从东芝财务丑闻看日本公司治理改革存在的问题及出路

Toshiba Scandal,Japanese Corporate Governance Problems and Countermeasures

东芝一直被视为日本规范公司治理行为的"优等生",然而近期的财务丑闻凸显了日本企业公司治理结构中激励与监督机制的失灵。公司治理结构是同企业外部环境密切相关的,企业文化、资本市场、金融环境等都会影响公司治理的效果。丑闻的发生意味着形式主义的公司治理很严重,应追求适应外部环境能力提升公司价值的治理模式。

Toshiba has been regarded as Japan＇s＂ top student＂ in the behavior of corporate governance, but the financial scandal which happened recently highlights the failure of the incentive and supervisory mech- anism in corporate governance. Corporate governance structure is closely related with the enterprise exter- nal environment, enterprise culture, capital market and financial environment, all above factors will influ- ence the effectiveness of corporate governance . The scandal implies that in Japan, the formalism in cor- porate governance is very serious, in future it is better to seek to a company governance mode of which can promote the company＇s value through enhancing the capability of external environment adaptation.