东京——塞斯·费舍尔对挑战日本一些最大公司的管理层并不陌生。他位于香港的激进投资基金 Oasis Management 近年来曾助力罢免电梯制造商富士达的董事，并推动日用化学品集团花王进行治理改革。
TOKYO -- Seth Fischer is no stranger to challenging the management of some of Japan's biggest companies. His Hong Kong-based activist fund, Oasis Management, has helped oust directors at elevator maker Fujitec and pressed consumer goods group Kao for governance reforms in recent years.
如今，这位资深投资人正频繁造访京都，与另一家企业巨头进行面对面磋商。
Now, the veteran investor has been making repeated visits to Kyoto for face-to-face talks with another corporate heavyweight.
他的关注焦点是总部设在日本古都京都的电机制造商日本电产。在创始人永守重信（现年 82 岁）的带领下，该公司发展成为一家全球工业巨头，在亚洲拥有广泛的制造版图，随后一场席卷全公司的会计丑闻将其推入危机之中。
His focus is Nidec, the motor maker based in the ancient Japanese city. Under founder Shigenobu Nagamori, 82, the company grew into a global industrial powerhouse, with a broad manufacturing footprint across Asia, before a sweeping accounting scandal plunged it into crisis.
“我们看好其业务，其零部件拥有巨大的需求，”费舍尔 10 月 19 日在接受《日经亚洲》采访时解释该基金投资日本电产的决定，“我们担心的是永守的介入。”尽管动荡使日本电产面临从东京证券交易所退市的风险，但费舍尔等投资人和分析师仍认为其技术和客户群具有相当大的价值。挑战在于，这家市值超过 2 万亿日元（约合 120 亿美元）的公司，能否在不失去其五十余年积累的工程实力的前提下，摆脱创始人那种不知疲倦的管理风格，以及是否需要外部力量协助完成这一转型。
"We like the business, and there is a tremendous amount of demand for their parts," Fischer told Nikkei Asia in an interview on Oct. 19, explaining the firm's decision to invest in Nidec. "We were concerned about Nagamori's involvement." Despite the turmoil, which has left Nidec at risk of being delisted from the Tokyo Stock Exchange (TSE), investors like Fischer and analysts still see considerable value in its technology and customer base. The challenge is whether the company, with a market capitalization of over 2 trillion yen ($12 billion), can move beyond its founder's relentless management style without losing engineering strengths it built over five decades, and whether it needs outside help to do so.
岩井科斯莫证券高级分析师齐藤和义表示：“我认为日本电产若靠自身力量将难以重组业务，”并建议与另一家本土制造商或激进投资者合作可加速其复苏。
"I think Nidec would struggle to restructure its businesses on its own," said Kazuyoshi Saito, senior analyst at IwaiCosmo Securities, suggesting that working with another local manufacturer or activist investors could speed up its recovery.
费舍尔表示，Oasis 持有日本电产股份已约五年，尽管公司陷入困境，仍持续买入。该基金于 10 月成为日本电产最大单一股东，持股比例达 9%，并已敦促管理层探讨私有化方案。
Oasis has held Nidec shares for around five years, Fischer said, and continued buying despite the company's troubles. The fund became Nidec's largest single shareholder with a 9% stake in October and has urged management to explore privatization.
“很多子公司向总部提交虚假财务报表，因此需要进行文化变革，”费舍尔说。他在采访次日与尼德克安排了另一场会面，随后将于本月与新任首席执行官开田道夫及一名外部董事举行会谈。
"A lot of subsidiaries were submitting false financials to the senior office, so there's a culture change that needs to happen," said Fischer, who had another meeting scheduled with Nidec the day after the interview, to be followed by talks with new chief executive Michio Kaida and an outside director this month.
“最终的责任有时就是对老板说：‘不，我们做不到，’”费舍尔补充道。
"The ultimate responsibility sometimes is [to] tell your boss, 'No, we can't do it," Fischer added.
费舍尔还推动公司治理改革，包括任命外国董事并加强尼德克的提名委员会。他在10月16日于东京举行的投资会议上警告称，除非尼德克迅速采取行动，否则绿洲可能会召开股东临时大会。
Fischer has also pressed for governance reforms, including appointing foreign directors and strengthening Nidec's nomination committee. At an investment conference in Tokyo on Oct. 16, he warned that Oasis could call for an extraordinary general meeting of shareholders unless Nidec acted quickly.
“尼德克是公司治理失效时企业可能出现问题的一个缩影，”他说。
"Nidec is a microcosm of the things that can go wrong at companies when governance isn't working," he said.
长森丰于1973年与三位同事在京都一座预制棚屋中创立了尼德克。该公司成为全球领先的硬盘驱动器电机制造商，随后通过一系列收购扩展至家电、电动汽车和工业机械领域。目前，尼德克拥有广泛的亚洲制造网络，在中国生产汽车电机，在印度生产汽车、家电和工业设备用电机。
Nagamori founded Nidec in 1973 with three colleagues in a prefabricated shed in Kyoto. The company became the world's leading maker of hard disk drive motors, before expanding into appliances, electric vehicles and industrial machinery through an acquisition spree. Today, it has an extensive Asian manufacturing network, producing automotive motors in China, and motors for vehicles, appliances and industrial equipment in India.
其电机和精密技术应用于从无人机、机器人到工业机械等各类产品，使其成为亚洲及其他地区拥有超过1万家客户企业的关键供应商。尼德克还押注人工智能、数据中心和能源基础设施，以期在其电动汽车扩张受挫后重振增长。
Its motors and precision technologies are used in products ranging from drones and robots to industrial machinery, making it a key supplier with over 10,000 client companies across Asia and beyond. Nidec is also betting on artificial intelligence, data centers and energy infrastructure to revive growth after its costly expansion into EVs faltered.
快速扩张带来了挫折。在电动汽车电机上的大量投资难以抗衡中国竞争，而频繁的领导层更替也加剧了动荡。前日产汽车高管关俊于2021年出任首席执行官，但次年被降职，随后离职加入台湾的富士康。
A rapid expansion brought setbacks. Heavy investment in EV motors struggled against Chinese competition, while frequent leadership changes added to the upheaval. Former Nissan Motor executive Jun Seki became CEO in 2021, only to be demoted the following year before leaving for Taiwan's Foxconn.
去年9月，更严重的问题浮出水面，当时日本电产披露了涉嫌会计违规的情况，并启动了独立调查。调查随后发现，为达成财务目标而施加的巨大压力，导致其子公司普遍存在不当行为。
More serious problems emerged in September last year, when Nidec disclosed suspected accounting irregularities and launched an independent investigation. The probe later found that intense pressure to meet financial targets had driven widespread misconduct across its subsidiaries.
前日产汽车高管关纯一（Jun Seki，左）于2021年出任日本电产首席执行官，但因业绩恶化，于次年被迫辞职。创始人永守重信在右侧。
Former Nissan Motor executive Jun Seki, left, became Nidec CEO in 2021 but was forced to resign the following year due to deteriorating business performance. Founder Shigenobu Nagamori is at right.
在2017年的一条手写批注中，永守称管理人员为“缺乏干劲、不负责任的混蛋”。子公司管理人员描述称，他们因未达成目标而面临解雇威胁，并被冠以“S级战犯”的骂名，其中字母“S”意指“特别”或“超级”。
In one handwritten comment in 2017, Nagamori called managers "unmotivated, irresponsible bastards." Subsidiary managers described being threatened with dismissal and branded "S-class war criminals" for missing targets, with the letter "S" conveying the idea of "special" or "super."
对于费舍尔而言，调查结果显示出需要更强有力的董事会和更敢于发声的股东，而不是“一位主导一切的首席执行官，要么按永守的方式行事，要么无路可走”。该不当行为促使东京证券交易所于2025年10月将日本电产列入“特别注意股”，这一地位适用于被认定需要改善内部管理体系的公司。
For Fischer, the findings showed the need for stronger boards and more outspoken shareholders, rather than "one dominating CEO who has the Nagamori way or no way." The misconduct prompted the TSE to place Nidec on special alert, a status applied to companies deemed to require improvements to their internal management systems, in October 2025.
在经历多次延期后，该公司上个月报告了截至2026年3月止的财年创纪录的5646亿日元净亏损，其中包括6321亿日元的减值损失。审计机构普华永道日本因证据不足和未解决的报告担忧，拒绝对其账目出具无保留意见。
After much delay, the company last month reported a record net loss of 564.6 billion yen for the financial year ended March 2026, including 632.1 billion yen in impairment charges. Auditor PwC Japan declined to sign off on its accounts, citing insufficient evidence and unresolved reporting concerns.
自9月下旬其审计机构连续第二年出具无法表示意见以来，日本电产股价已下跌逾35%。股价下跌也与进一步的领导层变动同时发生。
Shares in Nidec have fallen more than 35% since late September, when its auditor issued a second disclaimer of opinion in as many years. The decline has also coincided with further leadership change.
调查人员得出结论，永守对不当行为负有最大责任。10月27日，日本电产宣布计划起诉永守及其他八名前高管涉嫌违反职务义务，预估损害赔偿金额为276亿日元。
Investigators concluded that Nagamori bore the greatest responsibility for the misconduct. On Oct. 27, Nidec announced plans to sue him and eight other former executives over alleged failures of duty, with estimated damages of 27.6 billion yen.
晨星公司股票研究总监伊藤一则表示，作为大股东，永守重信大概率会优先考虑保住日本电产的上市地位，避免公开阻挠改革。但他警告称，这位创始人仍可能在幕后施加影响。
Kazunori Ito, director of equity research at Morningstar, said Nagamori, as a major shareholder, would probably prioritize preserving Nidec's listing and avoid openly obstructing reforms. But he warned that the founder could still wield influence behind the scenes.
伊藤说：“关键考验在于新的治理安排在实践中是否奏效，并能让管理层独立于创始人做出决策。”
"The key test is whether the new governance arrangements work in practice and allow management to make decisions independently of the founder," Ito said.
这一任务现在落在了海田让身上，他是前首席技术官，曾掌管一家日本电产子公司二十多年。尽管他与永守渊源颇深，但在10月1日以社长身份首次公开亮相时，他试图与创始人的风格划清界限。海田对记者表示：“我无意回到过去。”
That task now falls to Kaida, a former chief technology officer who ran a Nidec subsidiary for more than two decades. Though he has longstanding ties to Nagamori, he sought to distance himself from the founder's style when he made his first public appearance as president on Oct. 1. "I have no intention of going back to the past," Kaida told reporters.
日本电产计划将集团实体从353家精简至160至180家之间，退出不盈利业务，并优先考虑投资资本回报率。公司10月同意以约1030亿日元的价格，将一家电子元件子公司出售给美国私募股权集团凯雷。
Nidec plans to reduce its 353 group entities to between 160 and 180, exit unprofitable businesses and prioritize returns on invested capital. It agreed in October to sell an electronic components subsidiary to Carlyle, a U.S. private equity group, for about 103 billion yen.
分析人士认为，除资产出售外，还有提升盈利能力的空间。晨星的伊藤指出，日本电产在激进并购驱动下的增长，导致过多业务各自为政，而非共享采购、生产和企业职能。他说：“其许多业务仍在孤岛式运营，造成显著的组织低效。”
Analysts see scope to improve profitability beyond asset sales. Ito of Morningstar noted that Nidec's growth, led by aggressive acquisitions, left too many businesses operating separately rather than sharing purchasing, production and corporate functions. "Many of its businesses continue to operate in silos, creating significant organizational inefficiencies," he said.
尽管总部动荡不安，投资者和业内人士表示，日本电产的许多业务依然具有竞争力。
Despite the instability at headquarters, investors and industry players say many of Nidec's businesses remain competitive.
在东京举行的日本国际机床展上，日本电产的展位挤满了来自日本和海外的参观者，他们前来考察用于汽车变速箱、风力涡轮机、机器人关节和无人机电机的齿轮。
Nidec's booth at the Japan International Machine Tool Fair in Tokyo was crowded with visitors from Japan and overseas to examine gears used in automotive transmissions, wind turbines, robot joints and drone motors.
尼迪克的基本面优势在上周东京一场机床展览会上展现得淋漓尽致，来自日本和海外的参观者挤满其展位，查看用于汽车变速箱、风力涡轮机、机器人关节和无人机电机的齿轮。
Nidec's underlying strengths were on display at a machine tool fair in Tokyo last week, where visitors from Japan and overseas crowded its booth to examine gears used in automotive transmissions, wind turbines, robot joints and drone motors.
“管理层的问题是一回事，公司的技术是另一回事，”一位参观该展位的日本产品经理对《日经亚洲》表示。他说，尼迪克的专有技术仍然使其产品区别于竞争对手。
"The problems with management are one thing, but the company's technology is another," a Japanese product manager visiting the booth told Nikkei Asia. He said Nidec's proprietary technology still sets its products apart from competitors.
机床是尼迪克指定的增长业务之一。一名公司代表称，其占据日本齿轮切削机床市场约60%的份额。其客户包括丰田汽车关联公司艾爱森以及日产关联公司杰特科，同时它看到了印度汽车和建筑设备市场的机遇。
Machine tools are among Nidec's designated growth businesses. A company representative said that it holds roughly 60% of Japan's gear-cutting machine-tool market. Its customers include Toyota Motor-affiliated Aisin and Nissan-linked Jatco, while it sees opportunities in India's automotive and construction equipment markets.
除机床外，尼迪克还在加大对人工智能基础设施的投资，特别是硬盘驱动器电机、数据中心制冷设备和工业发电机。
Beyond machine tools, Nidec is also betting on increasing investment in AI infrastructure, particularly in hard disk drive motors, data-center cooling equipment and industrial generators.
费舍尔也看好这些业务。“我喜欢硬盘主轴电机业务。我喜欢数据中心制冷业务，包括CDU（冷却液分配单元）和泵。我喜欢工业交流发电机，”他说。“随着更多人工智能数据中心的建设，我认为尼迪克将持续增长。”然而，这些增长前景却被尼迪克能否保留股票市场上市地位的不确定性所笼罩。10月30日，尽管普华永道未批准其财务报表，尼迪克仍向东京证券交易所提交了内部控制报告。
Fischer also sees potential in these businesses. "I like the HD spindle motor business. I like the data center cooling business, including the CDUs [coolant distribution units] and pumps. I like industrial alternators," he said. "As more AI data centers are built, I think there's going to be continued growth for Nidec." Those growth prospects, however, are overshadowed by uncertainty over whether Nidec can retain its stock market listing. On Oct. 30, Nidec submitted its internal controls report to the TSE despite PwC not approving its accounts on its financial statements.
交易所预计最早将于11月开始审查尼迪克的上市地位。如果其控制措施被认为不足，它面临退市风险，尽管审查可能会延长。
The exchange is expected to begin reviewing Nidec's listing status as early as November. It risks delisting if its controls are deemed inadequate, although the review could be extended.
代表理事水谷正幸上周三对记者表示，尼迪克的“首要任务”是尽一切努力维持其上市地位。
Masayuki Minai, the representative director, told reporters last Wednesday that Nidec's "immediate priority" was to do everything possible to maintain its listing.
对欧西斯（Oasis）而言，私有化是重建尼德克（Nidec）的一种可能途径，无论是财务上还是文化上。费舍尔（Fischer）认为，该公司应在努力加强内部控制并保持上市的同时，探索这一选项。
For Oasis, going private offers one possible route to rebuilding Nidec, both financially and culturally. Fischer argued that the company should explore that option while trying to strengthen internal controls and preserve its listing.
他说，如果证券交易所的审查拖延下去，可能要到2028年，收购可以为股东提供“一个退出计划和一个重要的替代方案”。
A buyout could offer shareholders "an exit plan and a significant alternative" if the stock exchange's review dragged on, he said, potentially until 2028.
他还认为，在“投资组合重组、运营改进和纪律严明的资本配置”方面存在空间，私募股权投资者可以带来相关专业知识。
He also sees room for "portfolio restructuring, operational improvements and disciplined capital allocation," where private equity investors could bring expertise.
图片说明：尼德克社长兼社长兼首席执行官开田道夫（Michio Kaida，左）于10月28日在东京出席新闻发布会。
Nidec President and CEO Michio Kaida, left, attends a news conference in Tokyo on Oct. 28.
总部位于美国的对冲基金蓝鲸资本（Blue Orca Capital）创始人兼首席投资官索伦·安德尔（Soren Aandahl）也看到了类似优势。“我认为，对于规模更大、更复杂的组织，作为私人公司进行改革可能比作为上市公司更容易，”他表示，并以日本电子制造商东芝（Toshiba）2023年的收购为例。
Soren Aandahl, founder and chief investment officer of U.S.-based hedge fund Blue Orca Capital, sees similar advantages. "I think sometimes with larger, more complicated organizations, it might be easier to do it as a private company than as a public company," he said, pointing to Japanese electronics manufacturer Toshiba's buyout in 2023.
然而，私有化也存在风险。收购股东可能会给尼德克带来巨额债务，使其扭亏为盈变得复杂。对于市值如此大的公司来说，潜在的收购成本将非常高昂。
Yet privatization carries risks as well. Buying out shareholders could saddle Nidec with substantial debt, complicating its turnaround. A potential buyout for a company with such a large market capitalization would be expensive.
在东芝的案例中，该公司私有化的成本约为2万亿日元，资金来自其他公司的出资以及金融机构的贷款。
In Toshiba's case, the company went private at a cost of approximately 2 trillion yen, funded by contributions from other companies and loans from financial institutions.
晨星（Morningstar）的伊藤（Ito）表示，私募股权买家或其他投资者可以加速尼德克的重组和公司治理改革，但需要对其财务报表和潜在负债有信心。“仅仅改变所有权并不能保证更好的财务表现，”他说。
Ito of Morningstar said a private equity buyer or other investor could speed up Nidec's restructuring and governance reforms, but would need confidence in its financial statements and potential liabilities. "An ownership change alone would not guarantee better financial performance," he said.
瑞穗证券（Mizuho Securities）信贷分析师小鹰健太（Kengo Koetaka）认为，鉴于尼德克承诺保持上市，退市或私有化的短期前景微乎其微。
Kengo Koetaka, a credit analyst at Mizuho Securities, sees little immediate prospect of delisting or privatization, given Nidec's commitment to remain listed.
“但如果尼德克继续作为特别警戒证券，我很想看看活跃基金接下来会怎么做——债券投资者也在密切关注，”他说。“私有化通常对债券持有人来说是相当负面的发展。”
"But if Nidec remains as a security on special alert, I'm keen to see what activist funds do next -- and bond investors are watching closely, too," he said. "Going private is generally a pretty negative development for bondholders."