日本政府推动下的公司治理改革及其股票市场效应  

Government-Initiated Corporate Governance Reform and Its Impact on Japan's Stock Market

作　　者：王应贵[1] 娄世艳[1] WANG Yinggui;LOU Shiyan(Faculty of Finance,City University of Macao,Macao,999078,China)

机构地区：[1]澳门城市大学金融学院,中国澳门999078

出　　处：《现代日本经济》2024年第3期14-24,共11页Contemporary Economy OF Japan

基　　金：教育部人文社会科学重点研究基地重大项目“一战后日本的‘转向’与对外战略误判研究”(17JJD770010)。

摘　　要：20世纪90年代前后,日本股票指数和房地产指数相继暴跌,使日本经济陷入了长达30多年之久的低迷期(又被称为“失去的三十年”)。安倍晋三再度担任内阁总理大臣后提出了以公司治理改革为重心的经济振兴计划,菅义伟和岸田文雄政府则保持了安倍经济学的连续性。日本政府经济政策的战略支点就是通过公司治理改革释放企业潜在价值。为此,日本银行创造了超低利率环境,并通过资产购买计划支持资本市场,日本交易所集团则通过公司治理改革实施细则规范和推动股东友好型的公司治理制度建立。改革进程虽较为缓慢,但成果已经初显,也获得了海外机构投资者的认可。最近两年,大量海外资金涌入日本股市,2024年第一季度,日经225指数屡创历史新高,上市公司的潜在价值正释放出来。Around the 1990s,both Japan's stock market and real estate market collapsed,leaving behind the economic conundrums in the following 30 years(usually called the lost three decades).When Shinzo Abe served as Prime Minister for a second time in 2012,he initiated a series of economic policies focusing on corporate governance reform,which PMs Suga and Kishida inherited.The strategic design of the policies pivoted on unlocking Japanese firms'potential value by reforming Japan's corporate structure.Bank of Japan has created an ultra-low interest rate environment,and supported the capital market by acquiring large quantities of financial assets while Japan Exchange Group has been enforcing corporate governance guidelines to create a shareholder-friendly atmosphere.Though changes may come slow,signs of turning around for the better have emerged,and appealed to foreign investors.Over the recent years,Japanese stocks have seen big foreign inflows,lifting NIKKEI 225 to successive record highs during Q1 of 2024,and corporate potential values are being unlocked.

关 键 词：日本 公司治理改革 股票市场 竞争活力 企业价值 

分 类 号：F133.130[经济管理—世界经济]