The July 7, 2025 issue of Nikkei Business, a leading Japanese business magazine, featured a cover story on ORIX Group.
Nikkei Business is published by Nikkei Business Publications, Inc. ("Nikkei BP"), a group company of Nikkei Inc., one of Japan’s leading media organizations.
This feature was researched and edited by Nikkei BP with the aim of shedding light on the evolution of ORIX’s diversified businesses, its future strategies, the strength that has enabled the company to remain profitable for 60 consecutive years, and the unique qualities that define ORIX.
To make this story accessible to a global audience, we have translated the article into English and Chinese, and divided it into four parts.
This is the final installment:
Part 4: Interview with Hidetake Takahashi, President and Chief Operating Officer (COO) of ORIX: “Making management a unifying force”
Learn about the bold strategies behind ORIX’s enduring success.
<Sources>
Nikkei Business, July 7, 2025 issue, "ORIX The Shapeshifter: 60 Years in the Black. The Art of Investment through Profit and Hard Work", pp. 10–36
Nikkei Business Online Edition, July 8, 2025 issue, ORIX The Shapeshifter: What Happens After M&A? The Two Rules, Explained by Robeco’s CEO
Part 4: Interview with Hidetake Takahashi, President and Chief Operating Officer (COO) of ORIX: “Making management a unifying force”
In January, Hidetake Takahashi, who built ORIX’s energy and environmental businesses, became ORIX’s president. Former President Makoto Inoue led with a distributed management style that focused on directly nurturing individual projects through strong leadership. President Takahashi emphasizes the need to be a unifying force to foster collaboration across businesses.
“In the long-term vision announced in May, ORIX set targets for the fiscal year ending March 2035 of achieving 15% return on equity (ROE) and net income of 1 trillion yen. The nearer-term milestone is to reach 11% ROE by the fiscal year ending March 2028 under the three-year medium-term management plan. While 15% ROE is an ambitious target, I believe that improving corporate value is my top priority as the leader of a listed company.
“To achieve this, it is essential to eliminate the conglomerate discount. We place great importance on dialogue with investors, and we must deepen their understanding of ORIX’s business structure. In response to criticisms that the details of our businesses in 10 segments are difficult to grasp, we reorganized our long-term vision around three broad business fields, “Finance,” “Operation,” and “Investments.”
“The distinction between Finance and Investments can be understood as debt versus equity. Finance is based on lending, loans, and leasing. Investments involve buying and selling companies and businesses. Operation spans renewable energy and real estate, and includes financial operations such as asset management.
Allocation of More Assets to Operation
“Even if Finance were to push ROE into double digits, it would be difficult to reach 15%, so increased capital allocation is unlikely. Therefore, we will allocate more assets to Operation. However, we will maintain a certain scale of Operation through capital recycling (repeated buying and selling of assets).
“Within our businesses, we will focus on three areas, IMPACT, GROWTH, and PATHWAYS. IMPACT refers to decarbonization and the circular economy, while GROWTH involves capturing expansion in emerging markets such as Asia, and PATHWAYS refers to technology fields including digital transformation (DX).
“We have to acknowledge that technology is a weaker area for ORIX. AI-driven data centers, for example, could become a promising option if integrated into our existing Environment and Energy segment or Real Estate segment. Since many of these three areas are still underdeveloped footholds, we would like to aim to create new businesses by combining our existing businesses in 10 segments.
Slightly Too Much Distance Between Businesses
“Up until now, strong leaders like Yoshihiko Miyauchi and Makoto Inoue have been at the center of the company, juggling multiple projects like a conductor bringing out each musician’s individual strengths, with a distributed management style. This has expanded ORIX’s business fields and helped small-scale businesses grow and develop. Yet, while we have been able to manage our operations with this distributed style, it has also created distance between different businesses, leaving each department too focused on their own high targets to look around at their peers.
Some believe ORIX is simply the sum of its parts. However, behind the scenes, we are bringing in people from various departments and pooling their wisdom and experience. The Kansai International Airport concession and the integrated resort (IR) currently in preparation are not being handled solely by the Real Estate segment. In the future, I believe it will be necessary to demonstrate shared ORIX Group priorities, leveraging not only a distributed management style but also a unifying force. How can we create unifying force? I believe it is about showing the Group’s direction.
First Global Meeting in Seven Years
“In mid-May, we convened the heads of ORIX Group companies worldwide at our Tokyo Headquarters for the first management meeting in seven years. I presented the long-term vision and led discussions. While I admit the gathering may have come a little late, given ORIX’s growing internationalization, it was a valuable opportunity for Japanese employees engaged in domestic operations to meet and interact with overseas management.
“I will emphasize worksite visits, engaging directly with employees, and adjusting course as needed with the aim of aligning everyone in a shared direction while also maintaining the project-based business development style that ORIX has pursued thus far.”
Hidetake Takahashi
Born in 1971. Graduated from Keio University’s Faculty of Economics in 1993 and joined ORIX. Worked in corporate sales, real estate, and business investment divisions before being seconded to DAIKYO. As head of Energy and Eco Services Headquarters, he oversaw renewable energy and environmental businesses in Japan and overseas, including the acquisition of Spain’s Elawan Energy. Became president and COO in January 2025. From Kanagawa Prefecture.
Can Portfolio Management Be Passed On?
Masao Muraki, Senior Analyst, SMBC Nikko Securities
I see ORIX as an investment and management company. Its strength lies in acquiring multiple companies at low cost, enhancing their value, and selling them at a profit. Chairman and Chief Executive Officer (CEO) Makoto Inoue is committed to maximizing the internal rate of return (IRR) for individual deals, distinguishing ORIX from investment funds by relying on its own capital in investments and maintaining its own talent pool. As an independent entity, the company also places importance on maintaining a high credit rating. Compared with trading companies, its investment horizon tends to be shorter, with less focus on inter-business synergy and more on selling at the most profitable time.
However, the share price has plateaued. To achieve the target return on equity (ROE) of 11% as outlined in its medium-term management plan, I am taking notice of three points: (1) accelerating asset turnover; (2) utilizing external capital; and (3) selling assets with poor capital efficiency. A major challenge is how to take over the role and expertise of Chairman Inoue as chief portfolio manager.
Difficulties in Growth from Buying Low and Selling High
Kazuki Watanabe, Senior Analyst, Daiwa Securities
With rising interest rates, bank and insurance stocks have gained, while non-bank financial institutions have come under downward pressure, leaving ORIX’s share price lackluster. On the other hand, falling share prices have made their yields more attractive. I expect ORIX to announce a share buyback worth over 100 billion yen as early as May 2026.
ORIX’s edge lies in its discerning eye for undervalued assets for buying low and selling high. Investment and Operation Headquarters posted segment profit of 83.1 billion yen in the fiscal year ended March 2025, 2.2 times higher year-on-year, accounting for 15% of overall profit. Yet, with large-scale investments per project such as DHC and Toshiba, sustaining the same pace of capital gains growth may prove difficult.
Looking forward, I have high hopes for asset management businesses, such as selling aircraft and real estate holdings, while continuing to earn fees through their operation. This approach, combining capital gains with stable recurring revenue, is expected to provide an additional boost to ROE.
From Charisma to Collective Knowledge
ORIX’s super-diversified management strategy was driven under the leadership of Chairman and Chief Executive Officer (CEO) Makoto Inoue. A new effort is underway to visualize the factors that inform Chairman Inoue’s investment decisions, which have been described as “Art.” By quantifying risks on a dashboard, ORIX seeks to turn the charismatic leader’s intuition into shared organizational knowledge.
“What will happen after Inoue?” Since the change of president in January, markets have closely watched how ORIX, which is operating its businesses in 10 segments, will continue its path of super-diversified management because the business model has long relied on a management style possible only because of the presence of Makoto Inoue, who is currently serving as chairman and CEO.
Chairman Inoue’s portfolio management, often described as “Art,” is actually based on micromanagement, where he personally reads over 100 pages of proposal documents. Now, as ORIX prepares for CEO succession, it is working to systematize and share the thought process of a leader who famously “never failed.”
Quantification of Business Risks
“Wildfires are raging in California, but how will our real estate loans be affected?” ORIX’s ERM Department is developing a dashboard system that identifies and quantifies risks across the company’s businesses. Covering all businesses in 10 segments, including Real Estate, Aircraft and Ships, PE Investment and Concession, and more, the database already contains over 10 million data points. For example, if an airline applies for business revitalization support, the system instantly shows potential impacts on aircraft leasing. In addition to vertical analysis of each business segment, the dashboard also enables horizontal impact analysis, such as currency fluctuations and geopolitical risks due to war.
The dashboard is accessible at all times to all executives and above. Every quarter, the analysis results are compiled into a report of approximately 300 pages by members of the ERM Department with experience in securities or risk analytics. This report is used in management decision-making. Takashi Otsuka, Executive Officer Responsible for Enterprise Risk Management, explains, “It not only prevents a repeat of past issues but also helps us prevent risks that may arise in the future.”
Development of the dashboard began five years ago, prompted by then President Inoue’s frustration when information he requested from his subordinates often took more than two weeks to arrive. At the same time, because investing and lending decisions were highly top-down, information tended to bottleneck around President Inoue. This prevented broader organizational sharing and created concern that the company was becoming increasingly compartmentalized.
Recruitment from Goldman Sachs to Lead Development
To tackle this, ORIX recruited then Chief Risk Officer Otsuka of Goldman Sachs Japan to spearhead the development of a risk management system. The first step was building a company-wide enterprise risk management (ERM) framework.
Risks to the company were categorized into three types: (1) portfolio risks; (2) market and liquidity risks; and (3) operational risks. Portfolio risks refer to portfolio performance of ORIX and its investee companies, while market and liquidity risks are those of losses related to interest rate or exchange rate fluctuations. Operational risks are those connected to business execution process failures or human error. The system was built through the repetitive, painstaking work of collecting data scattered across each department and investee company and inputting it into the cloud.
Using ERM data, ORIX conducted stress tests to assess business losses under various scenarios, including economic downturns and additional U.S. tariffs, and quantified potential loss risks. Otsuka noted, “This alone is merely statistical data,” and linked it to detailed data such as real estate development pipelines, apartment inventory, and airport flight counts to identify and visualize the specific risks facing each department.
Response to Incidents and Accidents as an Organization
With the ERM-based dashboard, ORIX can now promptly evaluate incidents, accidents, and breaking news, enabling executives to coordinate organizational responses and countermeasures. However, the system is still under development. 60% of ERM staff (about 30 people total) remain focused on development, while 40% handle analysis. Executive Officer Otsuka believes, “Ideally, to utilize risk information for management purposes, we’d like to devote 100% of the resources to analysis.”
ORIX plans to apply accumulated big data to enable artificial intelligence (AI), trained through machine learning, to provide advisory input on matters such as business portfolios. Executive Officer Otsuka emphasized, “AI will be a secondary tool, but humans will make the final decisions.”
From Tsuneo Inui to Yoshihiko Miyauchi to Makoto Inoue, charismatic management has continually transformed ORIX to fit the times. The company’s future now depends on whether President and COO Hidetake Takahashi, who is about to take over the baton, can use the dashboard as a compass to chart a new course for portfolio management.
Editor-in-Chief Interview
Makoto Inoue, Chairman and Chief Executive Officer (CEO) of ORIX—Aiming for Blackstone
(by Nikkei Business Editor-in-Chief Shinichiro Kumano)
ORIX’s diversification has been driven not by a fault-finding approach, but by one that treats failures as lessons, and this has become the company’s engine of growth. In January, Makoto Inoue stepped aside after serving as president for 14 years, and ORIX began to chart growth strategies for the post-charismatic era. His words about aiming for Blackstone offer a glimpse of the path the company is on.
——ORIX has grown by expanding outward from its original leasing business into adjacent business fields. How have you created new businesses?
“Financial leases are almost the same as bank loans. The only difference is the spread (added interest rate), which was about 5% when I joined in 1975. Today it is only 0.25–0.5%. If one out of 100 contracts goes bankrupt, your profit will be wiped out. From early on, we felt that it would not be possible to generate profits with small-ticket leasing alone. That is why we began financing ships, aircraft, and real estate.”
“However, the maritime freight industry was hit hard by a recession, and my very first job was to go seize ships from bankrupt companies. Eventually, we accumulated around 70 vessels that had become non-performing assets. If we had sold them off then, it would have meant huge losses, so we started operating the ships ourselves, building up expertise in the maritime freight business such as managing operations of owned vessels.”
——So, shipping has been a part of ORIX’s businesses for quite some time. What about aircraft?
“It was the same story. In the 1970s and 1980s, reducing the U.S.-Japan trade imbalance was a major issue, so we bought aircraft from Boeing and leased them to airlines in Brazil and Argentina. However, many of those carriers went bankrupt during the Gulf War.”
“Then, when a leasing company went bankrupt, the rights to order 24 new aircraft from Airbus came up for sale. We bought them with the intention of reselling them, but no one wanted them. We had no choice but to buy 24 aircraft. That was in 1991, and it was when we established our aircraft leasing company. We lost around 40 billion yen in the first 10 years, but we broke even in the next 10. That grew into ORIX’s aircraft business.”
Every Business Has a History of Failures
“We also discovered in real estate that we could successfully run hotels we had taken over as non-performing assets and gradually expanded the number of operated facilities. From there, we branched out into logistics and condominiums. Every business we have today is built on a history of failures. The key is to persevere patiently without ever giving up.”
——How did you foster a corporate culture of turning failures into strengths?
“We avoid adopting a fault-finding approach and instead ensure that mistakes lead to cultivate accumulated expertise. In many companies, when someone makes a mistake, they are taken off the assignment and essentially disappear. At ORIX, we never let employees run away from their mistakes. The experience must be put to use in the next challenge. Senior Chairman Yoshihiko Miyauchi, who served as president for many years, had the most knowledge and would tell people, “We failed at this before, so here’s how to fix it.” That helped move us in the right direction.”
Financial Knowledge Is Essential
“Our human resource development is centered on on-the-job training (OJT). We encourage talented employees to keep working, even if they make mistakes. There are no penalties. Since our origins are in finance, sales always require knowledge of legal, accounting, and taxation. With that knowledge, employees can advise investee companies; without it, nothing you do will work. That is why I tell people to keep developing those skills.”
——Would you say your corporate culture is more project-based, rather than having the entire company work together on large-scale projects?
“Our people are persistent. If I say, “Don’t do this deal,” they come back with, “What if we change it this way?” or “Please find a way to make it work.” They rewrite the proposal documents until eventually I say, “Alright, let’s do it.” They never give up.”
“That is ORIX culture. When I was a senior manager or general manager, I used to say, “Ignore the boss and just do it.” My subordinates say the same thing today, and it works because, naturally, in trying to persuade me, they refine the deal to increase profit or spread risks.”
——So, speaking of culture, what is ORIX’s true centripetal force?
“I believe it is making a core out of not having one. We do everything. However, while we do private equity investments, we never become a manufacturer. We are primarily an investment company that uses our own capital. Instead, we are constantly buying and selling assets, so you could say that capital recycling is our core. We are always buying and selling assets. If we had kept all of our logistics facilities, ORIX would be the largest logistics operator in Japan.”
——What kind of company is ORIX from your perspective?
“We used to aspire to be like GE Capital. Today, however, I would compare us more to Blackstone, a major U.S. investment fund. Still, because Blackstone invests using funds raised from investors, it can also choose high-risk investments. Unlike them, we invest our own capital, so we can only pursue middle-risk, middle-return investments. That is a major difference.”
ORIX, a Trading Company Without Resources
“You could also call us a “trading company without resources.” Trading companies invest in equity but do not expect to earn much from equity investments, relying instead on surrounding logistics to earn a profit. We earn directly from equity, so our approach is different. We researched entering resource businesses in the past, but concluded that the volatility was too high for a company of ORIX’s size and that it would not be possible for us to pursue it as a business model.”
——ORIX has acquired a wide variety of companies, including the cosmetics company DHC and a capsule toy company. What criteria do you use to make decisions?
“Each acquisition is considered on a case-by-case basis. We discuss whether the company is a good fit for ORIX Group, if it can sustain growth, if its exit strategy is sound, and how it will affect return on equity (ROE). Many deals involve significant goodwill, which can be risky if it balloons. We avoid mature industries like steel and limit investments to small amounts for startups.
“Recently, most corporate acquisitions are through a bidding process. When we acquired mid-tier ship owner Santoku Senpaku (Osaka), we won because of our speed. Because we already owned and managed operations of vessels, we could evaluate approximately 70 ships they owned and cash flow projections in just a month.”
Use of Both Logic and Emotion
“It is also important to have an emotional connection with employees working on-site, giving them drinks and hugs and encouraging them to do their best. We use both affectionate relationships and logical revenue management. Our track record in business succession is growing, and I feel that we have earned the trust that ORIX can do the job properly, and rather than selling off businesses piecemeal like some investment funds do, ORIX protects employee employment and helps businesses grow. We have even had cases where we were successful afterward even if we were not the highest bidder.”
——How do you handle post-merger integration (PMI) after acquisitions?
“Of course, we entrust the running of the company to the individual company’s management team. Instead of taking over, we second ORIX employees and manage governance and accounting matters. In our 100-day post-acquisition plan, we focus on instilling ORIX’s governance and compliance rules. Any management that refuses to comply with them will be forced to resign. For example, when we acquired Dutch asset management firm Robeco in 2013, they underestimated us at first. So, we went to Robeco once a month and had in-depth discussions with the management team. We asked anyone who could not follow ORIX’s policies to leave, and over the past five years, we replaced five executives.”
——The medium-term management plan targets ROE of 11% by the fiscal year ending March 2028.
“Before the COVID-19 pandemic, in the fiscal year ended March 2018, net income was 313.1 billion yen and total assets were 11 trillion yen, with ROE above 12%. Now, net income is 351.6 billion yen, but ROE is 8.8%. We have always managed ORIX Group with ROE in mind, but with a steady stream of new projects coming in, our total assets have ballooned to 17 trillion yen. I feel we have reached the limit of expanding our businesses using our own capital.
“Self-funding is profitable, but it drags down ROE, downgrades our credit rating, and drives away investors. So, we have shifted policy to selling low-yield businesses and using more external capital to buy high-return ones. Major U.S. financial institutions like JPMorgan Chase have an ROE of around 15%. We need at least 10% or higher.
——In January, former Senior Managing Executive Officer Hidetake Takahashi became president and chief operating officer (COO). Afterward, you told him to deny you, which left a strong impression on me.
“I told him that when I will hand off the CEO role to someone to the next, the leader must be willing to deny what I want, or the company will not grow. I did not mean to deny Miyauchi (Senior Chairman Yoshihiko Miyauchi), but before I knew it, it was reported as if I had. This caused an awkward situation between Miyauchi and me.”
“Basically, it would be boring to continue the former CEO’s management style as it is. I do not think what I am doing is 100% correct, either. There should be criticism of what I am doing. If you want to stop capital recycling and grow through buy-and-hold (holding assets), then go ahead and do it.”
The President Says “Yes,” I Say “No”
——How do you divide responsibilities with President Takahashi?
“I basically leave most of the debt financing to him, but I am involved in equity investments. We have agreed that I will not say yes to projects he says no to, but I can say no to projects he says yes to. It is very different from when I became COO. At the time, Miyauchi was CEO, and I served as COO for three years, but I was a complete outsider and had no say in projects. This time, I have transferred a lot of authority to President Takahashi. I want him to decide everything.”
——How long will the succession take?
“I served three years as COO, but I feel that was too long. I think one to two years is basically enough. Ultimately, the Nominating Committee decides. They have already told me, “You don’t get to choose the next CEO.”
Makoto Inoue
Born in 1952. Graduated from Chuo University’s Faculty of Law in 1975 and joined Orient Leasing (currently ORIX). Worked in shipping and aircraft businesses before engaging in U.S.-related business and investment banking. Became president and COO in January 2011, president and CEO in June 2014. Expanded ORIX Group’s asset management business and renewable energy business both in Japan and overseas, and spearheaded new areas including airport operations and integrated resort (IR). Became chairman and CEO in January 2025. Also serves as owner of the ORIX Buffaloes baseball team and vice chair of the Kansai Economic Federation.
Editor’s Note
“What matters most are the projects themselves. If strategy and human resources are prioritized, you’ll just end up with a bunch of unworkable projects.” Listening to how ORIX approaches investments and acquisitions, I heard statements like this one. The idea of “not having a core is core” reflects the reality that ORIX makes decisions on a case-by-case basis, a hallmark of the company’s long-standing style dating back to Senior Chairman Miyauchi’s time as CEO.
ORIX is entering a phase where the company will need to increase profitability and efficiency while coordinating projects. A culture that encourages openly questioning or even criticizing one’s superiors or predecessors has helped evolve its businesses and organization. As Chairman Inoue himself put it to me, “Even if what other employees said to you doesn’t match what I said, that’s fine. Just write it down as you see it.” That attitude speaks volumes about ORIX’s corporate culture.
Part 4：专访欧力士社长兼集团COO髙桥英丈——“发挥向心力”的经营
今年1月，曾负责欧力士能源与环境业务的髙桥英丈出任公司社长。前任社长井上亮以强有力的领导力，推动了各业务的纵向发展，而髙桥社长更注重促进业务板块间的横向协同，提出“向心力经营”的理念。
在今年5月公布的长期愿景中，欧力士提出了到2035财年实现ROE15%、净利润1万亿日元的目标。作为第一阶段的里程碑，公司计划在截至2028财年的三年中期经营计划中，将ROE提升至11%。15%的ROE无疑是一个颇具挑战的目标，但作为上市公司的领导者，提升企业价值始终是首要任务。
为实现此目标，消除“集团折价”至关重要。我们非常重视与投资者的对话，希望他们可以更深入地理解欧力士的业务结构。为回应外界关于我们十大业务板块难以理解的评价，我们在最新的长期愿景中将业务划分为三大类：“金融”、“运营”和“投资”。
“金融”与“投资”的区别可以理解为债权与股权的区别。金融业务以借贷、贷款和租赁为主，而投资业务聚焦于对企业或业务的收购与处置。运营业务则涵盖可再生能源、不动产等，也包括资产管理等金融运营。
将更多资产配置于运营业务
金融业务虽能带动ROE达到两位数，但难以突破15%。为寻求更高的增长潜力，我们将把资本配置向运营业务进行战略性倾斜。同时，将通过资本循环（即资产的重复买卖）来维持运营业务的健康体量。
在运营业务中，我们设定了三大重点领域：Impact（影响力业务）、Growth（成长性业务）和Pathways（新兴路径）。Impact包括脱碳和循环经济，Growth着眼于捕捉亚洲等新兴国家市场的增长潜力，Pathways则涵盖数字化转型（DX）等前沿技术领域。
技术是欧力士相对薄弱的一环，但也是无法回避的发展趋势。我们将积极探索各种可能性，例如将人工智能（AI）数据中心与环境能源、不动产业务相结合等。这三个领域尚存在诸多空白，我们希望通过与现有十大业务板块的结合，创造出更多新业务。
业务之间的协同性不足
迄今为止，在宫内义彦先生、井上亮先生这样具备强大领导力的经营者带领下，公司以“分布式”风格不断将项目推向市场，推动业务持续纵向扩张，充分释放了各板块的增长潜力。然而，由于长期侧重于板块独立发展，业务之间的横向联动相对不足。各部门往往背负较高业绩目标，多数情况下只能专注于本职任务，缺少从全局出发或与其他板块协同的余力。
有些人认为欧力士就是由一个个项目积累而成。但事实上，在这些项目背后，聚集了来自不同部门和人员的智慧和经验。关西国际机场的特许经营权项目和目前正在筹备中的综合度假村（IR）项目，并非由不动产单一板块负责，而是多个部门协同的成果。我认为，未来我们有必要通过明确集团整体的重点领域，不仅依靠“分布式”推动业务发展，还要发挥“向心力”强化业务协同。如何创造“向心力”？关键在于指明集团的未来方向。
时隔七年的全球高管会议
5月中旬，我们在东京总部召开了时隔七年的全球高管会议，来自世界各地的集团公司高管参加了会议。我在会上介绍了公司的长期愿景，并就此展开了深入讨论。或许这场会议在集团国际化进程中稍晚了些，但对于负责国内业务的日本员工而言，这是一次难得的机会。
我将尽可能走到一线，与更多员工直接交流，及时修正需要调整的地方，努力使全体员工朝着共同目标前进，同时延续欧力士迄今为止的项目驱动型业务发展模式，寻求新的平衡。
髙桥 英丈
1971年生，1993年毕业于庆应义塾大学经济学部，同年加入欧力士。曾任职于法人营业、不动产和事业投资部门，后外派至大京（欧力士集团全资子公司）。曾作为环境能源业务的总负责人，负责日本及海外的可再生能源和环境业务，并主导了对西班牙可再生能源公司Elawan Energy的收购。于2025年1月就任欧力士社长兼集团COO。
分析师评论
投资组合经营，能否延续？
村木正雄，SMBC日兴证券高级分析师
我将欧力士视为一家投资和管理公司。其优势在于以低成本收购公司，通过提升其价值后高价退出来实现盈利。会长兼集团CEO井上亮致力于最大化每个交易的内部收益率（IRR），以自有资金投资并拥有自己的人才库，是欧力士区别于传统投资基金的特点。因为是独立实体，欧力士也重视保持高信用评级。与综合商社相比，其投资期限相对较短，比起关注业务间协同效应，似乎更重视以高价退出的时机。
其目前的股价已趋于见顶。为实现中期经营计划ROE11%的目标，应关注以下三点：（1）加速资产周转；（2）引入外部资本；（3）出售资本效率低的资产。如何将井上会长作为首席投资组合经理所承担的职能及其积累的经验在组织内部顺利传承，是一项重要课题。
低买高卖的增长困境
渡边和树，大和证券高级分析师
随着利率上升，银行与保险类股价纷纷走高，而非银行类金融机构则承受下行压力，欧力士股价同样受到影响。不过，股价下跌在一定程度上提升了其股息回报的吸引力。期待欧力士在2026年5月也可以宣布规模超过1万亿日元的股票回购计划。
欧力士的优势在于其识别被低估资产以低买高卖的独到眼光。2025年3月财年，事业投资板块利润为831亿日元，同比增长2.2倍，占总利润的15%。然而，随着对DHC和东芝等大规模投资项目的推进，要保持现有的资本收益（出售收益）增长节奏，难度正逐步上升。
今后其资产管理业务值得期待。通过出售飞机和不动产等资产，并在转入受托运营后收取管理费用。这种模式不仅能带来一次性出售收益，还能形成持续的运营收入，在提升ROE的同时，为整体盈利结构注入更多稳定性。
共享“魅力型领导”思维
欧力士的超多元化经营是在会长兼集团CEO井上亮的领导下实现的。他的投资判断常被称为一种“艺术”。欧力士正在尝试将井上先生的投资判断思维可视化，通过搭建可量化风险的仪表盘，将井上先生的投资思维转化为组织内部可共享的知识体系。
“井上之后会怎样？”自今年1月社长更替以来，市场密切关注着拥有十大业务板块的欧力士将如何延续其超多元化经营的道路。毕竟，正是因为井上亮CEO独有的经营风格，才使这种模式得以延续至今。
井上先生的投资组合经营常被称为“艺术”，其核心却是基于对逾百页申请材料逐一审阅的精细化管理。随着CEO交接在即，推行敢于挑战与容错文化的欧力士，正尝试将这位以“从未失败”著称的领导者的投资思维加以系统化，并在组织内部加以共享。
量化业务风险
“美国加州发生山火，不动产贷款业务将受到何种影响？” 欧力士的ERM（企业风险管理）部门正在开发能够识别并量化公司各业务风险的仪表盘系统。该系统覆盖10个业务板块的所有业务，包括不动产、飞机与船舶、事业投资和特许经营等，包含超过1000万条数据。例如，当某家航空公司申请重整时，飞机租赁业务可能受到哪些影响，系统可以一目了然呈现。该系统不仅能够按业务板块进行纵向分析，还可以横向分析包括汇率波动以及战争等地缘政治风险所带来的影响等。
风险仪表盘对公司所有高管开放。每个季度，ERM部门具有证券或风险分析经验的成员会将分析结果汇编成一份约300页的报告，并应用于经营决策参考。分管ERM部门的执行董事大塚隆司介绍道：“它不仅能防止过去的问题重演，还能帮助我们预防未来可能出现的风险。”
仪表盘的开发始于五年前，起因于井上先生对下属提交所需信息往往需要两周以上时间的不满。同时，由于投融资多以自上而下的方式决策，信息长期集中在井上先生个人手中，未能在组织内部有效共享，形成“信息孤岛”。这一问题也成为推动仪表盘开发的重要背景。
从高盛招募人才推动开发
为解决此问题，欧力士聘请了时任日本高盛证券首席风险官（CRO）的大塚隆司来牵头风险管理系统的开发。第一步是搭建企业风险管理（ERM）框架。
企业风险分为三类：（1）投资组合风险；（2）市场与流动性风险；（3）运营风险。投资组合风险指欧力士及其投资对象企业的业绩波动风险，市场与流动性风险指与利率或汇率波动相关的损失风险，运营风险则与业务流程或人为失误有关。通过反复收集并整合分散在各业务板块及投资对象企业的数据并上传至云端，逐步完成了系统搭建。
在此基础上，利用ERM数据对经济衰退、美国加征关税等不同情景进行压力测试，量化潜在损失风险。大塚表示：“仅停留在统计层面的数据是远远不够的”，因此，公司将不动产开发项目储备、公寓库存数量和机场航班的起降架次等更为细致的数据进行联动，以识别和可视化各业务板块面临的具体风险。
以组织之力应对事件与事故
基于ERM搭建的风险仪表盘使公司能够在新闻事件或事故发生时，由以董事为核心的组织迅速掌握业务风险，并及时研究应对措施。不过，该系统仍处于开发阶段。ERM统括部约30名成员中，六成投入在开发，仅有四成投入于分析。大塚表示：“若要真正将风险信息有效应用于经营决策，理想状态应是将全部资源投入于分析。”
未来，欧力士计划运用累积的大数据，并通过持续的机器学习，使人工智能（AI）能够对业务投资组合等提供参考性建议。大塚强调：“AI只是辅助工具，最终决策仍将由人做出。”
从乾恒雄到宫内义彦，再到井上亮，魅力型的领导者们不断推动欧力士随时代变化而转型。即将接棒的社长兼集团COO髙桥英丈，能否将仪表盘作为“ 罗盘”，描绘出投资组合经营的新航向，将决定欧力士未来的发展。
主编专访
欧力士会长兼集团CEO井上亮——对标黑石
（采访人：《日经Business》主编 熊野 信一郎）
欧力士多元化发展的驱动力，在于其长期推行的企业文化：即使项目失败也不对参与者“扣分”，并鼓励大家从失败中汲取经验。今年1月，井上亮卸任已担任十四年的社长职务。欧力士由此进入领导者更替的阶段并开始探索新的增长战略。“对标黑石”这一表述，揭示了公司未来战略蓝图的一角。
——欧力士自创立以来，从租赁业务起步，再逐步拓展至相邻领域，最终成长为如今的规模。公司究竟是如何孕育出一个又一个新业务的？
融资租赁本质上与银行贷款相近，区别在于存在利差。我在1975年加入公司时，利差大约还有5%左右，如今已缩减至0.25%—0.5%。这意味着，如果签订100份合同，只要有1份出现违约，利润就可能被完全抵消。彼时我们就产生了一种危机感，认为继续按原有方式发展下去并不具备可持续性，因此转而着眼于更大规模的项目，逐步涉足船舶、飞机及不动产融资。
然而，航运业不景气直接冲击了我们的业务。我入职后接到的第一项任务，就是前往破产公司现场扣押船舶。最终，我们积累了约70艘作为不良资产的船只。如果当时立即抛售，损失会极为惨重。于是公司决定亲自开展船舶业务，从船舶管理到航行运营逐步建立起自身的船舶业务知识与经验。
——船舶业务在公司发展历程中已有深厚积淀，那么，飞机业务又是怎样的？
情况类似。20世纪70至80年代，消除日美贸易顺差成为重要议题。当时我们从波音购入飞机并租赁给巴西和阿根廷的航空公司。然而，受海湾战争影响，其中不少航空公司相继破产。
在此过程中，某家租赁公司倒闭，其所持有的“订购24架空客新机的权利”被迫转让。我们以转售为目的买下，但市场上无人接手，最终只能自行购入全部24架飞机。1991年，我们设立了专门的飞机租赁公司。业务初期的十年累计亏损约400亿日元，直至第二个十年才实现盈亏平衡。这便是如今飞机业务的由来。
每项业务都有过失败的历史
在不动产方面，我们曾接手一家因债务问题而陷入破产的酒店，尝试自己经营。结果意外发现成效不错，于是逐步增加了运营设施的数量，并延伸到物流、分售公寓等业务。可以说，几乎所有业务背后都有过失败的历史，正因如此才有今天的积累。最重要的一点，就是不能轻言放弃，要有耐心和韧性。
——欧力士是如何形成“把失败当作养分”的企业文化的？
关键在于不采用”减分主义”。即便失败，也要把其中的经验转化为知识加以积累。很多企业一旦项目失败，就会把相关员工调离岗位，不再让其承担责任。但在欧力士，失败了也不允许逃避，必须直面失败并从中吸取经验。长期担任社长的宫内义彦先生有极高的见解，他曾强调：“因为过去有过失败，所以这次要这样改正。”正是这种指导，把公司不断引向更好的方向。
金融知识必不可少
欧力士的人才培养以“在职培训（OJT）”为核心。对于有潜力的人才，公司会不断提供机会，即便失败也不会处罚。欧力士起家于金融，员工必须具备法务、会计、税务等基础知识。有了这些知识，才能在必要时对被投企业的经营提出建设性意见，否则做任何事都将行不通。因此，我始终强调要持续深化和拓展金融相关的专业素养。
——欧力士的企业文化是否更倾向于各团队独立推进各自的项目，而非全公司集中力量开展大型项目？
我们的员工非常执着。每当我说“这个项目不行”，他们往往会回应：“那井上先生，如果改成这样如何？”、“请务必再想想办法”等。最终，他们会不断修改方案，直到最后把项目做成。绝不会轻言放弃。
这正是欧力士的文化。我在担任科长、部长的时候也常说：“上司的话，不必照单全收。”如今，我自己也经常被下属用同样的话来挑战，而这种程度的对抗，恰好是最健康的。项目在不断被修改和打磨的过程中，盈利能力提升了，风险也得以分散。
——那么，说到文化，欧力士真正的向心力是什么？
我认为核心就在于没有核心。我们什么都做。然而，虽然我们做私募股权投资，但我们不会成为制造商。归根结底，我们是一家用自有资金进行投资的公司。因为我们不断买卖资产，所以也可以说资本循环是我们的核心。资产买卖将持续下去。假设，如果当初我们把所有物流设施都长期持有，那么现在欧力士可能已经是日本最大的物流运营商了。
——在井上会长看来，欧力士是一家怎样的公司呢？
我们过去渴望成为像GE Capital那样的公司。但今天我更倾向于将我们比作黑石集团——一家美国大型投资基金。不过，黑石是用投资人募集的资金进行投资，因此他们能够选择高风险高回报的项目。而欧力士主要依靠自有资金，所以更专注于中风险中回报的投资策略。这是一个主要区别。
欧力士是一家“没有资源的商社”。
可以说，欧力士是一家“没有资源的商社”。传统商社虽会进行股权投资，但其主要依靠资源周边的物流业务盈利，并不寄望于股权投资本身。而欧力士则依靠股权投资获取收益，因此运作方式有所不同。欧力士过去也曾研究过进入资源领域，但考虑到以公司的规模难以承受其高度波动性，最终选择放弃。
——欧力士收购的企业类型非常多样，从化妆品公司DHC到胶囊玩具公司。投资的判断标准是什么？
我们始终以项目为单位进行评估。会重点讨论该企业是否适合纳入欧力士集团、能否保持持续增长、退出策略是否合理，以及对ROE的影响程度。商誉过高的项目往往潜藏风险，一旦资产膨胀反而可能带来最糟糕的结果。因此，像钢铁等成熟产业基本不在我们的目标范围，初创企业也仅限于小额投资。
近年来的收购大多通过竞标取得。以收购三德船舶为例，那是一次“时间上的胜利”。由于我们自有船舶并具备船舶管理能力，因此在短短一个月内，就完成了对三德船舶所持有的约70艘船的价值及预期现金流的评估。
逻辑与情感并用
和一线员工一起喝酒、并肩奋斗等情感层面的交流也很重要。在人际交往中需要注重情感联系，而在收益管理上则必须坚持理性原则。随着业务继承的实绩不断累积，外界也逐渐对欧力士建立起了“交给他们就放心”的信任。不同于部分投资基金，欧力士并非单纯切割转卖，而是会兼顾员工就业并帮助企业成长。也因此，在竞标中即便我们的出价不是最高，也能成功中标。
——在收购后的整合工作（PMI）中，欧力士会特别注意哪些方面？
当然，经营权依旧交由各被投企业的管理层负责。但欧力士会派驻员工，负责公司治理与会计等关键环节。在收购后的“百日计划”中，我们重点推动欧力士的治理框架与合规规则的深入贯彻。若有管理者理念不同，则必须请其退任。比如2013年收购荷兰资产管理公司Robeco时，他们起初低估了我们。但此后我每月都会前往Robeco，与管理团队进行深入讨论。凡是不遵守欧力士方针的人，我们果断请其离任，五年间先后更换了五位高管。
——在截至2028年3月财年的中期经营计划中，欧力士提出了ROE 11%的目标。
在新冠疫情之前的2018年3月财年，公司净利润为3131亿日元，总资产为11万亿日元，ROE超过12%。目前净利润为3516亿日元，但ROE已降至8.8%。我们一直以来都很重视ROE经营，但由于新项目不断涌入，总资产膨胀至17万亿日元，使得仅靠自有资金来推动业务扩张已接近极限。
继续依赖自有资金虽然能带来收益，但会拖累ROE，导致信用评级下降与投资者流失。因此，我们转向新的方针：出售低收益业务，尽可能利用外部资本去收购高收益项目。以摩根大通等美国大型金融机构为例，其ROE基本都保持在15%左右。我们必须至少确保超过10%，这是公司持续增长的必要条件。
——今年1月，髙桥英丈专务执行董事出任社长兼集团COO之后，您对他说过“要学会否定我”，这一点让我印象深刻。
我说过， CEO的继任者如果不是一个能够否定我的人，公司就不会有新的成长。我并不是要否定宫内先生，但结果不知不觉就被媒体报道成了“否定宫内先生”，这让我和宫内先生之间一度有些尴尬。
基本上，如果CEO只是照搬前任的做法，公司就会失去活力。我也从未认为自己所做的一切就是百分之百正确。对我的做法，应该有批判和不同意见。比如，如果有人认为应该停止资本循环，而是采取“买入并长期持有”的方式来扩大业务规模，那就按照这种方式去做就好了。
社长说“YES”，但我会说“NO”
——您和髙桥社长是如何分工的？
基本上，债务融资几乎都交由他负责，但在股权投资方面，我依然会参与。我们的约定是：如果他对某个项目说“不”，我绝不会说“是”；如果他说“是”，我则保留说“不”的权利。这和我当COO时大不相同。那时宫内先生是CEO，我做了三年COO，但我完全是个门外汉，无法对项目进行评判。而这次，我已经将相当大的权限移交给髙桥社长，希望由他全权决断。
——髙桥社长还需要几年才能正式接任集团CEO？
我自己做COO时做了三年，但我觉得三年太长了。基本上我认为一到两年比较合适。不过最终还是要由提名委员会来决定。委员会也多次提醒过我：井上先生并没有指定下一任CEO的权限。
井上 亮
1952年生，1975年毕业于中央大学法学部，同年加入东方租赁（现欧力士）。曾从事船舶和飞机业务，后参与美国业务和投资银行业务。2011年1月就任社长兼集团COO，2014年6月就任社长兼集团CEO。扩大了欧力士集团在日本及海外的资产管理业务和可再生能源业务，并牵头开拓了机场运营和综合度假村（IR）等新领域。于2025年1月就任会长兼集团CEO。还担任欧力士 Buffaloes棒球队的所有者和关西经济联合会副主席。
旁白
“项目永远优先。如果把它放在战略和人才之后，最终只会背上一个个无解的棘手项目。”在谈到投资与收购时，我听到了这样的回答。所谓”没有核心本身就是核心”，正是对每个项目逐一抉择后得出的结论。这也是自宫内时代延续至今的欧力士经营方式。
接下来，欧力士将进入一个新阶段：在推动项目协同的同时，还要提升盈利能力和效率。鼓励对上级或前任提出质疑或批评的文化，正是驱动业务与组织不断进化的智慧所在。“即便我和现场说的不一样，也请照实写”，这句话恰恰道出了欧力士的企业文化。
