日本非财阀股份公司“分红第一主义”及其战后遗产  

The “Dividend First Doctrine” of Japan's Non-Zaibatsu Joint-Stock Companies and Its Postwar Legacy

作　　者：平力群[1] PING Liqun(Institute of Asia-Pacific Cooperation and Development,Tianjin Academy of Social Sciences,Tianjin 300191,China)

机构地区：[1]天津社会科学院亚太合作与发展研究所,天津300191

出　　处：《日本问题研究》2023年第4期41-51,共11页Japanese Research

基　　金：国家社会科学基金项目“制度变迁与日本经济现代化研究(1868-1978)”(21BJL023)。

摘　　要：人类演化过程中对制度的选择会受到基于历史经验形成的集体认知的影响。非财阀股份公司是日本对西方股份公司制度的最初实践。依赖于资本市场筹集资金的非财阀股份公司,不论是大股东兼职董事控制还是大股东专职董事经营者控制,都表现出了“分红第一主义”的特征。“分红第一主义”导致的过度分红的短期行为,严重危害了企业的发展。舆论将“分红第一主义”这一短期行为归因于大股东控制,结果在日本社会形成对股东控制的负面印象。二战后,基于“大股东控制不利于公司持续发展”的集体记忆,在日本社会形成了通过构建非市场治理机制弱化股东权力正当性的共识。非财阀股份公司公司治理实践的历史遗产,成为影响日本公司治理演化的重要因素。The choice of institutions in human evolution is influenced by collective perceptions based on historical experience.The non-Zaibatsu joint-stock companies were Japan's initial practice of the Western joint-stock company system.Non-Zaibatsu joint-stock companies,which rely on capital markets to raise funds,are characterized by “Dividend First Doctrine,” whether controlled by a majority shareholder who is a part-time director or by a majority shareholder who is a full-time director and operator.The short-term behavior of excessive dividends caused by the “Dividend First Doctrine” seriously hinders the development of the company.Public opinion attributed the short-term behavior of “Dividend First Doctrine” to the control of major shareholders.As a result,a negative impression of shareholder's control was created in Japanese society.After World War II,a consensus was formed in Japanese society to weaken the legitimacy of shareholders' power by establishing a non-market governance mechanism based on the collective memory that “control by major shareholders is not conducive to sustainable corporate development”.The historical legacy of corporate governance practices of non-Zaibatsu joint-stock companies has become an important factor influencing the evolution of corporate governance in Japan.

关 键 词：非财阀股份公司 公司治理 大股东控制 分红第一主义 形式化公司治理 

分 类 号：F419[经济管理—产业经济]