创立于1858年的日本芝麻油制造商加户屋芝麻油磨坊，见证了日本历经数代的变迁——历经两次世界大战和日本资产泡沫。
Founded in 1858, Japanese sesame oil maker Kadoya Sesame Mills has witnessed the country transform over generations — surviving world wars and Japan's asset bubble.
如今，在2004年于JASDAQ证券交易所上市二十多年后，加户屋即将在日本私募股权公司Integral的支持下，通过要约收购实现私有化。此举正值公司应对原材料成本上涨和地缘政治风险加剧之际。
Now, more than two decades after listing on the Jasdaq Securities Exchange in 2004, Kadoya is set to go private through a tender offer backed by Japanese private equity firm Integral. The move comes as the company navigates rising raw-material costs and heightened geopolitical risks.
专家向CNBC表示，从国内市场萎缩、劳动力短缺到继承难题，日本老字号企业正面临多重考验。据帝国数据银行统计，成立超过100年的日本企业破产数量正以创纪录的速度发生，2026年前八个月已达112家。
Japan's long-established businesses are being tested by factors ranging from a shrinking domestic market and labor shortages to succession challenges, experts told CNBC. Bankruptcies among Japanese businesses with more than 100 years of history are occurring at a record pace, reaching 112 in the first eight months of 2026, according to Teikoku Databank.
牛津经济研究院日本经济主管永井茂人表示，日本百年企业之所以能实现持久繁荣，得益于家族所有制培育的长远眼光、深植于当地社区的根基，以及量入为出的经营方式。
Japan's century-old companies have achieved enduring prosperity through a long-term perspective fostered by family ownership, strong roots in local communities and a business approach that stays within their means, said Shigeto Nagai, head of Japan economics at Oxford Economics.
它们悠久的历史和多年的资本积累，也使其拥有了稳健的资产负债表和稳定的利润率。
Their long histories and years of capital accumulation have also left them with sound balance sheets and stable profit margins.
然而，永井指出：“它们越来越担心无法预见长期维持高利润的未来，担心会逐渐陷入衰退。”
"However, they are increasingly concerned that they cannot foresee a future of sustained high profits over the long term and fear they will gradually fall into decline," Nagai said.
标普全球市场情报首席经济学家田口晴美表示，成本上升和劳动力短缺已成为后疫情时代日本企业面临的主要挑战。
Rising costs, shrinking market Rising costs and labor shortages have become major challenges for Japanese companies in the post-pandemic business environment, said Harumi Taguchi, principal economist at S&P Global Market Intelligence.
田口指出：“尽管通胀使企业比通缩时期更容易将成本转嫁，但许多企业仍无法将较高费用完全反映在销售价格中。”
"Although inflation has made it easier for companies to pass on costs than during the deflationary period, many still cannot fully reflect higher expenses in sales prices," Taguchi pointed out.
她表示，鉴于销售基础较弱，较高的成本对于规模较小且专注于国内市场的日本企业来说尤其难以消化。因此，定价权是决定哪些企业能够适应的关键因素。
Higher costs are particularly difficult for smaller and domestically focused Japanese businesses to absorb given their weaker sales bases, she said. Pricing power is therefore a key factor in determining which companies can adapt.
据帝国数据银行统计，2026年上半年，因物价上涨导致的破产案件激增23.8%至556起，而因劳动力短缺导致的破产案件则上升12.4%至227起。
Bankruptcies linked to higher prices jumped 23.8% to 556 in the first half of 2026, while labor-shortage bankruptcies climbed 12.4% to 227, according to Teikoku Databank.
据报道，成立于明治时代（1877年）的豆腐制造商须部商店于5月停止运营，并开始准备申请破产，原因是利润率低下且近期原材料成本激增，导致其经营前景黯淡。
Sube Shoten, a tofu maker founded in 1877 during Japan's Meiji era, reportedly ceased operations in May and began preparing to file for bankruptcy as low profit margins and a recent surge in raw-material costs clouded its business outlook.
永井表示，另一个主要挑战是随着日本出生率下降和人口老龄化，国内竞争加剧和劳动力短缺问题日益严重。
Another major challenge is intensifying domestic competition and labor shortages as Japan's birth rate declines and its population ages, Nagai said.
永井补充道，随着历史上作为稳定收入来源的国内市场持续萎缩，拓展海外市场也是一大挑战。但并不存在“放之四海而皆准”的解决方案。
Expanding overseas is another challenge as the domestic market, historically a stable source of revenue, continues to shrink. But there is no "one-size-fits-all" prescription, Nagai added.
继承与所有权 继承问题是另一个日益严峻的挑战。据帝国数据银行统计，2026年上半年，因缺乏继承人导致的破产案件较上年同期增加16.9%至312起。
Succession and ownership Succession is another growing challenge. Bankruptcies linked to a lack of successors rose 16.9% to 312 from a year earlier in the first half of 2026, according to Teikoku Databank.
Alvarez & Marsal全球交易咨询集团董事总经理兼全球业务负责人Paul Aversano表示，日元贬值、公司治理改革、行动主义投资者压力以及创始人家族企业的继承难题，加上通胀、关税、劳动力成本和利率等更广泛的压力，正迫使所有者和董事会重新评估其选择。
A weaker yen, corporate governance reforms, activist pressure and succession challenges among founder-owned businesses are pushing owners and boards to reassess their options, alongside broader pressures including inflation, tariffs, labor costs and interest rates, said Paul Aversano, managing director and global practice leader of Alvarez & Marsal's Global Transaction Advisory Group.
他表示：“是这些因素的组合，而非任何单一问题，正在塑造决策。”
"It is that combination, rather than any single issue, that is shaping decisions," he said.