{ "docId": "019dd923-622b-71dc-a6d9-8d4836bf75ca", "docSlug": "6cdbc0b0bbf6", "documentTitle": "Toyota Industries Corporation (6201.T)", "authorId": "02_Elliott_Management", "authorName": "Elliott Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2026-01-27 00:00:00", "orientation": "landscape", "aspectRatio": 1.4444444, "pageNumber": 12, "pageCount": 52, "prevPage": 11, "nextPage": 13, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 4, "notes": "The slide uses a combination of a chart showing TICO's outlier status and three quotes from asset managers to build a case for governance failure.", "elementsJson": [ "headline_text", "paragraph", "bar_chart_vertical", "callout_box", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-8d4836bf75ca/12", "deckHref": "/decks/019dd923-622b-71dc-a6d9-8d4836bf75ca", "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-8d4836bf75ca.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-8d4836bf75ca#slide-12", "components": [ { "bbox": { "h": 0.08, "w": 0.37, "x": 0.27, "y": 0.36 }, "kind": "callout", "text": "豊田自動織機の純資産に対する持合株式比率はTOPIX構成銘柄の中で第3位の規模", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "943cd8b9-fef0-4aba-ba69-26bfcc68d5ef", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "豊田自動織機の純資産に対する持合株式比率はTOPIX構成銘柄の中で第3位の規模", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0936-7173-ab19-e4d2d690744a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.55, "w": 0.6, "x": 0.04, "y": 0.23 }, "kind": "chart", "text": "TOPIX構成企業における上場会社株式保有額の純資産比率（％）", "attrs": null, "subkind": "bar-vertical", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "84928431-e3e7-45af-8733-48149f5c8dcc", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "cross-shareholding ratio: 82%", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd953-0936-7173-ab19-ee6f643f4bc6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.04, "y": 0.88 }, "kind": "other", "text": "出典: 会社開示資料、Bloomberg、東洋経済、SMBC日興証券、資産運用会社の開示資料", "attrs": null, "subkind": "source-note", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c53170a0-ccb2-4aac-9271-f3f032eb07e4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.04, "y": 0.1 }, "kind": "paragraph", "text": "豊田自動織機の純資産に占める持合株式比率は長年にわたりTOPIX全体の中でも最高水準にあり、このような状態を放置してきたことは、ガバナンス不全と資本効率の軽視の表れである", "attrs": null, "subkind": "description", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "90c83961-5ddc-4000-8b0f-bd2ef5e8c8a0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.3, "x": 0.67, "y": 0.45 }, "kind": "quote", "text": "企業間で相互に政策株を持ち合うという、日本特有の[トヨタグループに見られる]慣習は、[...]株式市場ではコーポレートガバナンス（企業統治）の低下につながると指摘されてきました。", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "13e07f62-a285-4f1d-b719-5d674f41f7c6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.3, "x": 0.67, "y": 0.65 }, "kind": "quote", "text": "グループ間で多くの株式を持ち合い、少数株主の利益が軽視される懸念だけでなく、これが自動車産業の資本効率性の低迷を招いている、とも言えます。", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6271f134-21ce-427c-a2ed-3f0abd47f751", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.3, "x": 0.67, "y": 0.23 }, "kind": "quote", "text": "トヨタのようなグループ親会社にとって、持合株式は論争の的となっており、親子上場や恒常的な低評価と並んで問題視されている", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "97fdca5f-77b5-403b-905e-a66fbbf2dc2b", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "トヨタのようなグループ親会社にとって、持合株式は論争の的となっており、親子上場や恒常的な低評価と並んで問題視されている — Asset Value Investors, 2025年4月", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0936-7173-ab19-e9ed067b349a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.04, "y": 0.06 }, "kind": "title", "text": "豊田自動織機の突出した持合株式比率の水準", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9198ca3e-990e-43cf-9653-fd2125249948", 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