A REEXAMINATION OF THE CONTROL ORGAN IN CORPORATIONSBASED ON PRINCIPAL-AGENT-THEORY

在现代管理理论中，日本的高层管理者的作用不是代表股东的利益，而是保护企业本身的利益，而不是将其分享给股东，这是众所周知的事实。本文从管理学的历史观点出发，以委托代理理论为基础，对这一问题进行重新思考。高层管理结构问题是德国管理理论界的重要课题之一，结合德国高层管理结构问题的争论，对这一问题进行分析是很有价值的。第一部分简要介绍了基于委托代理理论对这一问题的数学处理。然后对德国企业高层管理组织进行了经济学分析。作为分析的结果，事实证明，高层管理组织（Spitzenorganisation）的结构应该改变，以便他们可以有效地受到公司股东的监督。在日本，三菱、住友等大银行作为“主银行”，对企业集团中的企业发挥着重要的监督作用。现在，据说银行在企业集团中的作用不如“泡沫经济”破裂前那么重要。但我们相信，他们仍然是一个良好和有效的机构，监督公司，特别是高层管理人员。他们必须发挥这一作用，因为这两个国家的资本市场都不是很有竞争力，我们必须进一步努力，寻找和设计最佳的高层管理组织结构。

In the modem theory of Management, it is widely known that the role of the Top Management in Japan is not to represent the profit of shareholders but to protect the profit of the firm itself, without sharing it to the shareholders, as a matter of fact.We reconsider this theme from the historical viewpoint of management and based on the principal-agent-theory. It is very valuable to analyze this problem in comparison to the dispute on this theme in Germany, as the controversy on the structure of Top Management is one of the most important topics in the field of management theory in Germany. In the first section, we make a briefoverview of the mathematical handling of the problem based on the principal-agent-theory. Then we make an economic analysis of the Top Management organisation of German corporations. As a result of the analysis, it turned out to be clear that the structure of Top Management organisation (Spitzenorganisation) should be changed so that they might be effectively monitored by the stake-holders of the corporation. In Japan, it is also well known that big banks such as Mitsubishi, Sumitomo play a important role to monitor the corporations in the corporate groupings as the 'main bank'. Nowadays, it is said that the role of banks in the corporate groupings is not so important as before the breakdown of 'bubble economics'. But we believe that they must be still a good and effective organ which monitors the corporations and especially the top management. They must play this role, as the capital markets of both countries are not very competitive and we must try further, to find and to design the optimal structure of the Top Management organisation.