"三重叠合"下的日本公司治理

日本公司治理结构的独特性主要是由以下三种叠合关系共同作用的结果:股权关系和债权关系的叠合;股权关系和商务关系的叠合;隐性股权关系和雇佣关系的叠合。这三种"叠合"关系直接决定了日本公司的治理结构及其治理绩效。随着全球一体化、金融自由化和通信网络化的发展,企业竞争环境明显呈现出市场无边界化、经济无国界化、规则无差别化的新特点,传统的日本公司治理结构已明显不适应新的经济环境,必须适时重组和再造。

Japanese Corporate Governance under the Three-layer Superposition

The unique characters of Japanese corporate governance have mostly resulted from the three-layer superposition, namely the superposition between stockholders and creditors, the superposition between stockholders and business partners, the superposition between implicit stockholders and employees. The Japanese corporate governance and its performance are directly dependent upon the three-layer superposition. Along with the development of the economic globalization, the liberalization of finance and the networking of communication, the traditional Japanese corporate governance has not adapted the new changes. It is necessary that the corporate governance should be restructured and reengineered.