JR4JR 3 JR4 KUSUKI, Yukio 1 1.1 2011JR4 JR JRJR JRJR4 20 5 JR41 2011 JR 82299 1,129101 307106 263109 4492 1,530/90 17/50 2 2020 JR 281106 375103 9494 88117 624 517/35 1/25 0 2020 3 JR 1,907101 1,864101 43172 60100 103121 2,908/160 202/115 6 2016 JR 1,53096 1,49398 3661 3590 210 427/190 4/9 1 2018 100 JR 201220162016 1 3 JR100 199074200615 JR 2035 20 JR JR JRJRJR JR 012 Vol.16 No.3 2013 Autumn
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30 0.01 20114.972 22JR JR430 20113201211 12012JR2016JR 706pp. 74-75 22012 23JR70 7pp. 3-8pp. 23-36 31997.6.16JRp. 1 42012 Vol. 15No. 3pp. 29-39 5200214 507pp. 203-204 6IPO20122012 72007-2011 200720011JR 5 82003JR 26pp. 29-40p. 38 92011JR 6345p. 79 102000pp. 89-92 111984p. 431 1219903 pp. 35-36 132012JR http://www.jrtt.go.jp/02business/settlement/settle-kabu.html2012/12/24 14 2010 WG-AA19427p. 13 http://www.cao.go.jp/sasshin/shiwake/detail/gijiroku/a-19.pdf2012/ 12/22 152012IPO 1620122012p. 23 17200214 4 15 http://report.jbaudit.go.jp/org/h14/2002-h14-0931- 0.htm16 http://report.jbaudit.go.jp/org/h14/2002-h14-0960-0.htm2012/12/21 182001p. 329 192000JR3 pp. 54-56 2020072007JR 13 2p. 9 21JR201223 24427p. 3 222003-2012 1423JR 7 2320062007JR 1223p. 39 2418p. 321 252012 23 261971 46 27JRJR JR2012 24 20123 2827p. 12 291988148pp. 32-36 301989 pp. 398-401 31201124pp. 153-156pp. 148-153http://www.meti.go.jp/topic/data/ 110930aj.html2012/12/1 322012 20123pp. 32-36 332006 http://www.tse.or.jp/rules/comment/060124jojo.pdf 2012/12/24 342012 http://www.okinawakouko.go.jp/2012/12/24 3520113 4390p. 55 362010 297p. 21 372013.7.9 p. 9 38ASG2009 392011QA 402012JR25553pp. 131-135 554pp. 131-137 41JRJRJRJRJR4 3841 Examining Institutional Problems about Complete Privatization of Four Non-Listed JR Companies By Yukio KUSUKI Among four JR companies which are yet-to-be listed on the stock exchange, JR Kyushu has started preparation for getting listed. However, in the absence of management stabilization fund, it is estimated that it would not be easy for the company to attain self-sustaining accounting figures. For other three JR companies, it is likely that the privatization through usual process of listing would involve even more longer term issues. On the other hand, as the initial listing requirement is eased recently, the goal of complete privatization is attainable if the growth of the company remains healthy under stable management. In this article, instead of the standard process of listing, the possibility of tentative listing with specific institutional arrangement maintaining the special characteristics of four JR companies is examined. Key Words : railway privatization, Initial Public Offering(IPO), management stabilization fund, standards for IPO, special system for IPO 022 Vol.16 No.3 2013 Autumn