070ｷ300 閨0708 ｦﾌ 046ｧ , apple03 鐶pple apple ｸ 閨 apple ｸ ｧ90ｷ ｸ7apple0003applefi ｹ ｹ0. ｦ ｸ702 6ｧ908 0ｸ702fi fi ｧ ｧ , fi ｸ7apple0602fi apple03fi020ｸ7apple08 6ｧ ｸ702fi 020ｷ ｸ707 00fi ｷ ｸ apple ｧ804000ｷ307 (interlocking partnerships), fi 閨07000ｹ0 0000apple 閨0ｹ0 00apple ｧ ｹ0 (merchant firms) apple apple ｦ ｹ0 00apple0007 6ｦ ｹ ｷ fi, applefi ｹ0 020ｸ70306fi ｹ 閨 ｸ7apple0003applefi ｷ307 0ｸ7apple ｷ307. O 閨07000ｹ 閨0ｹ003 00apple ｧ ｹ0 006ｧ fi 陦 ｸ70ｹ apple ｧ9000ｹ0, 040ｷ3036ｧ90ｹ0 07 閨04080ｸ ﾇ070ｷ3-00 閨0708 ｦﾌ 046ｧ O06 00apple ｧ ｹ0 0ｸ702 閨0ｹ ｸ7036ｦ applefi ｦﾌ ｦ00ｹ0, apple086ｧ ｧ ｸ70306fi ｷ307 00apple ｧ804000ｷ307, fi0406 fi000ｷ30ｹ0 applefi 0209 ｦﾌ ｧ9, 閨07000ｹ0 apple000306apple ｹ0, fi ｧ apple08046ｦ apple ｦﾌ ｧ9 applefi ｷ fi, ｦ 閨0ｹ apple ｨB fi03080ｸ70ｹ0 0203fiapple080ｸ70ｹ ｹ0 apple 閨0ｹ0 00apple ｧ ｹ ｸ70ｹ0. ﾇ ｧ9 0000apple 076ｧ9 030ｸ704090ｹ 閨 apple03fi apple ｧ ｦ apple ｧ ｧ apple ｧ9 07 apple ｧ ｦ applefi ｷ30ｹ apple00ｨB, ｸ ｧ ｧ9 6ｧ8 00apple ｧ , fi0ｹ0 apple080ｸ ｧ apple03fi applefi apple03 鐶pple apple ｧ ｧ903 applefi 閨0209. ﾇ apple ｧ8 apple080ｸ7 0ｸ ｦ ｧ ｷ303086ｦ apple ｧ ｷ30ｹ0 39. (6ｾ ) O0ｸ , managing agency ( ｧ9 6ｧ8 00apple ｧ ｧ ｹ0) 006ｧ ｸ70ｹ0 08apple086ｧ9080ｸ70ｹ0 閨 ｷ ｧ ｧ ｹ0 040ｸ ｧ80ｹ ｧ9 0ｹ0 (joint-stock company). 6ｾ apple ｧ ｧ ｹ ｧ ｸ7076ｧ8030ｷ30ｹ0 0ｸ7apple006ｦ0030ｸ ｧ8 apple , fi , ｧ ｷ ｹ0 040ｸ ｧ80ｹ ｧ9 0ｹ0 ( ﾞapplefi The Origin of a Managing Agency System in India ｸ7 Blair B. Kling, Journal of Asian Studies, 02fi00080ｹ0 26, 02006ｦ004080ｹ0 1, ).

20 1334 ﾞ09O ｦ O086ｾ4 6ﾑ80909O06O086ｾ4 6ｾ4ｦ ｦﾐ6ｾ4 09O 086ﾑ80503ｦﾐ ﾒ6ﾑ86ｾ4 0000apple ｧ ｧ9 00 閨 ｧ8 apple080ｸ ｸ ｹ0 00apple ｧ ｹ ｧ fi fi ｸ7026ｧ8 006ｧ 閨0709. O06 00apple ｧ ｹ0 apple080ｸ7 apple apple 03086ｦ 閨 閨04080ｸ ｧ apple060409, applefi apple ｹ0 閨 ｹ ｹ0 apple ｧ80ｹ0 apple080ｸ ｸ70ｹ0 6ｧ ﾇ apple ｸ7026ｧ8 006ｧ apple0802 閨 ｹ0 00apple ｧ80ｹ0 apple 閨 ｹ0 apple080ｸ7 0ｸ ｦ fi0408, ｹ0 0ｸ ｧ9000ｹ ｹ0 閨03000ｸ707 0ｹ apple ｧ8 0ｸ7026ｧ8, 閨07080ｸ7 fi ｧ9 020ｷ307 apple fi ｷ307 00apple ｧ804000ｷ307 閨04080ｸ ｧ9 6ｧ8, 閨 ｧ fi0908, ｧ 閨 O ｦ ｹ0 apple080ｸ7 apple 03080ｸ ｨB ｧ9ｨB ｧ8 apple ｧ 閨070ｷ307 00apple ｧ804000ｷ307, ｹ0 08apple086ｧ9000ｹ0 閨04080ｸ ｷ303006ｧ9 apple ｧ9000ｹ /6ｧ8 006ｧ apple 閨0ｹ0. 6ﾑ86ｧ apple 閨0ｹ0, applefi07, fi0206 0ｸ7apple apple ｧ ｸ7apple 閨03 020ｷ ｷ307 00apple ｧ804000ｷ307 apple080ｸ7 00apple 險B fi0406 0ｸ7apple 閨 ｸ ｦ ｸ7 apple036ｧ803080ｸ70ｹ0 020ｷ apple apple ｧ804000ｷ307 apple080ｸ applefi apple ｸ707. ﾞ0ｸ7026ｧ ｧ9 0ｸ7apple 閨 ｹ fi ｹ0 00apple066 56ｧ90ｷ304090ｹ ｧ fi apple ｧ ｹ0 apple080ｸ7 閨04080ｸ707 00apple ｧ 閨 ｧ apple ｷ3apple000ｸ 閨0ｹ ｧ8 閨 fi0408, apple ｧ ｹ0 0ｸ702 閨0ｹ0 006ｧ apple08036ｦ0 07fi ｹ0 applefi 07apple ｦ004 0ｹ ｹ0, 閨03080ｸ70ｹ0, 00apple6ｧ ｹ0, 02fi fi ｹ0 00apple066 56ｧ90ｷ304090ｹ0. ﾇ apple 03086ｦ 閨0209 apple 03080ｸ ｨB ｧ 閨 ｹ apple6ｧ ｷ apple apple ｧ ｸ 閨 fi apple fi apple03 6ｧ ﾑ86ｧ ｦ apple ｧ904080ｸ70000 apple ｹ ｹ0 020ｷ apple applefi ｨC 閨07000ｹ0, , apple000306apple ｹ0 006ｧ ｦ apple0607 閨0ｹ ｧ9000ｹ0ｨC, 00apple0006 6ｧ ｧ9000ｹ apple ｦ ｧ ｹ0 040ｸ ｧ80ｹ0 00apple ｧ ｹ ｸ70ｹ0 0203fiapple080ｸ70ｹ0, fi0ｹ ｹ ｧ804090ｹ0 06 6ｧ90ｷ ｧ90ｷ307, 閨 ｸ ｹ0 030ｸ 閨0ｹ0 00apple ｧ ｹ0, apple0006 6ｧ8 6ｧ ｸ704006ｦ ｧ9. ﾒ , apple ｦ002, apple030804apple , apple 03086ｦ 閨0209 0ｸ7apple ｧ9ｨB080ｸ apple 閨0ｹ0 00apple ｧ ｹ ｧ apple ｸ700 閨 閨 ｹ0 1913, 1938, 1954, O06 apple0909 閨0ｹ0 0ｸ ｷ ｧ90ｷ307 6ｧ ｦ 08 00apple ｸ700 閨 ｧ fi ( 閨0ｹ apple ｦ004000ｹ 閨0ｹ0) 040ｸ707 apple (040ｸ7-00apple 閨07080ｸ ｸ ｨB0ｸ7096ｧ9080ｸ ｨB ) 040ｸ ｧ9000ｹ0 040ｸ apple03fi apple ｸ fi 00 閨020308, fiapple0ｷ30ｹ0 006ｧ ｧ ｹ ｸ ｧ9080ｸ7, apple ｧ apple ｧ , 00apple0006 6ｧ8 apple08036ｦ0 036ｧ ｹ0 00apple ｧ ｹ0 006ｧ ｧ ｸ70ｹ ｧ , 02080ｸ 閨 ｦﾌ fi fi ﾇ apple086ｧ ｷ apple ｸ ｧ9 apple ｧ 閨 ｸ 閨03080ｸ70ｹ0. 08apple apple ｸ700 閨 ｧ ｧ9 6ｧ8 040ｸ ｧ8 00apple ｧ apple ｧ9080ｸ7 apple080ｸ 閨 applefi ｧ ｧ9 00 閨040ｷ3 040ｸ ｷ307, ｧ90ｷ ｦ ｧ9080ｸ ｸ 閨0ｹ0 00apple

21 136ﾑ80909O06ｦﾐ ﾒ6ﾑ86ｾ4 6ﾑ8ｦ ﾞｦﾐ066ﾑ8ｦﾐ6ﾑ86ｾ4 6ｾ4ｦ ﾇ 056ﾑ80306ｦﾐ ﾞ ﾒ ﾞｦﾐ ｦ ﾇ03 ｦﾐ6ｾ4ｦ O06ｦﾐ ﾞ ｧ ｹ0. O06 apple6ｧ ｹ ｹ ｧ 閨 ｹ ｸ7 00apple ｸ700 閨07080ｸ ｧ9080ｸ7 00fi ｧ ｧ9. 6ｾ402060ｹ0 apple000306apple ｹ0 apple080ｸ apple ｦ ｸ ｧ ｧ8 00apple ｧ ｹ0, ｧ ｹ0 apple030804apple 03086ｦ ｧ904080ｸ707 fi03000ｹ0 00 ｨB6ｧ ｹ0 040ｸ 閨0ｹ0 00apple ｧ ｹ0. 縺 applefi 閨 ｹ0, ｧ apple ｸ700 閨 閨04080ｸ ｧ9 applefi 02080ｸ70ｹ apple 閨07080ｸ70ｹ ｦ00ｹ ｸ ｧ903080ｸ7, 02080ｸ70ｹ0 08apple086ｧ9-080ｸ70ｹ0 6ｧ ｸ7apple ｷ300 閨07000ｹ0, applefi fi0008 apple00036ｧ9 6ﾑ ｸ7 1948, ｦ0080ｸ ｧ9000ｹ0 apple080ｸ7 陦03000ｸ ﾇ070ｷ300 閨0708 ｦﾌ 046ｧ ﾞ0ｸ702086ｧ apple 閨 ｧ ｸ7 00apple ｦ ｧ903080ｸ7 apple fi fi0708 fi apple ｸ700 閨 ｸ 閨0ｹ0 apple080ｸ ｸ70ｹ0 076ｧ apple ｧ9, apple6ｧ904090ｹ0 閨07 apple fi 02080ｸ7 00apple ｸ700 閨07080ｸ ｧ9080ｸ apple ｧ ｹ ｹ0 08apple086ｧ9000ｹ0 006ｧ ｧ ｧ9 0ｹ0 ( apple fi 020ｷ apple080ｸ ｧ ｹ ｸ 閨07000ｹ ｧ9000ｹ apple03-016ｧ9000ｹ0) fi0408, ｸ703086ｦ apple ｧ9080ｸ ｹ0 030ｸ 閨0ｹ ｧ9000ｹ ｹ0 08apple086ｧ9000ｹ ｧ ｧ ｦ fi0708 閨 fi apple fi 02080ｸ ｦ ｧ9080ｸ ｸ70ｹ apple030804apple apple ｦ0 apple ｦ ｹ0 00apple6ｧ ｹ0 020ｷ307 00apple ｧ804000ｷ , apple086ｧ ｸ7 apple03fi020ｸ7apple080ｸ7 00 閨 ｸ7, apple080ｸ7 006ｧ ｷ30402fi 0ｷ30ｹ0 09 applefi apple ｸ700 閨07080ｸ ｧ9080ｸ7 (return on capital employed 6ｧ8 ROCE). 縺06 閨 fi fi 0000apple applefi 閨0ｷ30ｹ , 0ｸ7apple ｧ ｧ fi0308 applefi apple ｸ700 閨07080ｸ ｧ9080ｸ7 ｨC fi 閨03 080ｹ0 0ｷ30ｹ0 apple fi 02080ｸ7 00apple ｸ ｸ ｧ9080ｸ7ｨC, ｧ ｹ0 0ｸ702 閨0ｹ0 6ｧ applefi , fi ｧ apple086ｧ ｹ ｧ80ｹ ｹ0 040ｸ ｧ80ｹ0 00apple ｧ ｹ 閨 閨03080ｸ70ｹ ｧ804090ｹ0 020ｷ ｸ apple ｧ804000ｷ 閨 ｦ ｸ7apple fi 02090ｹ0 00apple6ｧ ｹ apple086ｧ ｸ702086ｦ ｸ7 00 閨 ｸ ｹ0 apple03fi ｹ0 apple 06026ｧ ｹ ｹ0 apple080ｸ7 00apple ｧ fi0008 apple00036ｧ9 6ﾑ ｸ7 1948, 006ｧ apple6ｧ904090ｹ0 0ｸ707 02fi ｦ ｧ ｧ80406 apple fi030ｷ307 applefi ｸ7 00apple ｸ700 閨07080ｸ ｧ9080ｸ7. ｦ 閨 ｧ9 fi apple00036ｧ applefi 閨0ｷ30ｹ ｦ ｧ apple ｦ apple 03086ｦ ｸ ｧ fi ｷ ｧ90ｷ ｸ , 0ｸ702fi apple ｧ apple020602fi ｸ7apple 閨03 020ｷ fi6 5060ｷ307 00apple ｧ804000ｷ307, apple086ｧ9000ｹ0 08 6ｧ fi ｦ00000 fi ｧ ｦ applefi apple ｸ700 閨07080ｸ ｧ9080ｸ7 applefi 02060ｹ fi apple06020ｸ 閨07000ｹ003 00apple ｧ ｹ0. O06 0ｸ7apple ｧ ｸ7 00apple ｸ700 閨07080ｸ ｧ9080ｸ7 apple 閨03080ｸ707 apple08036ｦ 閨 ｸ7apple fi 020ｷ apple ｧ8 00apple6ｧ ﾑ86ｧ ｧ ｧ , 閨07080ｸ7 fi apple 鐶pple080ｸ ｹ0 040ｸ ｧ ｹ ｦ0 00apple ｧ804000ｷ ｦ 閨03080ｸ70ｹ fi0408, ｧ9ｨB ｸ700 閨07080ｸ70ｹ ｦ00ｹ0 02 閨03080ｸ70ｹ ｧ804090ｹ0, apple08046ｧ8 fiapple080ｸ 閨0ｹ0 040ｸ ｹ 閨 ｧ9 0ｹ ｦﾌ ｧ9 apple applefi 0208

22 1336 ﾞ09O ｦ O086ｾ4 6ﾑ80909O06O086ｾ4 6ｾ4ｦ ｦﾐ6ｾ4 09O 086ﾑ80503ｦﾐ ﾒ6ﾑ86ｾ apple 閨020300apple ｦ0apple apple (undisclosed reserves). 6ｾ apple00036ｧ9apple020ｷ ｷ ｸ7apple0003applefi ｷ apple00ｨb0607, ｧ8 apple ｧ 閨0ｹ 閨0ｹ , fiapple0ｷ30ｹ0 6ｧ 閨0ｹ ｦ ｸ700 閨070ｷ apple 縺 ｹ0 0000apple 閨0ｹ ｧ9000ｹ0 0ｸ7apple 閨 ｷ3ｨBfi ｷ ｷ 閨03080ｸ70ｹ ｧ804090ｹ0, apple080ｸ7 07 apple ｦ0apple02080ｸ ｷ ｧ8 03 閨 ｷ307 apple ﾞapplefi , 閨0709, ｸ ｧ8 閨03000ｸ ｷ apple applefi , 02fi ｷ fi ｸ700 閨070ｷ307, ｦ00006 fi apple ｦ fi03000ｹ ｧ9000ｹ ｧ8 apple ｾ fi0ｹ ｸ ｦ ｧ ｹ0 00apple ｦ ｧ907080ｸ70000, applefi 閨 ｷ ｸ700 閨070ｷ 閨03080ｸ70ｹ ｧ ｹ0, 02060ｹ0 026ｦ ｹ ｹ0 020ｷ307 00apple06 fi04000ｷ apple6ｧ904080ｸ ｹ0 0600apple 閨0ｹ 閨0ｹ fi0408, 006ｧ apple 閨0ｹ apple 閨0ｹ0 apple080ｸ ｦ ｸ7apple fi 02090ｹ0 applefi ｹ ｸ7 00apple ｸ700 閨07080ｸ ｧ9080ｸ apple ｸ700 閨 ｧ fi, 0208 apple0802 閨 ｧ fi apple ｦ fi 閨0ｹ0 fi 閨0ｹ0 00apple06 fi ｹ0, ｧ ｹ0 applefi ｹ ｸ7 00apple ｸ ｸ ｧ9080ｸ7 08 6ｧ apple ｸ apple03 鐶pple0006, 00apple0800 閨070ｷ30ｹ0, fi02 07 apple ｦ apple 閨0ｹ 閨0ｹ ｸ ｸ7applefi ｧ ｹ0 00apple ｧ80ｹ fi ｹ ｹ0 00apple ｧ ｹ0. O06 00apple ｧ ｹ ｸ 閨0ｹ0 00apple0007 6ｦ ｹ ｧ ｸ704006ｧ9 閨04080ｸ fi fi, ｧ9 0ｹ ｸ7 08apple086ｧ9080ｸ ｧ9ｨB ｷ300 閨07000ｹ apple08 fi ｹ ｸ7 00apple ｸ700 閨07080ｸ ｧ9080ｸ fi000806, apple ｧ ｹ fi ｹ ｦ ｹ ｧ90ｷ apple ｧ ｦ0, fiapple0ｷ30ｹ ｧ9, 0806 apple08036ｧ802000ｹ 閨0ｹ0 000ｸ ｧ9000ｹ fi03020ｷ304090ｹ0 0000apple ｸ ｷ apple066 56ｧ ｹ0- apple086 56ｧ ｹ0 00apple (port facilities), 閨04080ｸ707 0ｷ30ｹ0 apple0802 閨 ｸ apple ｧ80ｹ ｸ7apple fi 02090ｹ0 applefi ｹ ｸ7 00apple ｸ700 閨07080ｸ ｧ9080ｸ , 閨020406, apple ｦ0apple fi apple fi applefi ｹ0. 縺 , 09 applefi ｸ7 00apple ｸ700 閨07080ｸ ｧ9080ｸ7 006ｧ fi fi ｸ700 6ｧ ｹ0 0000apple 閨0ｹ ｧ9000ｹ0 apple080ｸ7 閨04080ｸ ｸ7076ｧ8030ｷ30ｹ apple apple ｦ ｧ ｹ0, ｹ0 applefi applefi apple ｷ302 閨0ｹ0. 6ｾ40ｸ ｧ9ｨB ｹ0, ｧ applefi ｸ7 00apple ｸ700 閨07080ｸ ｧ9080ｸ7 00apple ｧ ｧ ｸ ｧ8 apple0806fi ｧ8 00apple6ｧ , 0ｸ702fi ｦ ｯ ｾ 閨 apple080ｸ ｸ703086ｦ ｦ004080ｸ ｹ ｹ0, 02060ｹ ｸ703096ｧ9000ｹ ｹ 閨0ｹ0 020ｷ apple applefi 閨 ｸ ｸ ｷ30ｹ 閨03080ｹ ｹ ｧ9 0ｹ ｸ Jones, British Multinational Banking, , apple. 41. A. J. Arnold, 00 ｰPublishing Your Private Affairs to the World ｱ: Corporate Financial Disclosures in the U.K , Accounting, Business and Financial History, 7 (1997).

23 136ﾑ80909O06ｦﾐ ﾒ6ﾑ86ｾ4 6ﾑ8ｦ ﾞｦﾐ066ﾑ8ｦﾐ6ﾑ86ｾ4 6ｾ4ｦ ﾇ 056ﾑ80306ｦﾐ ﾞ ﾒ ﾞｦﾐ ｦ ﾇ03 ｦﾐ6ｾ4ｦ O06ｦﾐ ﾞ ｸ ｧ804080ｸ ｧ9 0000apple 076ｧ9 030ｸ704090ｹ ｸ70ｹ0 03fi09080ｸ70ｹ apple066 56ｧ90ｷ ｸ ｧ903080ｸ7 00apple ｧ804000ｷ307 apple08036ｦ fi 02090ｹ0 0000apple08-046ｧ80ｹ ｸ7 0000apple ｦ0 02 apple ｦ003. 6ｾ402 00applefi apple 閨 ｨB080ｸ apple 閨 ｹ fi 閨0ｹ ｸ70ｹ ｸ76 5 閨 ｧ9 0ｹ0, ｸ70ｹ apple ｸ70ｹ0 applefi03080ｸ70ｹ ｸ703096ｧ 閨04000ｷ307, ｹ fi ｹ0 00apple0007 6ｦ ｹ ｸ ｦ00ｹ0 applefi03080ｸ70ｹ apple086ｧ ｾ ｸ702 6ｧ apple applefi ｸ700apple 閨 ｨB apple00apple030ｷ300 閨 ｸ70ｹ ｹ0 6ｦ ｸ702 6ｧ9000ｹ ｧ9000ｹ0.