A Historical and Empirical Study on the Concept of the Corporation in Japan, USA, UK, Germany and France

日、美、英、德、法公司概念的历史与实证研究

• 批准号: 11630121
• 负责人: YOSHIMORI Masaru
• 金额: $ 2.3万
• 依托单位: Yokohama National University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (C)
• 财政年份: 1999
• 资助国家: 日本
• 起止时间: 1999 至 2001
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-11630121/
• 关键词: Corporate Governance; Concept of the Corporation; Japan-USA-Europe Comparison; Shareholder Value; Stakeholders; Board of Directors; 取締役会; コーポレートガバナンス; 日本; ドイツ; フランス; アメリカ

The concept of the corporation is the basis on which the corporate governance system is built. The study reveals the importance of path dependence in five countries which conditioned their respective concept of the corportion. The central difference between UK and USA on the one hand and Japan, Germany and France on the other is that the former embraces shareholder primacy, while the latter pluralistic concept taking into account the interests of all major stakeholders. The UK is characterized by the accumulation of national and private capital thanks to the early development of joint stock corporation, industrial revolution, colonial trade and the stock exchange to create investment opportunities. The USA followed a similar pattern and already in 1919 the shareholder primacy was confirmed by the court decision leading to the development of the stock exchange. In Japan, Germany and France, the level of accumulation of private capital was low, which did not facilitate the development of the stock market and the shareholder primacy. As a latecomer each of these countries had to rely on the industrialization lead by the state with the firm considered not as a means for private enrichment, but as a vehicle for promoting national interests. This resulted in the concept of the corporation which put a premium on the survival and prosperity of the corporation, and not on the firm for personal enrichment. The three countries have been much influenced by the US concept of the corporation in the 90s. In the US, however, ony a minority of managers pursue shareholder primacy, and it is opposed by 95% of the Americans. The return on investment of US shareholders was not particularly high compared with the three countries. The Enron and other corporate scandals in October 2001 revealed the limits of US shareholder oriented concept of the corporation. The study concludes with the illustration of advantages and limits of each concept of the corporation and positive implications.

公司理念是公司治理体系构建的基础。该研究揭示了五个国家路径依赖的重要性，这决定了它们各自的公司概念。英国和美国与日本、德国和法国的主要区别在于，前者拥护股东至上，而后者则考虑到所有主要利益相关者的利益。英国的特点是国家和私人资本的积累，得益于早期股份公司、工业革命、殖民贸易和证券交易所的发展，创造了投资机会。美国也遵循了类似的模式，早在 1919 年，法院的判决就确认了股东至上，从而导致了证券交易所的发展。日本、德国和法国的私人资本积累水平较低，不利于股票市场和股东至上的发展。作为后来者，这些国家都必须依赖国家主导的工业化，企业不被视为私人致富的手段，而是促进国家利益的工具。这就产生了公司的概念，该概念重视公司的生存和繁荣，而不是公司的个人致富。这三个国家在上世纪90年代深受美国公司理念的影​​响。但在美国，只有少数管理者追求股东至上，并且遭到95%的美国人的反对。美国股东的投资回报率与这三个国家相比并不是特别高。 2001年10月的安然公司等公司丑闻暴露了美国股东导向的公司理念的局限性。该研究最后阐述了公司每个概念的优点和局限性以及积极影响。

项目成果

Yoshimori, Masaru: "La primaute des intenets de l'ationnave pent-etne erige en norms mondiale? (in French)"Rapport moral sur l'argent. 243-253 (2000)

吉森胜：“La primaute des intenets de lationnave pent-etne erige ennors mondiale？（法语）”《银子上的道德融洽》。

吉森 賢: "企業はだれのものか-企業概念の日欧米比較(1)"横浜経営研究. 19-1. 42-54 (1998)

吉森健：“公司属于谁？日本、欧洲和美国的公司概念比较（1）”《横滨管理研究》19-1（1998）。

吉森 賢: "La primaute des interets de l'actionnaire peut-elle etre erige en normes mondiale?"Rapport moral sur l'argent dans le monde. 243-253 (2000)

吉森健 (Ken Yoshimori)：“La primate des interets de lactionnaire peut-elle etre erige ennormes mondiale？”Rapportmoral sur largent dans le mondiale 243-253 (2000)。

Yoshimori, Masaru: "Implications of Corporate Governance Reforms in the USA and Europe for Japan (in Japnese)"vol.11,No.1. 3-29

吉森胜：“美国和欧洲公司治理改革对日本的影响（日文）”第 11 卷，第 1 期。

吉森賢: "企業概念-日米比較"企業統治の国際比較. 共著の一章. 3-16 (2000)

吉森健：《公司理念——日本与美国公司治理的比较》合着第3-16章。