Chapter 29 Leaders Desperate to Protect Private Enterprise
Back to the topic of Steel Partners and Bulldog Flavoring.
Although it is difficult for me to understand the judgment of the Supreme Court, Takao Kitata, the Deputy Minister of Economy, Trade and Industry at the time, did not think so.
On September 3, 2007, the financial magazine "President" published an interview with him.In this article titled "For Foreign Investment, the Japanese Government Desperately Pursues Its Own Ideas", Takao Kitabata expressed his deep understanding of the verdict of the case between Steel Partners and Bulldog Seasoning Company, and his ignorance really made me Shocked!
Takao Kitata, who is the Deputy Minister of Affairs, is known as "Strictly Administering Administration" and "No. 2 Minister".He actually used the personal language of "desperately" to describe the attitude of the Japanese government. I am afraid that this is a problem in the first place.In fact, it is impossible for him to say something like "Desperately", because it lacks theory, and he does not have such great power in the first place.
Regardless of other things, as a representative of our entire country, is it okay to use this tone to express rejection of foreign investment?Here, I want to ask you a question again.
Please think hard before seeing my answer.
Here is my answer:
No matter which country's nationals or capitals, the management rights of enterprises should be handed over to the most suitable person. This is a requirement for all stakeholders, including shareholders, investors, and employees. Isn't this the so-called of capitalism?Aren't Japanese companies also acquiring potential companies in other countries? The idea of "just want to buy, not sell" is something that children have.Didn't Japan's Plate Glass Company successfully acquire the originator of plate glass (the first use of the float glass process) - Pilkington in England?And JT (Japan Tobacco Industry Corporation) also achieved great success after acquiring Reynolds' overseas business.It can be said that in today's era, compared with product competition, the competition of management capabilities is more important.
On this basis, the country must have a clear judgment, and where it should be conservative must be conservative.For example, in areas such as communications, transportation, electric power, and national defense, it is understandable to restrict foreign ownership.
In today's world of economic globalization, these are common-sense issues.If we blindly promote nationalism, we can only say that we were born in the wrong birth and in the wrong era.
Under the global economic wave of market intensification, the business scope of enterprises should be all over the world; if they are only limited to the domestic market, they will not be able to survive.Therefore, if Japan does this, foreign investors who account for nearly 40% of the Japanese stock market will all withdraw, and their remarks after withdrawal will further dampen people's desire to invest in the Japanese market, and will affect the entire country of Japan. Valuation will be greatly discounted.
But Mr. Kitata didn't intend to stop there. In February 2008, when the stock market was falling, he threw out the "they are all idiots" remark. As soon as this remark came out, the Nikkei average fell by 760 points.
Who would want to buy Japanese stocks when there is such a leader who does all kinds of things that investors hate?
Under the cover of the Ministry of Economy, Trade and Industry's anti-acquisition policy, Bulldog Seasoning Company, which was in danger of being acquired by Steel Partners, was rescued with the concerted efforts of everyone. It is really gratifying!But don't forget, behind the survival of this company is the bankruptcy of many small and medium-sized enterprises.When the Ministry of Economy, Trade and Industry, as a "national faction", one day finally transferred 10% of the shares of the private enterprise J-Pcmer to foreign investors, it attracted investors from all over the world, but it also attracted Japanese public opinion. of criticism.
In an unprecedented sense of closure, no matter what the reasons, such a policy cannot be called reasonable.I really want to implement "general rules" both internally and externally earlier. It is precisely because there are no "rules" that investors are driven away under the guidance of this "policy".
If things go on like this, not only ordinary people, but even those officials who are already very good will experience the phenomenon of "IQ decline".The idea of simply equating foreign capital with harm is incomprehensible from any angle.
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