1 2 3 4 1 2004 12 2 1261 8 (2004) 3 ( ) 1261 19 (2004) 4 5 6 1
7 8 9 10 11 12 1 13 14 15 2
16 1718 19 20 21 22 23 24 25 26 5 ( )15 (1988) () ( ) 95 208 (1991) 6 ( ) 374 2)(2002) 7 ( 8 )80 8 119 (1965) = ( ) 61 (1987) 9 () ( )24 3 14 (1960) 10 ( ) 352 (1985) 11 97 (2004) 12 1436 42 (1996) 13 (9)17 (10)352 14 2004 12 15 (8)110 3) 46 ( ) ( 9) ( [])96 46 89 (1992) 75 16 367 (1992) 3
137 ( )179 24)(2001) 17 ( ) ( ) 140 350 (2002) ( 240 5) 18 19 948 110 (1990) ( ) ( ) 107 210 (1994) ( ()) 111 152 (1995) 20 7 (2000) ( 2003 )129 http://www.jili.or.jp/iroha/f_201.html 21 ( )9 3=4 15 (1960) () 746 (1974) ( 34 ) 527 23 (1989) 22 738 87 (1981) (21)22 23 ( ) (19)214 24 68 1 18 (1995) ( ) () ( )24 4 53 (1960) 25 (10)356 365 (19)110111 ( )493 (1997) 26 2004 9 22 2 3 2% 460 27 4
28 29 30 31 32 33 34 5
35 36 37 38 39 40 41 42 6
27 (20)138 28 (20)132 29 30 31 (12)38 32 ( ) 33..(3 ) 34 (16)358 ( ()) 111 126 (1995) 35 5 ( ) 36 15 () 15 () 37 118 (1997) (20)162 38 39 1497 11 (2002 ) 40 746 129 (1981) () ( ) 130 143 (2000) 41 71 2 16 (2003) 42 10 6 501 ( () ( ) 132 237 (2000) ( 2003 )186 ) 43 7
44 ( ) 45 46 47 8
48 49 50 51 52 53 54 43 (12)37 44 (16)412 (16)173 45 2002 2 16 Key Person INTERVIEW 9
(26) 2003 46 (16)419 47 (16)166 48 1 552 21 (1996) 49 609 (1995) 64 4 4 (1996) 123 4 (1998) 50 (12)40 51 ( ) (42)236 52 (15)81 53 (16)419 54 (16)190 55 56 57 58 59 10
60 61 62 63 64 65 66 67 68 69 70 71 11
72 73 74 75 76 77 78 79 80 81 82 83 84 12
85 86 87 88 89 90 91 13
92 93 94 95 96 14
97 98 99 55 ( ) (42)243 10) 140 240 (2002) 56 7 ( () ( ) 129 249 (1999) 57 ( ) 587 (1993) 58 () ( ) 96 185 (1991) ( )293 (1997) 59 ( ) (56)250 60 ( ) (56)250 61 (16)395 62 ( ) (56)250 15
63 ( ) (58)293 64 (15)98 65 (16)395 66 353 (1978) () 129 (1987) 67 (49)626 (49)23 68 () ( ) 130 140 (2000) 69 ( )135 155 (1991) 70 ( ) (56)247 71 72 ( ) (68)141 73 43 272 (1981) 57 3 202 (1995) 74 ( ) (68)145 4) 75 () ( ) 97 176 (1991) ( ) (68)141 76 (16)407 16) 77 ( ) (75)176 78 ( ) (58)193 ( ) (75)175 ( ) (58)340 79 (16)395 (57)592 ( ) (68)143 80 ( 142 101 (2003)) 81 ( ) (58)197 82 ( ) (69)148 83 84 1000 900 100 ( ) 100 900 ( ) 85 (66)129 86 (57)597 17) 87 ( ) 88 [2 ] 413 1)(2002) 89 ( ) (69)147 90 ( ) (68)145 4) 91 ( ) (58)341 92 ( ) (75)175 (57)597 17) ( ) (58)340 93 (16)402 (57)594 94 (16)402 95 552 38 44 (1996) (49)10 (49)8 96 ( ) ( ) 142 144 (2003) 97 ( ) (96)133 98 ( ) (96)149 99 (16)403 16
100 101 102 103 17
104 105 106 107 1 108 109 110 18
111 112 113 114 100 1271 13 21 (2004) 101 [] 1666 5 (2003) 102 (88)411 103 [] 1667 19 (2003) 104 (88)423 [] 1668 14 (2003) 105 (88)413 106 [] 1611 7 (2001) 107 ( ) 6(2) 108 4(1) 109 4(3) 110 4(1) (3) 111 1671 33 (2003) 112 (88)503 4) 1641 11 (2002) 113 [] 1699 24 (2004) 114 [] 1701 36 55)(2004) 115 116 117 118 19
119 120 121 122 123 124 125 126 127 128 20
115 (16)351 116 14 3.8 ( 2003 15 ) 117 (55)223 118 45 (1996)(...Hetherington Mutual and Cooperative Enterprises An Analysis of Customer-owned Firms in the United States (1991)) 119 (16)371 (55)224 99 1 (1992) 120 ( ) (19)222 (55)223 121 (118)36 122 (16)387 123 1972 21,611,636 716 ( (118)81 75)) 124 2003 6 18 MorganStanley Analyst Report ( 71 6 101 (2003)) 125 : (1) 131 99 (2000)Mayers, D, A. Shivdasani and C. W. Smith, Jr. [1997], Board Composition and Corporate Control: Evidence from the Insurance Industry, Journal of Business, Vol.70, pp.33-62. 126 (16)402 127 133 (1989) 138 341 128 (16)415 21
129 130 1 1 1 1 131 132 133 22
134 135 136 137 138 139 140 141 142 23
143 1 24
144 145 146 147 148 149 129 (16)351 130 (19)111 131 (55)241 25
132 (12)40 133 (12)41 134 18 1 135 136 (12)41 137 ( ) ( 52 3 21 27 ) 138 ( ) (96)147 139 174 (1992) 140 ( ) (96)135 ) 141 ( ) (96)149 142 ( ) (96)135 143 ( ) (96)135 140 15) 144 (106)8 145 158 (2004) 146 18 1 2005 5 1 147 (111)32 148 (111)32 149 (111)31 150 150 ( 58 29 ) 26