The Structure of the modern German Companies

人们普遍认为，日本公司治理制度的主要特征是：(1)日本大公司之间的经济连锁制；(2)长期相互信任的主要银行制度；(3)通过相互持股实现稳定股东的存在。据说，这种稳定是日本管理者在战后保持强大领导地位并实现快速、充满活力的增长的原因。与美国或英国的制度相比，这一制度似乎是日本独有的，有人认为这是由于日本的独创。但事实上，这并不是日本的原创。在德国，他们以略有不同的方式创造了一个非常强大的稳定体系，可以说在某种程度上比日本的更强大。在德国，没有像日本那样的确定的经济体制，但仍然有像日本这样的大公司之间相互持股的长期制度。在相互持股的中心，有一些大银行和保险公司，被称为豪斯银行制度，它一直是稳定的核心。令人惊讶的是，大银行和大保险公司自己也发展了相互的股份制。这些公司的股票被陆续持有，形成了一个环状。可以说，这一制度非常接近于一种卡特尔，因此整个德国工业社会的稳定是通过作为德国经济核心的稳定环来保持的。

It was widely recognized that the main characteristics of the Japanese Corporate Governance system were, (1)Keiretsu system among the Japanense big companies, (2)main bank system with long-term mutual trust, and (3)the existence of the stable shareholders, which was enabled through the mutual holding of the mutual shares. This stability was said to be the reason why the Japanese managers have kept their strong leaderships and accomplished the rapid, energetic growth after the War. Compared to the sytem of the United States or England, this system seemed to be very unique to Japan, and some have discussed that this was due to the Japanese originality. But as a fact, it was not a Japanese original.In Germany, in a little bit different way, they have created a very strong stable system, which could said to be somehow more powerful than the Japanese one. In Germany, there are not definite Keiretsu system like Japan, but still there is a long-term system of the mutual holding of the the mutual shares among the big companies like Japan. At the center of the mutual shareholding, there are some big banks and insurance companies, called as 'Haus Bank' system which has functioned as a core for the stability. To a surprise, the big banks and the big insurance companies have developed a mutual shareholding system in themselves, too. The shares of these companies were held one after another, making a ring. It could be said that this system was pretty near to a kind of cartel, and therfore the stability of the whole German industrial society was kept through the stable Ring at the heart of the German economies.