A REEXAMINATION OF THE CONTROL ORGAN IN CORPORATIONSBASED ON PRINCIPAL-AGENT-THEORY

在现代管理理论中，众所周知，日本最高管理层的作用不是代表股东的利润，而是保护公司自身的利润，而不是将其分享给股东。我们从管理学的历史观点出发，以委托-代理理论为基础，重新思考这一问题。与德国关于这一主题的争论相比，分析这个问题是非常有价值的，因为关于高层管理人员结构的争论是德国管理理论领域最重要的话题之一。在第一部分中，我们简要概述了基于委托-代理理论的问题的数学处理。然后对德国企业的高层管理组织进行了经济分析。作为分析的结果，很明显，高层管理组织（Spitzenorganisation）的结构应该改变，这样他们就可以被公司的利益相关者有效地监督。在日本，众所周知，三菱、住友等大银行作为“主银行”，对企业集团中的企业进行监督，发挥着重要作用。如今，据说银行在企业集团中的作用不如“泡沫经济”破裂前那么重要了。但我们认为，他们仍然必须是一个良好和有效的机构，监督公司，特别是最高管理层。他们必须发挥这一作用，因为两国的资本市场竞争都不是很激烈，我们必须进一步努力，找到并设计最佳的高层管理组织结构。

In the modem theory of Management, it is widely known that the role of the Top Management in Japan is not to represent the profit of shareholders but to protect the profit of the firm itself, without sharing it to the shareholders, as a matter of fact.We reconsider this theme from the historical viewpoint of management and based on the principal-agent-theory. It is very valuable to analyze this problem in comparison to the dispute on this theme in Germany, as the controversy on the structure of Top Management is one of the most important topics in the field of management theory in Germany. In the first section, we make a briefoverview of the mathematical handling of the problem based on the principal-agent-theory. Then we make an economic analysis of the Top Management organisation of German corporations. As a result of the analysis, it turned out to be clear that the structure of Top Management organisation (Spitzenorganisation) should be changed so that they might be effectively monitored by the stake-holders of the corporation. In Japan, it is also well known that big banks such as Mitsubishi, Sumitomo play a important role to monitor the corporations in the corporate groupings as the 'main bank'. Nowadays, it is said that the role of banks in the corporate groupings is not so important as before the breakdown of 'bubble economics'. But we believe that they must be still a good and effective organ which monitors the corporations and especially the top management. They must play this role, as the capital markets of both countries are not very competitive and we must try further, to find and to design the optimal structure of the Top Management organisation.