Some Aspects of Japanese Corporate Finance
结合经济理论与历史背景，分析1950-1960年代日本金融市场的管制结构如何塑造了高杠杆、外部融资主导及主银行制等独特公司金融实践。
In this paper, we attempt to blend economic theory with an understanding of the historical context and regulation of Japanese financial markets, particularly during the 1950s and 1960s. The historical and regulatory context is critical since it represents the framework within which the economic forces operated. That is, we are interested in examining how a particular structure, characterized by controlled interest rates, segmentation of markets and functions, and limited entry, gave rise in understandable ways to distinctive corporate financial practices. There have been a number of recent publications that attempt to describe and explain the Japanese corporate financial system.1 Perhaps the most discussed topics are the relatively high degree of financial leverage for the typical Japa? nese firm and the predominance of financing for the external funding of large corporations. There also has been discussion of such apparent peculiarities in the equity markets as the issue of shares at a par value of 50 yen when their market value is 1,000 yen or more, as well as the extensive cross holdings of shares between corporations. The role of a firm's main bank as not only len? der and financial advisor, but, in some cases, exercising management control, also has received attention. Before we address these issues, we wish to make two points. First, the structure of the Japanese financial system changed radically after World War II as a consequence of legislation introduced by the Occupation Authorities and the need to rebuild. For example, with respect to high debt to equity ratios and heavy dependence on loans, Nakamura [26] cites evidence that equity comprised 67 percent of gross capital (total assets) for manufacturing industries in 1935. In a related vein, Kurosawa [22] provides figures that external funding by Japanese corporations during the 1931-1936 period was only 4 percent from loans, with 96 percent through stocks and industrial bonds.