Financial Analysis of the Business Structure Reform of Mitsui Chemicals, Inc.

本論文は，多くの事業を抱える企業が実施した事業構造改革が好調な経営業績を生み出していることを財務分析によって解明した事例研究である．事例として取り上げた企業は，日本の総合化学企業の3番手の地位にある三井化学株式会社である．三井化学は，1997年10月に，企業規模の拡大を目的に，三井石油化学工業と三井東圧化学との合併によって設立された．設立後の10数年間，三井化学は，景気変動の波に影響されやすく利益の振れ幅が大きい基礎化学品事業の売上高構成比率が高い事業構造であった．しかし，この事業構造は，2008年のリーマンショック後の世界的不況時に，三井化学を他の総合化学企業よりも厳しい経営業績に追い込んだ．この経営業績の悪化を克服するために，三井化学は，2014年に複数のプラントの停止と工場の閉鎖という大規模な事業再構築（リストラクチャリング）を実施した．その結果，三井化学は景気変動の波に影響されにくく利益の振れ幅が小さい新たな事業構造を構築した．この事業構造改革によって，2015年度以降，三井化学は最高の利益水準を達成し，また更なる成長のための長期経営計画を実行している．This paper is a case study conducted with the help of financial analysis, which elucidated that a business structure reform implemented by a company with well-expanded business produces brisk corporate performance. The company selected for this study is Mitsui Chemicals, Inc., the third largest petrochemical manufacturer in Japan. Mitsui Chemicals was established by the merger of Mitsui Petrochemical Industries and Mitsui Toatsu Chemicals in October 1997 to expand the companies\u27 corporate scale. For more than ten years after its establishment, Mitsui Chemicals had a business structure wherein a ratio of sales of the basic chemicals business to overall sales was higher than other petrochemical manufacturers. The basic chemicals business is easily influenced by the wave of economic fluctuation and allows corporate earnings to fluctuate widely. However, this business structure drove Mitsui Chemicals into corporate performance, which was severer than other petrochemical manufacturers during the world recession after the Lehman Shock in 2008. To overcome the aggravation of corporate performance, Mitsui Chemicals implemented large-scale restructuring, stoppage of several plants, and closure of the Kashima factory in 2014. As a result, Mitsui Chemicals created a new business structure that was not easily influenced by the wave of economic fluctuation and allowed corporate earnings to fluctuate with a narrow width. Through this business structure reform, since the 2015 fiscal year, Mitsui Chemicals has received the highest corporate earnings. Additionally, it conducts long-term business planning for further growth

Application of the powder of porous titanium carbide ceramics to a reusable adsorbent for environmental pollutants

The aim of this study is to investigate the utilization of the powder of porous titanium carbide (TiC) ceramics as a novel adsorbent or a material for solid-phase extraction (SPE). The adsorption and elution of inorganic and organic pollutants, Pb(II), 2,4,6-trichlorophenol (TCP), perfluorooctane sulfonate (PFOS), and perfluorooctanoic acid (PFOA), to the material were evaluated. The cartridge packed with TiC ceramics powder was used for the extraction test of pollutants. The solution containing pollutants at 1.0 mu g mL(-1) was passed through the TiC cartridge, and the substances were almost quantitatively removed. Furthermore, the pollutants retained in the cartridge were eluted with 3 N HCl for Pb(II) and with methanol for organic pollutants. The recoveries of pollutants were over 80%. In addition, we used the TiC cartridge for the solid-phase extraction of water samples (500 mL each of the distilled water and the river water) by adding pollutants at determined concentrations. Every pollutant was adsorbed almost quantitatively, and eluted by 3 N HCl or methanol. From these results, we concluded that the powder of porous TiC ceramics is a useful reusable adsorbent for the water cleanup and solid-phase extraction.ArticleJOURNAL OF HAZARDOUS MATERIALS. 185(2-3):725-731 (2011)journal articl

An Inquiry into a Shift to Disclosure Based on Consolidated Accounting Information

In June 1997, the consolidated financial statements system in Japan was revised drastically after an interval of twenty years. The two highlights of the revisions are : (i) a shift of an important point of disclosure from separate business information to consolidated business information and (ii) a change of the criterion of the scope of consolidation from rate of stocks which the parent company holds to real control power of the parent company. By these revisions, the new Japanese system became a system similar to the consolidated financial statements in International Accounting Standards. In this paper, I describe the history of the consolidated financial statements system in Japan, outline the revised new system, discuss a few problems concerning the revised new system, and note the impact of the revised new system on the management of corporation groups. Specifically, I discuss whether the new system can check if a parent company intentionally excludes subsidiary companies or associate companies from the scope of consolidation. I conclude that it will be difficult to check this matter by means of the new system

Analysis of a Flexible and Speedy Management Company by a Simple Target Financial Indicator : Business Analysis of Shin-Etsu Chemical Co. Ltd.

2008年秋に発生したリーマンショックを契機とする深刻な世界同時不況は，多くの日本企業に大きな損失をもたらした．こうした中，信越化学工業は, 2010年3月期決算でも，800億円超という高水準の純利益を獲得している．深刻な不況においても，なぜ信越化学工業は安定した利益水準を保持できたのであろうか．それを可能にした要因は，市場シェアが高い事業の選択と集中によるバランス良い事業構成の構築である．信越化学工業の3つの事業セグメントは市況変動サイクルや製品特性に違いがあり，そのため相互補完的な構成となっている．このような良好な事業構成を基礎に，信越化学工業は，高い市場シェアと高い収益性の獲得のために，積極的に海外市場への事業展開を行い，先見性を持ったスピーディーな設備投資を実行し，強い営業力を実現している．信越化学工業の目標財務指標は当期純利益の絶対額のみであるといわれている．目標がシンプルだからこそ，信越化学工業は，経営上の複雑な諸要因に惑わされず，環境変化に対して柔軟でスピードある大胆な経営行動をとることができるのであろう．The serious world economy recession generated in the autumn of 2008 caused large net loss to many companies in Japan. However, Shin-Etsu Chemical Co. achieved net earnings exceeding 80 billion yen in the settlement of accounts in March 2010. How did the company maintain a stable profit level during serious economic depression? It chose three businesses with high market shares and an excellent and mutually complementary composition balance among them. On the basis of such an excellent balanced business composition maintained its high market share and high profitability. Shin-Etsu Chemical\u27s target financial indicator is only the amount of net earnings. As the target indicator is simple, the company can take flexible, speedy, and bold business action to address environmental change, without being caught up in the complicated factors of management

Case Analysis on the Diversity of Business Action

経済のグローバル化の進展,情報通信技術(IT)の飛躍的発展,種々の規制緩和の実施,環境保全意識の高揚,少子・高齢化の急速な進行など,日本企業をめぐる経済的・社会的環境が大きく変化している今日,環境適応のための企業の経営行動は多様化してきている.この論文は,このような変革期の時代に企業の経営行動がどのような方向性をもち,どのような変化を追求しているのかについて,2つのケース分析を通じて検討を行っている.第1のケースは,日本における新しいタイプの社会福祉事業を実践する「ヤマト福祉財団」を取り上げ,非営利組織の経営革新の実態を分析している.第2のケースは,「ソニー」を取り上げ,出井伸之氏がトップマネジメントとして牽引した10年間の経営行動の成否を分析している.The economical social environment around the Japanese enterprises, such as the globalization of the economy, the rapid development of information technology, the various deregulations, the increasing awareness of environmental preservation, and the coming of the society with the falling birthrates and the aging population, changes rapidly. The business action of Japanese enterprises is diversified for the adaptation to this environmental change. We examine what kind of directionality the business action has and what kind of change the enterprises pursue in the reform period through two case analyses. The first case takes up "Yamato Welfare Foundation", and analyzes the reality of management innovation of a nonprofit organization. The second case takes up "Sony", and analyzes the success or failure factors of the business action throughout the period Mr. Nobuyuki Idei has assumed Chief Operating Officer and Chief Executive Officer

A comparison between the adductor pollicis muscle and the abductor digiti minimi muscle using electromyography AF-201P in rocuronium-induced neuromuscular block: a prospective comparative study

Background: The AF-201P, a new electromyography (EMG)-based neuromuscular monitor has been developed recently. The aim of this clinical study was to compare two ulnar nerve innervated muscles: the adductor pollicis (AP) muscle and the abductor digiti minimi (ADM) muscle during the recovery from rocuronium-induced neuromuscular block by using EMG AF-201P. Methods: Twenty patients undergoing surgery with general anesthesia were enrolled in the study. During total intravenous general anesthesia, train-of-four (TOF) and post-tetanic counts (PTC) responses following 0.9 mg/kg rocuronium administration were concurrently monitored at the AP and the ADM muscles with EMG AF-201P on the opposite arms. At the end of the surgery, sugammadex 2 mg/kg was administered when TOF counts of 2 (TOFC2) was observed at both muscles. The primary outcome of the study was time from administration of rocuronium to first appearance of PTC response (first PTC). The secondary outcomes of the study were time from administration of rocuronium to TOF count of 1 (TOFC1), time from first PTC to TOFC1 (PTC-TOF time), time to TOFC2, and time from administration of sugammadex to TOF ratio ≥ 0.9. Agreement between the two muscles was assessed using the Bland-Altman analysis. Data are expressed as mean ± standard deviation. Results: Nineteen patients were included in the analysis. Time to first PTC was significantly faster at the ADM muscle than the AP muscle (24.4 ± 11.4 min vs 32.4 ± 13.1 min, p = 0.006). PTC-TOF time was significantly longer with the ADM muscle than the AP muscle (19.4 ± 7.3 min vs 12.4 ± 10.6 min, p = 0.019). There were no significant differences in time to TOFC2 and sugammadex-facilitated recovery between the two muscles. Bland-Altman analyses showed acceptable ranges of bias and limits of agreement of the two muscles. Conclusions: The ADM muscle showed a good agreement with the AP muscle during rocuronium-induced neuromuscular block but faster recovery of PTC response when using EMG

MicroRNA-140 mediates RB tumor suppressor function to control stem cell-like activity through interleukin-6

We established an in vitro cell culture system to determine novel activities of the retinoblastoma (Rb) protein during tumor progression. Rb depletion in p53-null mouse-derived soft tissue sarcoma cells induced a spherogenic phenotype. Cells retrieved from Rb-depleted spheres exhibited slower proliferation and less efficient BrdU incorporation, however, much higher spherogenic activity and aggressive behavior. We discovered six miRNAs, including mmu-miR-18a, -25, -29b, -140, -337, and -1839, whose expression levels correlated tightly with the Rb status and spherogenic activity. Among these, mmu-miR-140 appeared to be positively controlled by Rb and to antagonize the effect of Rb depletion on spherogenesis and tumorigenesis. Furthermore, among genes potentially targeted by mmu-miR-140, Il-6 was upregulated by Rb depletion and downregulated by mmu-mir-140 overexpression. Altogether, we demonstrate the possibility that mmu-mir-140 mediates the Rb function to downregulate Il-6 by targeting its 3\u27-untranslated region. Finally, we detected the same relationship among RB, hsa-miR-140 and IL-6 in a human breast cancer cell line MCF-7. Because IL-6 is a critical modulator of malignant features of cancer cells and the RB pathway is impaired in the majority of cancers, hsa-miR-140 might be a promising therapeutic tool that disrupts linkage between tumor suppressor inactivation and pro-inflammatory cytokine response.Supplementary Table1 and Supplementary Table2: We offer the table data with an Excel fil