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The Reform of Japanese Corporate Governance and Its Implication for China

Author: LiuMeng
Tutor: LiYuZhen
School: Yanbian University
Course: World economy
Keywords: corporate governance structure of Japan reform enlightenment principal bank staff incentive mechanism
CLC: F276.6
Type: Master's thesis
Year: 2009
Downloads: 212
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Abstract

After the second World War, the economic of Japan have passed several stage. The rapid economic development of Japan made a miracle in the world economic history. There several reasons contribute the Japanese economic to be a mythical, one of which is the successful governance structure of Japan. In a word, the corporate governance structure is one kind of systems which carries on the management and the control to the company. It is also an important content for the microscopic economic subject to get economic value effectively. The corporate governance structure of Japan is a model that has its own characteristic which formed in the specific time . It compounds with the UK-US corporate governance pattern, the German corporate governance pattern and the Southeast Asia family governance pattern became the four main typical corporate governance structures in the would . There are some main features in the Japanese corporate governance pattern that different from the other types, for example, the principal banks of Japan, cross-shareholding, and the staff incentive mechanism . These Characteristics also causes this pattern that played an important role to promote the Japanese economy in a high speed. However, with the coining of the economic globalization and the market economic , the malpractice in the Japanese original corporate governance structure reveals gradually, which also becomes one of primary causes of Japan bubble economy erupts and formed a barrier in developing the Japanese economic. Therefore, the reform of the corporate governance structure of Japan is imperative.In order to change the part that not suit the needs of the economic development, The Japanese government and the enterprise have carried on some varying degree reform by the different ways to corporate governance structure. The reform included the system of the board of directors and supervisors, the system of shareholder litigation , as well as the mechanism of incentives to employees. It also changed the supervision system of the bank to the company, reduced the proportion of shares holding by the corporate cross-shareholdings, and it tried to improve the interests of the institutional investors and the individual shareholders. This reform made some certain effect, however, these reforms had not solved the problem completely which exist in the Japanese corporate governance. Facing the tendency of global economic development, the Japanese corporate governance structure’ s reform will continue to carry on. There are many similarities between Japan and China, such as the cultural and the existence problems in corporate governance structure. The reform to the system of directors and supervisors for the Japanese enterprises provided a reference to Chinese companies. The reform was also made a new ways for improving the monitoring effectiveness of corporate shareholders in our country. Its reform to the principal bank made a relationship between the enterprises and the banks. At the same time, though the proportion of the shares holding by the corporate cross-shareholdings reduced gradually, it also provided some good experience to the enterprise of China.This paper analysis the characteristic and the reform of the Japanese corporate governance structure by the methods of theoretical and comparative, it made a conclusion that the tendency of reforming the Japanese corporate governance structure is continue to retain the suitable characteristic of the structure and absorb the reasonable factors from the UK-US or other corporate governance pattern, and this tendency is suitable to the need of economic globalization and market. Its purpose is to adapt the change or the world economic and promote the Japanese economic to a higher level. Moreover, the trend of Japanese corporate governance reform has also pointed out the direction for our reform, which makes a big significant in Chinese establishment of the governance pattern as well as perfect the modern enterprise system. And we will try to establish a unique corporate governance structure of China by absorbing the experience and good element of other countries.

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