シャープ再建策 「液晶の雄」挫折は重い教訓だ

The Yomiuri Shimbun (Oct. 1, 2012)
Other firms must learn from Sharp's setback
シャープ再建策　「液晶の雄」挫折は重い教訓だ（9月30日付・読売社説）

Even a company with cutting-edge technology and a strong brand will founder if it makes a mistake in the selection and concentration of its business. The setback of Sharp Corp., dubbed a giant of liquid crystal display panels, is a warning for the Japanese manufacturing industry.
　最先端技術やブランド力があっても、事業の選択と集中を誤ると行き詰まる。「液晶の雄」の挫折は、日本の産業界に警鐘を鳴らしている。

Amid a financial crisis, Sharp has compiled a rehabilitation plan centering on cutting more than 10,000 jobs and selling its television factories abroad. Highly evaluating the plan, Sharp's main financing banks have decided to extend a total of 360 billion yen in loans to the electrical appliance company.
　経営危機に陥ったシャープが、１万人超の人員削減や海外のテレビ工場売却などを柱にした再建策をまとめた。これを評価した主力取引銀行が総額３６００億円の巨額融資を決めた。

This has temporarily settled Sharp's cash-flow concerns and helped it move a step closer to overcoming its management crisis.
　懸念されたシャープの資金繰りにひとまずメドがつき、危機克服に前進したと言える。

Until several years ago, Sharp enjoyed outstanding business results because of the popularity of its LCD television sets manufactured at its Kameyama plant in Mie Prefecture, known as Kameyama models.
　シャープは、三重県の亀山工場で製造する液晶テレビが「亀山モデル」と呼ばれて人気を集め、数年前まで業績は絶好調だった。

However, amid the yen's soaring appreciation and the weak won, South Korean companies have become more competitive and captured the global market of LCD panels and TV sets, displacing Sharp as the world's leading manufacturer of those products. The marked decline in prices of LCD panels and other products also hurt Sharp.
　ところが、超円高やウォン安が続く中、競争力をつけた韓国企業などに主力の液晶パネルやテレビで市場を奪われ、パネルなどの価格急落も打撃となった。

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Overconfidence causes mistake

Sharp spent a huge amount of money three years ago on construction of a state-of-the-art factory in Sakai, Osaka Prefecture, to manufacture large LCD panels. But sales did not grow as much as expected, and the factory only worsened earnings results.
　約３年前、大型液晶パネルを製造する最新鋭の大阪・堺工場を巨費で建設したが、販売が伸びずに業績悪化に拍車をかけた。

The firm declared record losses in its consolidated financial settlement for the business year ending in March, and huge losses are expected in the current term, too.
　２０１２年３月期連結決算で過去最大の赤字を計上し、今期も大幅赤字が見込まれる。

Success of the Kameyama plant apparently led to overconfidence, causing Sharp to go astray in planning its business strategy.
　亀山での成功が過信につながり、戦略を誤ったのだろう。

This shows the grim reality that even a prestigious company with a history of 100 years can be forced to drastically restructure its business.
　創業１００年を迎えた老舗企業ですら、抜本的な事業再構築を迫られる厳しい現実だ。

First, Sharp must quickly enhance areas of its speciality including small and midsize LCD panels for smartphones, the market of which is expected to grow, and home electric appliances and copying machines. Another key factor in profitability is whether the firm can capture markets in emerging economies.
　まず、成長が期待できるスマートフォン（高機能携帯電話）向けの中小型液晶や、白物家電、複写機といった得意分野の強化を急がねばならない。新興国市場の攻略も収益確保のカギを握る。

Optimism is out of the question for Sharp, and speed will be a decisive factor in overhauling the company.
　先行きは楽観できない。経営刷新のスピードが問われる。

Attention will now turn to partnership negotiations between Sharp and Hon Hai Precision Industry Co., a major contracted manufacturer in Taiwan. In March, Hon Hai agreed to maintain a ratio of investment in Sharp of 9.9 percent. After the price of Sharp's stock plunged, the companies began renegotiating the partnership, but the talks have made little headway.
　焦点は、台湾の受託製造大手、鴻海(ホンハイ)精密工業との提携交渉の行方だ。鴻海は３月、シャープに１０％弱出資することでいったん合意したが、シャープ株価の急落に伴う再交渉が難航している。

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Competition in global market

Sharp desperately needs measures to further enhance its financial foundation through a partnership with Hon Hai and boost global sales of small and midsize LCD panels and other products. We hope Sharp will sign an agreement with Hon Hai as soon as possible. However, Sharp must be very wary of the outflow of its most advanced technology.
　シャープにとっては、鴻海との提携で財務基盤をさらに強化し、中小型液晶などの世界販売を増やす方策が不可欠だ。早期合意を目指してもらいたい。ただ、最先端技術の流出には要警戒である。

Japan's manufacturing industry, including electrical appliance manufacturers, are facing the yen's soaring appreciation and intensified global competition. Japanese firms must learn a lesson from Sharp's case and strengthen their competitiveness by developing strategic products that anticipate changing market demand and exploiting growing markets.
　電機業界など日本の製造業は、超円高と激しい国際競争に直面している。シャープを教訓とし、市場の変化を先取りした戦略商品の開発や、成長市場の開拓で競争力を強化せねばならない。

The government also has an important role to play in supporting the nation's industry. The government must curb the yen's appreciation and try to secure a stable supply of electricity by reactivating nuclear power reactors around the country. It also must initiate active trade policies such as Japan's early participation in negotiations over the Trans-Pacific Partnership free trade pact.
　産業を支える政府の役割も重要だ。超円高を阻止し、原子力発電所の再稼働で電力の安定供給を図るとともに、環太平洋経済連携協定（ＴＰＰ）への早期参加など積極的な通商政策が求められる。

(From The Yomiuri Shimbun, Sept. 30, 2012)
（2012年9月30日01時36分 読売新聞）