本年度は，1880-1910年代中小資産家による製塩会社向け投資の実態を解明した。研究代表者は，2008年度から香川県内で宇多津町内製塩会社関係史料を継続的に収集してきた。それら史料を使用し，国内最大の生産規模を誇った宇多津町内の製塩会社を事例に，経営動向と各社に対する地元中小資産家の出資動向を検討した。それによれば，製塩業では同じ地域に立地する製塩会社でも経営状況が異なる推移を辿り，複数の製塩会社に対する投資は部分的なリスクヘッジを可能にした。そこで，中小資産家は地元における複数の製塩会社へ分散的に投資し，リスクヘッジを試みていた。以上の分析結果を慶應義塾大学経済研究所よりディスカッションペーパーとして刊行し，査読付学術誌へ投稿した。
In this fiscal year, we investigate the small and medium-sized asset holders' investment in salt manufacturing companies from the 1880s to the 1910s. We have collected the historical documents on the salt companies in Utazu Town since 2008. We analyze these salt companies' documents to clarify their business conditions and the investment in them. Although these companies were located within the same town, their business conditions were different from each other. Accordingly, when the investors purchased different shares of salt companies within the town, they could hedge their risks partially. We published the discussion paper on the above-mentioned research results from the Institute for Economic Studies, Keio University and submitted it to the refereed journal.