日本企业集团金融制度研究/The Research of Financial Institution in Enterprise Groups of Japan
After world war Ⅱ, Japan’s economy was on the verge edge, but in twenty odd years, Japan becomes second economic power in the world. It’s called “Japan Miracle”. The vigorous growth of its economy is closely related to the action of Enterprise Groups in Japan as well as the financial institution having been widely adopted by these Six Groups(MITUBISHI、MITUI、SUMITOMO、DAITIKANGIN、FUYOU、SANWA) , which are in the focus of world attention. The theoretical ambition of this paper is to give more systematic and scholarly attention to the financial institution of the Six Groups, analyzing it’s forming process and evolution, illustrating its qualities and functions given by the actual conditions in Japan at that time, deliberating the process of institutional transition and discussing the rationality of institutional existence and the inevitability of its transition in order to draw inspiration for our reforms of state-owned enterprises. This paper conducts discussions about the following problem.
Firstly, the main bank institution and overlapping shares institution are core sectors of the financial institution adopted by enterprise groups of Japan. Generally, it is considered that the formation of the main bank system originated on the syndicate loan of the wartime of Japan and the overlapping shares institution began in the postwar period. However, reviewing the history of Japan from the perspective of institutional transition, the conclusion should be drawn as the beginning of the overlapping shares institution can be traced back to prewar period and the banking financing method which gives prominence to indirect financing is created in the course of modern industrialization from the Meiji Restoration.
Secondly, as the financing institutions of enterprise groups of Japan had made an important role in promoting the development of Japanese enterprises at the sharp growth period of Japan’s economy, the academic community concludes its functions in the affirmative. But in the wake of changes in economic environment, its limitations appeared gradually, especially in the nineties of the 20th century, after the collapse if Bubble Economy of Japan, mass data shows the financial institutions seem to be disintegration, so negative viewpoint hold a leading post now. Here, my main effort is to revaluate the functions of these institutions in the framework of microeconomics and information economics and point out the main bank institution has some functions such as information producing、monitoring and relieving function etc., and the overlapping shares institution has some functions such as preventing company against takeover、risk-sharing and the like.
Thirdly, based on the illustration of the functions, the preconditions were pointed out, in which the financial institutions become effective. The prerequisite condition of overlapping shares is that the company should make a profit, and the main bank system takes effect on the premise of undeveloped capital market as well as enterprises being funds shortage. By this, the conclusion is that we can use the experience of the main bank institution of Japan for reference, but the overlapping shares institution not for its strict condition.
Lastly, the price theory and stock price assigning mechanism were introduced to find the reason why the stock prices arose when the overlapping shares institution being adopted and it also can be considered as one of the grounds for the origin of Bubble Economy of Japan. The cumulative distribution function and probability density function were utilized to explain the risk-bearing function of overlapping shares institution. These will afford us successful experiences in the reforming of our enterprises.