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Historical and Institutional Analysis of the Capital Market in Japan -Comparing with Advanced and Developing Countries

日本资本市场的历史和制度分析——与发达国家和发展中国家的比较

基本信息

批准号：
15GS0103
负责人：
ITO Masanao
金额：
$ 140.77万
依托单位：
The University of Tokyo
依托单位国家：
日本
项目类别：
Grant-in-Aid for Creative Scientific Research
财政年份：
2003
资助国家：
日本
起止时间：
2003 至 2007
项目状态：
已结题

来源：
https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-15GS0103/
关键词：
Economic History Finance Theory Business History Capital Market Securities and Exchanges Security Company Stockholder

项目摘要

This study examines Japanese capital markets by 1) offering both a horizontal and vertical perspective by analyzing their longitudinal and historical development from the time of the 1868 Meiji Restoration, as well as by taking into account both Asian and Western examples for comparative purposes; 2) considering carefully market composition structure practices (the suppliers, consumers, and mediators of capital); and 3) clarifying the Japanese structure and its unique characteristics, as well as Japan's value formation mechanisms in stocks and bonds by depicting the particular aspects of various transacted securities along with the securities transaction system itself.As a result of our research, we could set up and prepare a lot of preliminary documents and long term statistical data on Japanese capital market that has to date remained in a virtual black box: the importance of the actual circumstances of the securities company management's roles as market mediators and market subjects. The comparatively low level of oversight of security company management along with its weak accountability, and the general weakness of Japan's financial base-points that historically have restricted Japanese capital market development-have received attention in the past. There are other points concerning the security markets themselves that remain unclear, including the actual conditions of futures transactions and margin differences that formed the principle axis of the prewar stock market, the mechanisms employed to induce the sudden rise of stock prices during the Taisho-era (1912-1926) bubble, the influences that followed the securities system reforms of the post-World War II recovery period, the structural changes in capital markets following the large scale national bond issuance from the late 1970s, and the specific content of the foreign pressure that encouraged the formation of the 1984 US-Japan yen-dollar committee.

本研究从横向和纵向两个角度来考察日本资本市场，分析日本资本市场自1868年明治维新以来的纵向和历史发展，并将亚洲和西方的例子进行比较; 2仔细考虑市场组成结构的做法（资本的供应者、消费者和中介）; 3）阐明日语的结构及其独特性，通过对各种交易证券的特殊性沿着证券交易制度的描述，对日本股票和债券的价值形成机制进行了分析。通过研究，我们可以建立和准备许多关于日本资本市场的初步文件和长期统计数据，这些数据迄今仍处于虚拟的黑匣子中：证券公司管理层作为市场中介者和市场主体的实际情况的重要性。证券公司的经营管理沿着受到的监督水平较低，责任心也较弱，日本金融基础的普遍薄弱，这些都是过去一直制约日本资本市场发展的因素，因此受到了关注。关于证券市场本身，还有一些问题尚不清楚，包括构成战前股票市场主轴的期货交易和保证金差额的实际情况，以及大正时代引发股票价格突然上涨的机制（1912-1926）泡沫，第二次世界大战后恢复期证券制度改革的影响，20世纪70年代后期大规模国债发行后资本市场的结构性变化，以及促使1984年美日日元-美元委员会成立的外国压力的具体内容。