日本企业集团金融制度研究/The Research of Financial Institution in Enterprise Groups of Japan

2018-09-21 07:49:32

日本 institution 制度 shares Japan



第二次世界大战结束之时,日本的经济已经濒临崩溃的边缘,但是仅仅过了二、三十年的时间,在一片废墟中起步的日本便一跃而成为世界第二大经济强国,这一段历史被人称为“日本奇迹”。尽管20 世纪90年代以来,日本经济一直持续低迷,但是没有人会否认这一段历史的借鉴意义,尤其是对于中国这样的后发国家。在日本经济的高速增长期,日本经济的增长与日本企业集团的贡献是分不开的,尤其是集团企业当时所普遍采用的金融制度——主银行制度和相互持股制度更是备受世人关注。本文正是力图通过分析日本六大企业集团(三菱、三井、住友、第一劝银、芙蓉、三和)金融制度的形成和发展过程以及当时特定历史条件下所赋予该制度的特质和功能,来考察这一制度的变迁过程,论述这一制度存在的合理性和变化调整的必然性,以期对我国的国有企业改革有所借鉴。
日本企业集团的主银行制度和相互持股制度是在日本特殊的历史进程中生成、发展起来的。传统认为日本企业集团金融制度中的主银行制度起源于日本战时的辛迪加贷款,而相互持股制度则是从日本战后开始形成的。本文通过在日本留学期间进行的考察和对大量资料进行的分析,重新划分了日本企业集团金融制度的形成时期,认为以银行融资为主的间接金融的优先形成过程,可以追溯到明治维新以后日本的近代化过程,而相互持股制度的形成可以追溯到日本的战前时期,从而有助于理解这一制度存在的合理性和变化调整的必然性。
对于日本企业集团主银行制度和相互持股制度的功效,不同的历史时期学术界有不同的观点。在日本经济的高速增长期,学术界对此主要持肯定态度,而随着经济环境的变迁,两项制度的局限性逐渐显现出来,特别是20世纪90年代日本泡沫经济崩溃以后,日本企业集团的金融制度也呈现解体迹象,否定的观点开始占据上风。本文则从制度变迁的角度,运用微观经济学的价格理论、信息经济学的委托代理理论等基本原理重新评价了日本企业集团金融制度的作用和功能,指出主银行制度具有信息生产、对借款企业救助和监督三大功能,相互持股制度则在防止企业被收购、风险分散、扩大企业经营者控制支配权等方面具有重要作用,但是两项制度功能的发挥必须具备合适的前提条件,主银行制度在企业资金短缺、并且证券市场不发达的条件下才有效,相互持股制度则需要企业处于持续盈利状态作为保证。由此认为,随着外部经济环境和政策参数的改变,制度也必须做出相应的调整,并提出在中国现实的经济条件下,主银行制度对于解决银行惜贷、中小企业融资困难等问题具有重要的现实意义,因而依旧具有较大的发展空间,而相互持股制度则因为约束条件更加严格而不能盲目效仿。
对于相互持股制度,本文还运用价格理论和股价定价机制作了进一步研究,分析了相互持股制度抬高企业股价的原理,从而从特定的角度探讨了日本泡沫经济膨胀的成因,而这对于中国经济预防泡沫的膨胀也具有重要的借鉴意义。在此基础上,本文还利用企业利润的累积分布函数和概率密度函数分析了日本企业集团企业之间通过相互持股制度分散企业风险的效果,肯定了相互持股制度在企业持续盈利的条件下可以发挥的积极作用,而这对于中国特定企业的改革与发展也是具有重要借鉴意义的。



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.