日本企業システムの20世紀史:企業金融・コーポレートガバナンス・内部組織構造

本研究<th>以公司治理结构和金融制度为中心，从历史的角度对20世纪日本大企业的企业行为进行研究。本研究的主体由两部分组成。第一部分是历史分析，主要分析了1900 - 1955年日本快速工业化过程中金融体系和企业治理结构的作用。另一个值得关注的问题是，日本型企业制度的形成过程。在这一主题中，估计了两次世界大战期间大企业的投资功能，并通过计量经济分析重新评估了20世纪50年代的公司固定资产。作为本研究课题的一部分，笔者还准备了《日本经济发展及其微观基础：产业政策与公司治理》一书。第二个课题是对高增长时代和后高增长时代的论述。主要关注的是澄清20世纪90年代泡沫破灭后J型公司的变化特征，以及其对公司行为的影响。从这一角度出发，作者试图检验20世纪80年代和90年代在债券和借款之间的债务选择，重点放在银行与企业的关系上。并考虑到公司融资模式和治理结构的变化对企业投资的影响，估计了同期的实物投资和R&amp;D投资函数。另一个成果是一个文件，对待日本企业的权变治理结构，通过测试外部干预时，企业面临的财务困境。所有这些论文包括其他论文都在日本或国外的会议上报道。在此之后，他们已经发表在学术期刊或在印刷过程中。

This research project has tried to highlight the corporate behavior of Japanese large firms in the 20^<th> century from the historical perspectives, focusing on the corporate governance structure and financial system. Main body of this research composed of two parts. First one is the historical one that aims at highlighting the role of financial system and governance structure of firms on Japanese rapid industrialization from 1900 to 1955. To clarify the emergence process of Japanese-type firm system is another concern. In the line or this theme, the investment function of large firms during interwar periods is estimated, and the re-evaluation of corporate fixed assets in the 1950s are revisited through econometric analysis. As a part of this research project, the author also have been preparing a book tentatively titled by Japanese Economic Development and its micro Foundation : Industrial Policy and Corporate Goverance.Second topic is to treat the high growth era and the post high growth era. Main concern is to clarify the changing characteristics of J-type firms after bubble collapse in the 1990s, and its effect on corporate behaviors. From this perspective, the author has tried to test the debt choice between bonds and borrowing in the 1980s and 1990s, focussing on the bank-firm relationships. He also estimated the physical and R＆D investment function in the same periods considering on the effect of changing corporate finance pattern and governance structure on firm's investment. Another fruit is a paper that treats the contingent governance structure of Japanese firms by testing the outsider intervention when firms faced financial distress. All these papers including others are reported in conference either in Japan or abroad. After that they have already been published in academic journal or in the process of printing.