電鉄経営と不動産業 : 箕面有馬電気軌道を中心として

本論では, 日露戦後期の電鉄企業による不動産事業の展開過程を, 小林一三がひきいる箕面有馬電気軌道の事例に注目しながら検討した.日本における電鉄企業の不動産事業の特徴は, 線路用地買収と前後して停車場建設予定地付近に広大な土地を取得しておき, 鉄道開業後に宅地造成と住宅建設を行って分譲するという点にある.このビジネス・モデルが成功するためには, (1)住宅用地の買収能力と(2)分譲住宅の販売能力に加えて, (3)広大な未開発地を長期間寝かせておける資金力が必要である.箕面有馬電気軌道は, このうち(1)については沿線地域の有力者を代理人する共有地や民有地の買収で, (2)についてはPR誌等を活用した沿線地域のイメージ・アップ戦略と月賦販売による新中間層への売り込みによって, さらに(3)については電鉄業の社会的信用と株式現物商の機動力を活用した低利の社債募集によって, それぞれ解決することに成功する.こうして同社は, 電鉄企業による不動産経営の開拓者となった.The purpose of this paper is shed light on the real estate business of the Japanese electric railroad companies in early 20^<th> century, focusing particular attention to the Mino-Arima Electric Railroad Co. and its president Ichizo Kobayashi. It is characteristic of the real estate business of Japanese electric railroad companies to purchase in advance available land around planed stations. After these stations are opened to the public, they are sold off at a high value with a huge profit. For this business model to be successful, the following elements are required : 1. The availability of purchase of land. 2. The ability to achieve high sales of land and house. 3. The capability of fund raising for the financing the monthly installment. Ichizo Kobayashi, a managing director of the Mino-Arima Electric Railroad Co., succeeded in achieving the following points based on the three elements. First, he was able to purchase the land along the railroad line at a low price from agents that were influential people in that area. Second, he sold new housing estates the emergent to middle class using the installment schemes. Additionally, he also introduced a magazine to raise the image of the area considered in coordination to the sales of the housing estate to the middle class. Third, the company successfully gained a low-interest long-term bond using the high reputation of the railroad company. As a result, the Mino-Arima Electric Railroad became the pioneer of real estate business for the electric railroad companies in Japan