日本公司治理中的外国对冲基金股东积极主义辨析

The Foreign Hedge Fund's Shareholder Activism of Japan's Corporate Governance

在欧美等国表现活跃的外国对冲基金进入日本并推行股东积极主义已有10多年的历史,然而这些对冲基金在日本发展的历程及其所取得的成效等与在美国大相径庭,这些对冲基金由活跃转为安静,对日本企业的影响也非常有限。研究指出,全球公司治理结构趋同下欧美以"股东利益至上"为代表的公司治理模式与日本"以企业为核心"的治理模式之间的巨大摩擦与碰撞,是深层次的原因所在。而这种碰撞由于两种模式下企业属性、发展基础以及政治法律的路径不同,导致短期内难以调和。这些给了我们很好的启示,各国公司治理有其自身特点,在推行"股东优先"理念的时候需要因地制宜,同时也要积极引导。

The foreign hedge funds that are very active in US have entered in Japan and pushed the shareholder＇s activism for more than 10 years. As opposed to what they have successfully achieved in US, these funds are becoming more and more quieter, and have very limited impact on Japan＇ s companies＇ performance. Research shows that the underlying reason is the big conflict between the US - style corporate governance characterized by shareholder supreme and the traditional Japan - style corporate governance characterized by corporate supreme given the so called the convergence of corporate governance on the global basis. It is hard to mitigate this conflict in the foreseeable coming years given the stark contrast between the two types companies＇ nature, basis of the development and the political and legal path. All of this gives us a good lesson, that specific country has its own unique characters, thus people should carry out the specific measures tailored to the local conditions once they want to perform the shareholder activism, and people also need to guide it actively and carefully.