日本式股权制衡体系研究综述

Review of Japanese Check-and-balance Ownership Structure System

通过西方股权制衡体系与传统日本式股权制衡体系的对比,证明"交叉持股"所形成的股权制衡会导致企业内部缺乏对经营者的有效监督,从而增加企业代理成本的事实。分析指出,当前经济环境下,以传统日本式股权制衡为基础,结合欧美式股权制衡的新股权制衡体系正在日本企业中逐步形成。

By comparison between the Western and traditional Japanese check-and-balance ownership structure system, it is proved that the check-and-balance of ownership formed by ＂ cross- shareholding＂ will lead to internal lack of effective supervision of operators, thereby increasing the corporate agency costs. Analysis pointed out that, in current economic environment, new check-and- balance ownership structure system is gradually taking shape in Japanese companies combined with European and American style, based on traditional Japanese system.