A Study Of Japanese Corporate Governance In Postwar Period

"The key to growth was and is an efficient economic system, and the development of an efficient economic organization in Western Europe accounts for the rise of the west." This is the theme of a book named the Rise of the Western World: the New Economic history that 1991 Nobel Economic Prize owner, famous new economic historian Douglass C. North has written. Efficiency is a source of economic growth and development, and technology and institution is a source of efficiency improvement. Corporate institutional efficiency reflects management efficiency at last The management efficiency is closed to the corporate governance.hi this paper, we have studied the Japanese corporate governance in view of history and with method of "the Neo-institutions Economics". After a lot of analyses, we hope to reflect the positive and negative feedback between institution and efficiency, and reflect the reciprocal effect between the changes of the surrounding and the corporate governance. Then we are able to comprehend the intension and changes of the Japanese corporate governance.Hence the dissertation probes respectively into these issues in four parts as following:Part one: In corporate governance taking shape there is historical background and the economic and political and cultural surrounding. Before the Second World War, limited companies (KABUSHIKI KAISHIA) were planted in Japan, but were almost planted with the mode of the tycoon(ZAIBACHI). In the wartime control economic system, the banks and the corporations have constructed the formal relations. After the Second World War, the democratic reform of the economic system is the basement of the propriety rights of corporate governance in Japan. Japanese special culture also constructs the mode of corporate governance.Part two: This part is key to this paper. It's mainly analyzed the internal structureof corporate governance: the structure of propriety rights; the right arrangements in the upper level of corporate governance; the encouragements and control of the managers and the characteristics of the corporate governance in Japan.The structure of propriety rights is consisted of two parts: artificial persons' inter-holding and the main bank system. In the part, we have analyzed the forms and the inevitability of the artificial persons' inter-holding, and define the conception of main bank and explained the reciprocal effect between the banks and the corporations.The right arrangements in the upper level of the corporation: three committees (stock-holders' meeting, board of directors, supervisor committee and the upper managers). We have analyzed the positions and functions of the three committees of the corporate governance, and clearly declared the upper managers "elect" the director and supervisor, the rights of stockholders' meeting performs practically no function.The encouragements and control of managers are made up of the three aspects: firstly, the control of the main bank; secondly, the encouragements of the social status and "ambiguous income"; thirdly, the soft control and encouragements of the committee of the CEO.Part three: Through the analyses we can comprehend that how do the structure of propriety rights influence the economic growth, explained artificial persons' inter-holding and the main bank system how to affect the economic system in positive and negative aspects.Part four: calculating the reform and tendency of the corporate governance in Japan. The changes of the surrounding ask for distinguishing between the reasonable and unreasonable parts, and then abandoning the unreasonable parts, it makes the institutions is able to improve the efficiency truly.