日本重构对内直接投资规制的政策目标、逻辑与悖论

The Policy Objective,Logic and Paradox of Japan's Reconstructing the Inward Direct Investment Regulations

以国家安全为名日本政府强化对内直接投资规制是在外部资本自由化压力减轻条件下的一种“发展主义”应对新约束的政策实践。2019年日本政府通过推动修改《外汇与对外贸易法》重构对内直接投资规制的政策目标是为日本政府筛选对日直接投资,为企业隔离外国投资者股东权力,保护日本战略性企业独立性和维持企业竞争优势,追求相对收益提供法律依据和政策工具。重构方式是基于股份公司的股东行权原则和《公司法》规定的股东权利,依据公司治理理论构建的直接限制、制约外资股东的股东权力的严格规制与激励、诱导外资股东放弃股东权力的审查豁免的制度组合。但过度规制对内直接投资的制度安排会导致与政策目标相反的结果,增加日本经济摆脱长期低迷的不确定性。

In the name of national security,the Japanese government's strengthening of inward direct investment regulations is a developmentalism'policy practice to cope with constraints under the condition that the pressure of external capital liberalization is relieved.With the policy goals of providing legal bases and policy tools for the Japanese government screening direct investment in Japan,isolating companies from the shareholder power of foreign investors,protecting the independence of Japanese strategic enterprises and maintaining their competitive advantages,and pursuing relative returns,the Japanese government reconstructed the inward direct investment regulations by promoting the revision of the Foreign Exchange and Foreign Trade Act in 2019.According to the principles of shareholders'rights exercise in joint stock companies and the rights of shareholders under the Company Law,the reconstruction method was a system combination based on corporate governance theory.The combination directly limited and restricted strict regulations and incentives of foreign shareholders'power and induced foreign shareholders to give up the review exemption of shareholder power.However,the institutional arrangements that excessively regulate inward direct investment could lead to results that are contrary to policy goals,increasing the uncertainty of Japan's economic recovery from a prolonged downturn.