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

本研究项目试图从历史的角度突出20世纪80年代日本大企业的公司行为，重点关注公司治理结构和财务制度。本研究主体由两部分组成。第一部分是历史部分，旨在突出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。厘清日本式企业制度的产生过程是另一个值得关注的问题。在这一主题的主线中，估计了两次世界大战期间大企业的投资功能，并通过计量经济学分析重新审视了20世纪50年代企业固定资产的重新评估。作为这个研究项目的一部分，作者还在准备一本暂定名为《日本经济发展及其微观基础：产业政策和公司治理》的书。第二个主题是如何看待高增长时代和后高增长时代。主要关注的是澄清20世纪90年代泡沫破裂后j型企业的变化特征及其对企业行为的影响。从这一视角出发，笔者尝试在20世纪80年代和90年代对债券和借贷之间的债务选择进行检验，重点关注银行与企业之间的关系。考虑到企业融资模式和治理结构的变化对企业投资的影响，他还对同一时期的实物和研发投资函数进行了估算。另一个成果是一篇论文，该论文通过测试日本公司面临财务困境时的外部干预来研究日本公司的或有治理结构。这些论文均在国内外学术会议上发表。之后已经在学术期刊上发表或正在印刷过程中。

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.