日本资本市场及公司治理效率变迁与启示

Transfer and Apocalypse on the Japan's Capital Market and Efficiency of Corporate Governance

在资本全球化与信息化进一步深化的新环境下,日本主银行间接融资产生了新的代理问题,无法有效地实现公司治理机能。金融改革后,日本资本市场由银行间接融资向内源融资为主的市场间接融资转变,变迁后的资本市场更符合最优融资顺序,降低了代理成本,提高了公司治理效率,其经验与教训值得我国汲取与借鉴。

The deepening influence of the Globalization of Capital market and the acceleration of Information market, the interactive Financing activities between prominent Japanese has caused about the agency problem and this will lead to ineffectiveness of Corporate Governance. The aim of this thesis is to research into and analyze the past experience of Japan to learn from their experience and avoid foreseeable problems. After new reform of Japanese Financing business, indirect bank financing is transferring to intermediated market transactions, which is mostly inward sourcing financing. After this reform, the Japanese Capital market is more appropriate for pecking Order theory, there are lower agency costs and more efficiency and effectiveness of corporate governance. It very significant to study and reference their experiences.