日本主银行制的演化动力、区间及约束条件

作为日本金融制度和治理结构核心内容的主银行制正在发生演化,演化的动力来自于企业、银行和政府等三个主体的行动。但三者的目标并不相同,企业和银行权衡风险、收益和信念等目标,政府权衡总体政策、利益集团要求和信念等目标。各主体受权力结构和行动能力的制约,前者由市场权力和政治权力构成,后者由谈判能力和游说能力构成。主体互动使主银行制演化产生了三个区间:存续、改变形态和瓦解。在不同条件下,主银行制可能处于某个区间之内,但并非处于完全衰落之中,而是表现出一定的演化特征。

Evolution of Japanese Main Bank System:Drivers,Stages and Restrictions

As the core of corporate governance and financial system,Japanese main bank system has been evolving for decades.The evolution is drove by the interaction among firms,banks and government.The three types of participants have different goals.Firms and banks make trade-off among risks,benefits and beliefs while government weights among public interests,claims of interest groups and beliefs.The conducts of participants are restricted by the power structures and their action abilities.The interactions among the participants lead to three evolution intervals of main bank system as persistence,transformation and collapse.The article analyzes the transition between the intervals with a formal model.