日本企业间关系治理机制探析

Governance Mechanism of Relationship among Enterprises in Japan

日本企业间相互持股机制和资产专用性机制形成了一种“T”型结构。在水平方向上,大企业之间通过相互持股形成了稳定的跨行业的企业集团;在垂直方向上,大企业集团成员通过相互持股、资产专用性和市场机制对中小企业进行控制和管理,形成了日本特有的中小企业和大企业关系。

This paper explores the governance mechanism of the relationship among enterprises in Japan. Interlocking stockholding and transaction-specific mechanism will form a 'T' type structure. Horizontally, large corporations form stable cross-industry enterprise groups by interlocking stockholding. Vertically, members of large enterprise group control and manage the small and medium enterprises by interlocking stockholding, transaction-specific mechanism and market mechanism. And these form the unique Japanese large corporations vs. small and medium enterprise relationship.