从个人收入的变化看中国经济体制变革

随着建立现代企业制度这一国企改革目标的确立 ,公司治理问题也成为理论界和企业界关注的热点。本文界定了公司治理与公司治理结构在概念上的区别 ,分析了“外部治理主线论”和“内部治理主线论”两种不同的国企改革思路 ,并提出在公司治理的范围内进行国企改革的总体设想。     

略论我国民办高等教育的公共品属性

本文分析了我国公司治理结构存在的问题 ,指出完善的公司治理结构是企业竞争能力的基础 ,提出了完善公司治理结构的对策以提高企业的竞争能力。     

对日本企业融资方式及其治理结构的反思

日本企业采用的是银行主导型融资方式,产由此产生主银行内部控制型的企业治理结构模式,这种曾经促使日本经济快速腾飞的融资模式和治理结构是目前日本难以摆脱困境的根本原因,目产我国国有企业融资应采用“间接融资为主,直接融资为辅”的方式,其治理结构为证券市场,银行制度,融资结构“三位一体”的方式。     

马克思主义经济学的继承和发展

20世纪 90年代上半期 ,随着上市公司的大量涌现 ,建立现代企业制度的公司治理结构的概念框架开始引入我国并为企业界和理论界所重视。但在实际运行过程中 ,存在着“大股东操纵”、“内部人控制”等一系列损害中小股东利益的问题。笔者认为造成上述现象的主要原因在于我国上市     

日本传统文化对公司管理的影响

日本公司治理特征的形成与日本传统文化有很大的关系,而基于日本传统文化的日本式管理形态对公司治理也有着不可忽视的影响。日本式公司经营及其形成的文化背景带有江户共同体色彩。日本公司治理和日本的传统概念有密切的关系,尤其是对职工的重视反映了日本公司共同体的概念。日本型资本主义也可称为东洋型封建资本主义。     

日本以银行为主导的公司治理结构

公司制是现代经济中最重要的企业制度，而公司治理结构是公司制的核心内容之一，它设计的恰当与否，关系到公司制企业能否有效运转，就世界范围来说，现代企业的公司治理结构有多种形式，日本企业中流行的公司治理结构叫以银行为主导的公司治理结构，它孕育于战前，产生于战后日本特殊的历史背景和经济条件之下，对战后日本经济的高速发展起了极为重要的作用，尽管目前日本以银行为主导的公司治理结构已不太适合于其高度发达的经济，但对其他国家赶超型经济的发展，它仍然具有很大的借鉴意义，对于正在全国推行现行企业制度的我国来说，借鉴意义尤为明显。     

我国上市公司董事会治理结构研究

在现代公司治理结构中,起核心作用的是董事会。由于董事会既是联结股东和经理层的桥梁,又是公司决策的核心,因此建立一个规范有效的董事会是强化公司治理结构的前提。文章分析了我国上市公司董事会的现状及其原因,提出了优化董事会结构、完善董事会建设,发挥董事会作用和提高     

民营企业集团“散财计划”的博弈分析

文章从完全信息动态博弈和完全信息静态博弈角度,对民营企业的“散财计划”问题进行了分析。作者认为民营企业集团董事长将自己拥有的股份部分转赠给中高层管理人员,是人力资本重要性凸现的必然要求,是民营企业向规范的公司治理结构变迁的必经阶段。     

战后日本式资本主义的七种精神

战后的日本式资本主义较之广义的资本主义具有其独特的色彩,即“武士的资本主义”色彩,这种武士的资本主义,其核心是效忠自己的“领主”(企业≈藩),具体表现为以下七种精神: 1.和为贵:日本式经营的特点首先表现于劳资协调,强调“以和为贵”。在日本,也有象花王公司丸田芳郎会长那样仍旧主张圣德太子精神的人,不过,更多的人认为日本式经营是靠劳资协调发展起来的,劳资协调实质上是日本式资本主义精神的表露。2.明身分:日本注重强调身分、地位、秩序。这种等级制,在公司内部特别是上下关系中是根深蒂固的.公司分为本家企业和转包企业,它们之间身分     

战争与日本经济的发展（一）

日本作为一个后起的资本主义国家，用40年左右的时间实现了近代化，并于1919年跻身资本主义工业国的行列，日本的近代经济之所以能够呈现出跳跃性的发展，固然缘于明治政府采取大力移植西方经济制度、扶植资本主义发展的一系列措施和日本民族特有的精神，但是回顾其发展历程，不难发现一个“幽灵”总是缠绕着日本，这个“幽灵”就是战争。战争曾刺激日本经济发展，也曾几乎丧送了日本。本文想就日本近代经济跳跃性发展原因这一侧面，略陈管见。     

广东省上市公司控制权转移对公司治理影响的研究

股权结构是公司治理的产权基础,当企业的控制权发生转移,公司治理机制将会发生变动。本文以2004年标的为上市公司股权(标的属广东省)且控制权发生转移的股权交易案为研究样本,旨在分析上市公司控制权转移对公司治理的影响。因并购主体产权性质的差异性,控制权转移对公司治理的影响在角度与程度上各不相同。总体来说,控制权转移将促进公司治理主要在弱化内部人控制、行政干预减少及职业经理人市场的形成三个方面得以优化。     

日本公司治理结构内部控制中存在的问题分析

内部控制是企业治理的主要内容之一。在新的经济环境冲击下,涉及内部控制的日本企业的组织管理架构以及一些旧的公司制度和惯习已经束缚了企业的持续发展。日本在解决内部控制中存在的问题上,注重从法律的建设入手,并以此为手段带动实体经济改革。从当前内部控制改革的动向看,虽然相关的一些上市企业能按法律要求去实施,但在新制度的效果上许多企业尚存在质疑。由商法的修改带动的公司内部控制问题及其改善成为日本近年企业治理的焦点问题。     

Human resource management, corporate governance structure and corporate performance in Korea: a comparative analysis of Japan, US and Korea

This paper investigates the influences of human resource management (HRM) and corporate governance structure on the corporate performance in Korean firms. Prior to the Asian economic crisis, large Korean firms mostly followed the Japanese style HRM paradigm where the practice of lifetime employment is guaranteed. However, in the aftermath of the crisis, they have pursued structural downsizing and changed their paradigm more towards the US HRM paradigm where inter-firm mobility becomes prominent in the flexible labor market. The empirical evidence introduced in this paper affirms the argument that the first step towards a HRM paradigm shift in Korea should be the establishment of an efficient corporate governance structure. This implies that a simple switch from the Japanese HRM paradigm to the US model may not improve corporate performance unless the change is accompanied by a solution to the problems posed by the minority controlling structure of Korean companies. The implications of this study for guiding policy in developing countries having labor market rigidities and underdeveloped corporate governance is clear. Corporate governance systems may provide an appropriate starting point for the development of any policies aimed at building an efficient human resource management system and a flexible labor market.     

正在兴起的日本公司重构及其效果分析

以美国大企业为代表的全球性公司重构是近20年来国际企业管理领域的一个重要趋势，其直接结果是美国企业国际竞争力重居世界第一。反观日本，受内外环境的压力，近年来许多大公司陆续开始重构。但是通过比较研究，从日本的传统企业制度、持续的低经济增长、更加激烈的全球竞争和难以承受的企业债务等方面分析，日本公司重构面临着巨大的压力。与美国及欧洲国家的公司相比，日本的公司重构基本上是被动的、迟缓的，其重构的效果如何仍需拭目以待。     

基于在岸金融市场视角的日元国际化进程与启示

最近几年,日元国际化程度不见提高,反而不断被边缘化,成为国际经济活动中的非主流货币。为此,文章从微观角度研究日本国内金融市场对日元国际化进程的支持力度。研究发现,受国内经济长期衰退影响,日本股票市场表现不及其他发达市场;其债券市场发展不平衡,国债市场独大,公司债券市场萎靡,并且资本项目开放不完全限制了债券市场发展;其衍生品市场也缺乏国际竞争力。换言之,日本在岸金融市场发展直接制约了日元国际化进程。     

Stock repurchases in Japan: A solution to excessive corporate saving?

Since the 1990 s profitable Japanese companies have faced lower domestic growth opportunities; they have invested less, yet most have not increased their payout. This has resulted in a substantial deleveraging of their balance sheets. The popular term for this phenomenon is “corporate saving.” Corporate saving by Japanese companies is now at the highest level in history. Dividends and stock repurchases are two potential ways to resolve excessive corporate saving. Stock repurchases in particular offer a fast, flexible and very public method to solve the problem of excessive corporate savings. This research is an investigation of stock repurchases by Japanese companies from 2000 to 2009. Companies repurchase their stock to return excess cash to investors, resolve governance issues, adjust capital structure and send signals. This paper uses accounting and stock market information to explain this behavior. Contrary to recent research on American firms, we find that replacement of dividends does not appear to explain stock repurchase behavior in Japan. We find evidence that repurchase behavior in Japan is linked to excessive corporate savings. However, repurchases are also closely linked to the ownership structure of the firm. Firms whose dominant owners are other members of the firm's industrial group are less likely to repurchase. Bank ownership has mixed implications for repurchases. Firms having foreign and individual ownership are more likely to repurchase stock. Foreign and individual ownership appears to improve governance and thus may be a partial solution to excessive corporate savings.     

Missing Household Saving and Valuation of Corporations: Inquiry into Japanese National Accounts I

The Japanese household sector has suffered a capital loss of some 400 trillion yen (in 1990 consumption prices) since 1970. This is a large enough loss to explain the Japanese recession of the 1990s. We can trace some three fourths of this capital loss to the loss in the market value of Japanese corporations relative to their accounting value (at reproduction cost). The behavior of the corporate sector leading to this loss is obscured because, in the Japanese National Accounts, the corporate sector contains both private and public enterprises, and information presented for this sector is seriously incomplete. Nevertheless, data suggest that corporations have attempted to maximize their productive capacity rather than their market value and overinvested in plant and equipment since at least 1970. An unusual corporate governance structure in Japan may have permitted and even induced corporate management to follow such a strategy. The paper concludes with a set of recommendations to improve the presentation of these issues in the National Accounts. J. Japan. Int. Econ., June 2002, 16(2) pp. 147–176. University of Pennsylvania, Philadelphia, Pennsylvania 19104 and NBER. © 2002 Elsevier Science (USA).Journal of Economic Literature Classification Numbers: C82, E21, E22, G30.     

An East Asian paradigm?

The World Bank's 1993 East Asian Miracle report proposed two models of East Asian Development, one based on the Japanese economy, the other on the more recent miracle economies of Southeast Asia. The latter pursued open-market and investment policies compatible with Anglo-American economic norms, while Japan and its coterie (South Korea and Taiwan) forged industrial policy regimes with high levels of government intervention and protection. Japan takes a different view of Southeast Asian success—as a combination of conscious emulation of Japan and concentrated Japanese foreign direct investment, aid, and regional industrial strategy. This article explores the tension between the World Bank thesis and the Japanese view, embodied in a growth metaphor called flying geese. The author concludes that Japan has been far more reactive and opportunistic than the flying geese metaphor suggests, but that this paradigm has a profound influence on Japanese government and corporate strategy in Asia.     

Globalizing activities and the rate of survival:: Panel data analysis on Japanese firms

This paper conducts a Cox-type survival analysis of Japanese corporate firms using census-coverage data collected by METI. A study of exiting firms confirmed several characteristics of Japanese firms in the 1990s. First, excessive internalization in the corporate structure and activities is harmful to corporate survival. Having too many establishments and affiliates weakens corporate performance. Efficient concentration on core competences increases the probability of survival. Second, global commitment helps Japanese firms be more competitive and more likely to survive. However, the channels of a firm's global commitment must be carefully selected. Small firms can benefit from exporting activities, though having foreign affiliates or conducting foreign outsourcing might aggravate their performance. Large firms, on the other hand, can conduct foreign direct investment and foreign outsourcing to possibly enhance the probability of their survival. Third, while corporate performance affects the choice of exits for affiliate firms, it does not affect the survival/exit of independent firms; suggesting the possible malfunctioning of the market mechanisms in the exits of independent firms. Fourth, we do not find any statistically significant evidence that firms with foreign shareholders are more likely to exit; there is little evidence of foot-loose behavior among foreign companies. J. Japanese Int. Economies 17 (4) (2003) 538–560.