THE STRUCTURE OF CLAIMS IN CAPITAL MARKET : FROM THE STANDPOINT OF RISK SHARING

研究表明，资本市场债权结构的决定因素是投资者的风险态度和投资者保护的法律环境。这两个因素可以很好地解释日本和U.S.in索赔结构之间的差异。与日本投资者相比，由于美国投资者的风险厌恶程度较低，美国直接融资的代理成本并不高，法律环境更倾向于保护投资者，而日本对间接融资的依赖虽然可以通过投资者的高风险厌恶态度和契约来合理化，但在美国，直接融资的代理成本并不高，法律环境更倾向于保护投资者，因此，在日本，间接融资的依赖可以通过投资者的高风险厌恶态度和契约来合理化。在上级的日本社会，由于投资风险观念和法律环境的变化，直接融资在未来将更加重要。

This study shows that the crucial determinants of the claims structure in capital market are investor's attitude toward risks and law environment related to investor protection. The difference between Japan and U.S.in claims structure can be well explained by these two factors. Compared with Japanese investors, because American investors are less risk aversive, so that it is a rational and natural way to use more securities to raise capital in U.S.The agency costs of using such direct finance are not very expensive the law environment is more oriented to protect investors in U.S.Although the dependence on indirect finance in Japan can be well rationalized by investor's high risk aversive attitude and the contract-superior Japanese society, the direct finance tends to be more important in future due to the changes in both the attitude toward investment risks and the law environment.