An Analysis of Corporate Governance and the role of Board of Directors

本研究项目研究日本的公司治理机制，特别是董事会的作用。这项研究的动机是揭示最近日本公司治理的变化，比如外资持股的显著增加，以及独立董事的作用。此外，本研究还试图揭示上市准则的变化对市场流动性的影响，上市准则的变化也伴随着公司治理结构的变革。本研究的成果概括如下。首先，日本公司董事会在银行业的表现会很好，特别是在董事会制度重组之后。其次，日本高管的激励也是在引入新的公司治理制度的公司中进行理想的设计。最后，上市标准改革也增加了市场流动性。这些实证结果表明，最近的公司治理和上市标准改革至少对试图重组和改革的公司是有效的。

This research project investigates Japanese corporate governance mechanisms, especially focusing on the role of board of directors. The motivation of this research is to reveal what the recent corporate governance changes in Japan like 'remarkable increase of foreign shareholdings', and 'the role of independent directors'. In addition, this research also tries to reveal the change of market liquidity by the change of listing standards which also reformed with the corporate governance reforms. The results of this research are summarized as following points. First, Japanese corporate boards would be well performed in the banking industry especially post the restructuring of their board systems. Second, the incentive of Japanese executive are also desirably designed in a firm which introduced new corporate governance systems. Finally, market liquidity has also been increased by the reform of listing standards. These empirical results imply that recent reforms of corporate governance and listing standard are at least effective for firms which would try to restructure and reform.