German corporate system and capital market under the influence ofGlobalization

本研究在资本市场调查和共同决定的基础上，考察了近年来德国商业制度和公司治理的演变模式。我们证明，自20世纪90年代以来，外国机构投资者在德国资本市场的存在越来越多，但自2008年以来，“股东价值管理”（通过公司重组实现股票价值最大化）已经贬值，德国传统的公司制度在金融危机下被重新评估。尽管商界领袖对德国共同决定制度提出了批评，强调德国共同决定制度需要现代化，但德国共同决定制度在今天得到了重新评价。研究发现，德国公司治理制度适应了环境变化，经历了制度的共同演化。

This study examined the evolutional pattern in German business system and corporate governance in recent years, being based on the survey of capital market and co-determination. We demonstrate that the presence of foreign institutional investors have increased in German capital markets more and more since the 1990s. but since2008, ”the shareholder-value management” (maximization of the stock value by the corporate restructuring) have depreciated and the German traditional corporate system has been revaluated under the financial, economical crisis due to “Lehman shock “,Although the business leaders have criticized the German co-determination system and emphasized that the German co-determination system needs to be modernized, the Germanco-determination system has re-evaluated today. In this study, we disclosed that German corporate governance system have adapted environmental changes and have undergonethe co-evolution of instituition.