The Interaction between Company Law and Securities Regulations on Deregulation of Financial Regulations of Listing Corporations

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After many amendments of Japanese Commercial Code and the enforcement of Japanese Company Law in the age of Heisei, huge deregulation of financial dimension of public corporations seems to worse governance functions of them and effectiveness of security markets. At the first, deregulation of equities financial securities lowered the efficiency of security markets. On the other hand, it is necessary more effective data research on parent-subsidiary listing and covenants clauses of debts securities.