论债权人兼股东的主银行

文章从债权人兼股东的角度对日本的主银行制进行了理论研究。第一 ,分析了债权人兼股东、债权人、股东这三个主体的利害关系 ,阐明了债权人兼股东的利益中立性是主银行制存在的前提。第二 ,分析了信息非对称时主银行的信号传递机制及其协作机制 ,并导出了债权人兼股东的性质是主银行发挥其作用的必要保证等结论。日本持股主银行制对中国有参考价值

Main Banks as Creditors and Shareholders

This paper attempts to give a new approach to analyze the Japanese main banks system. It focuses on the function of main banks both as creditors and shareholders.In section I, two models are formalized to distinguish a main bank from an ordinary creditor or a shareholder. These models prove that in the main bank system, conflicts between shareholders and creditors could be safely coordinated. In section II, another model will clarify that firm's financing form the main bank can be an effective and crucial signal for other shareholders or creditors, which is guiding them to cooperate with the main bank in corporate governance and finance.