Profitability and Competitiveness: Lessons from Japanese and American Firms in the 1980s
比较1980年代后半期日本与美国企业的盈利能力，发现日本企业多数行业利润率低于美国，但波动性更小；探讨了盈利能力与竞争力的关系，指出美国企业追求利润可能损害国家竞争力，而日本企业策略更有利于竞争力。
This article has two main objectives: to assess and compare the profitability of Japanese and American firms and industries during the latter half of the 1980s; and to explore the relationship between firm profitability and national competitiveness. The study reveals that: Japanese firms in most industries were less profitable than American firms; after adjusting for differences in tax rates, accounting practices, and debt levels, Japanese firms had lower returns on assets and operating margins than American firms, but similar returns on equity; the returns of Japanese companies exhibited far less volatility than the returns of American companies; and differences in the average returns of Japanese firms in different industries were extremely small. The link between profitability and competitiveness depends on the effect profits have on firm strategy, particularly the firm's investment strategy. In the U.S., the desire for profits may have encouraged firms to pursue strategies which are not consistent with national competitiveness. Conversely, Japanese firms have tended to adopted strategies which promote competitiveness.