日本证券系风险投资公司与母公司利益冲突研究

从属型风险投资公司的法人治理结构使日本风险投资呈高比例本体投资、后期化投资取向以及放任型投资治理等特征。日本证券公司建立风险投资公司 ,通过策略性投资争取IPO市场潜在发行企业。利益冲突可在相当程度上解释 ,为何承销商从属型风险投资机构投资的IPO发行折价水平较高     

Shareholding characteristics and imperfect coverage of the Stewardship Code in Japan

Abstract

While the degree of cross shareholding among corporations, or between banks and companies (referred to as ‘insiders’ in this article) has been declining since the 1990s, the percentage of shareholding by institutional investors (‘outsiders’), or financial intermediaries, has been increasing in Japan. Studies show that both companies and investors are becoming more short-term oriented and are showing herd behaviour. With such a collective mentality, company–investor relations in Japan have experienced a vicious cycle and have thus lowered the market's rate of return. Meanwhile, conventional ‘insiders’ tend to hold shares in the longer-term, but lack engagement in investee companies’ corporate governance. Japan's Stewardship Code requests fund managers ‘engage’ more than ever in the governance of investees so that investor-company relations become longer-term and the risk of investors’ ‘exit’ decreases. However, the Code only covers the behaviours of ‘outsiders’ but not those of ‘insiders’, who still play certain roles among all shareholders. Due to its imperfect coverage, the expected effect of Japan's Stewardship Code in achieving stronger ‘engagement’ by investors should be limited. To cope with this issue, this article outlines a suggestion that a comprehensive rule covering all types of shareholders should be implemented in Japan.     

Institutional reasons for the effect of environmental regulations: Passenger car CO2 emissions in the European Union,United States and Japan

Addressing environmental externalities is traditionally seen as hinging on effective state regulation. It is argued in this article that it is not just the material facts of regulations, such as their stringency and timing, that explain the extent to which firms internalise environmental externalities. The extent to which they do this is better explained by institutional aspects of regulations: how rules are made. This is because the institutional basis on which rules are made is a key factor in their effectiveness. This proposition is examined with reference to the car industry and the regulation of passenger motor vehicle carbon dioxide emissions in the industry's three hubs of the European Union, United States and Japan. The conclusion reached is that although different regulations in each territory have affected firms' behaviour, it is not the material facts of these regulations alone that explain differences in the industry's compliance with, or response to, them, but the institutional contexts in which the regulations were developed. Furthermore, as car firms are multinational corporations these different institutional contexts have implications beyond their home territories.     

Stuck in the Middle: Taiwan's Semiconductor Industry,the U.S.-China Tech Fight,and Cross-Strait Stability

The Trump administration has worked to restrict the People's Republic of China's ability to manufacture and acquire semiconductor chips since 2018. Caught in the crossfire of this burgeoning tech war is Taiwan, which is home to Taiwan Semiconductor Manufacturing Company (TSMC), the world's largest semiconductor chip manufacturer. With the United States banning companies that use U.S. technology in their chip manufacturing process from doing business with Huawei, TSMC can no longer do business with the Chinese tech company, one of its most important clients. Until the Trump administration announced the license restriction on Huawei, TSMC had managed to walk the fine line of doing business with both China and the United States, without riling either. This article argues that the TSMC example is indicative of how great power competition between the two countries will play out for the foreseeable future. TSMC has announced that it will build a new factory in Arizona as it faces Chinese firms poaching its employees and Chinese actors hacking its systems and code for trade secrets—all actions demonstrating how great power competition will play out for tech dominance. Avoiding direct live-fire conflict, China and the United States will work to restrict the other's actions and development by forcing important tech companies, such as TSMC, into picking a side.     

China outperforms India in the oil industry in Angola and Nigeria

ABSTRACT

The article asserts that China’s NOCs have trumped Indian oil companies in four ways. First, Chinese NOCs have more oil blocks in Angola and Nigeria relative to Indian oil companies. Second, NOCs from China are able to outbid Indian oil companies if and when they directly compete for the same oil blocks. Third, Chinese NOCs have better quality oil blocks compared to Indian oil companies. Fourth, Chinese NOCs are preferred as partners by African NOCs and international oil companies. It provides a more comprehensive explanation of the above observations by examining macro level factors such as difference in the economic, political and diplomatic support received by the Chinese and Indian oil companies from their respective governments and foreign exchange reserves and micro level factors such as access to capital, rate of return on investment, pricing of oil and risk aversion.     

‘Growth oriented’ corporate governance reform – can it solve Japan's performance puzzle?

Abstract

Recent governance reforms in Japan aim at promoting ‘the establishment of an environment that supports appropriate risk-taking by the senior management.’ The article evaluates the reforms on the basis of two questions: do the reforms tackle the right issues? And will they be effective? The Japanese economy faces indeed a performance puzzle. Despite Japan's strong efforts in the field of research and development, its excellent work force and abundant financial capital, the economy is performing poorly in terms of productivity. The performance puzzle seems to be closely related to the way large Japanese companies are governed, namely by boards filled with internally promoted lifetime employees. However, the correlation between board composition and performance is spurious. Both are influenced by a third factor, which manifests itself in the predominance of in-house careers. In-house careers determine the composition of boards and have, over the last twenty years, had a negative impact on economic performance. The governance reforms do not address the root of Japan's performance puzzle. They may nevertheless provide an important stimulus for redesigning the way Japanese corporations recruit, train and promote future leaders.     

Introduction: the measures of waves

Abstract

The aftershocks of the spring of 2011 in Japan led the nation into a paralysis of futureshock. But as the aftershocks continued and news of more radiation seeped out of the cracks in the tightly sealed industrial-political power generator, it became clear that the idea that the earthquake has brought a new reality to Japan must itself be resisted. Indeed what is now evident is that little has changed, despite renewed urgency to respond.

Although the waves of disaster in Japan unfolding from 11 March caught everyone off guard, in some significant ways Japan was already prepared. Such preparedness can be read into Japan's long history of dealing with disasters, twenty years of economic stagnation and the growing prevalence of mysticism and eschatology in pop culture in the wake of the Kobe earthquake and Aum Shinrikyō attacks on the Tokyo subway. So, rather than a rupture, an anomalous event, the series of catastrophes of the spring 2011 that appeared as if out of the blue could be narrativized in real time through social media and connected to historical and social contingencies and continuities.

Rather than mourning the passing of some Japan that may never have existed or may already have passed away some time in the early 1990s, 11 March should be the occasion for reflection on the past, action in the present and taking stock for the future. Fighting the tendency to be stunned into complacency, this special issue reflects on the past and future amid the aftershocks radiating from Fukushima and post-earthquake Japan.     

Gender,Financial Deepening and the Production of Embodied Finance: Towards a Critical Feminist Analysis

This article critically interrogates the ways in which gender equality has been linked to processes of financial deepening, partly via a global coalition of public and private institutions that have come together in recent years to promote an instrumentalist gender equality agenda. Corporations, banks and financial firms are playing an increasingly important role in shaping the contours of the global gender equality agenda and reproducing narratives regarding the need to (1) financially “empower” women, (2) uphold women as the “saviours” of national economies post-2008 and (3) “tap in” to the productive (i.e. profitable) potential of women's bodily capacities. Drawing on Marxist and feminist theory, I develop an approach to theorising the inherently embodied and gendered nature of finance that reveals the ways in which these tropes obscure the labour associated with social reproduction, promote the commodification of women's bodily capacities to produce, and support the differential production of bodies while simultaneously masking embodied forms of difference.     

Wheeled Warriors: Explaining Variations in the Use of Violence by Private Security Companies in Iraq

This article engages one of the most widely discussed but poorly understood aspects of the Iraq War: the use of violence by private security companies. It explains why, despite sharing several important characteristics—coming from the same general population of military and police veterans, working for the same client during the same time period, performing the same tasks under the same client-imposed rules of engagement, and facing the same kinds of threats in the same general operating environment—the personnel who worked for Blackwater, the chief protector of US State Department employees in Iraq, killed and seriously injured far more people than their counterparts in DynCorp. The article argues that Blackwater's personnel killed and seriously injured far more people in Iraq than their DynCorp counterparts because Blackwater maintained a relatively bellicose military culture that placed strong emphasis on norms encouraging its security teams to exercise personal initiative, proactive use of force, and an exclusive approach to security, which together motivated its personnel to use violence quite freely against anyone suspected of posing a threat. If the trends established during the Iraq and Afghan Wars continue, then private security companies will see extensive employment in future conflicts. These findings, consequently, have implications that extend beyond the Iraq War and the particular firms under study. Indeed, they indicate that governments and other future clients should analyze the military cultures of the firms vying for their business and use the results as a basis for deciding which firms to hire and, to a great extent, represent them in unstable conflict zones.     

Buyer Beware: How Market Structure Affects Contracting and Company Performance in the Private Military Industry

Private military and security companies are integral components of the defense and intelligence operations of some of the world's most powerful states. Despite the increasingly pivotal role of contractors, analysts have yet to develop theories explaining when governments should outsource national security responsibilities or what conditions cause private defense markets to function efficiently. This inquiry addresses this gap in the literature by demonstrating that varying market structures—that is, the quantity of firms providing similar services and the number and purchasing power of those buying these services—have significant effects on costs, oversight, and company performance in the private defense industry. A principal–agent framework is developed to explain variation in the performance of firms in different markets across the industry. Evaluation of three private defense markets yields the surprising conclusion that monopsony, rather than a competitive market, is the ideal structure for governments outsourcing aspects of national defense.     

Kawabata's views of language and the postwar construction of a literary genealogy

Abstract

This paper shows the ways in which, in the immediate post-war period (1945–1951), Kawabata Yasunari (1899–1972) reflected on his earlier, pre-war literary career and re-envisioned his postwar literary trajectory by constructing a new genealogy of the modern novel in Japan, in relationship to the intricate issues of the literary styles of the modern novel, ‘national language’ (kokugo), and the literary tradition. By examining his Shin bunshō tokuhon (New Guide to Literary Language, 1950), which presents Kawabata's past and present views of literary language, I will argue that Kawabata's changing views of language and literary style must be understood in the context of contemporary debates over national language policy and language reform movements. I will show the manner by which Kawabata formulated his views of language in dialogue with his two rival writers: Yokomitsu Riichi (1898–1947) in the prewar period and Tanizaki Junichirō (1886–1965) in the postwar period. As we shall see, the death of his close literary colleague Yokomitsu in 1947 and Tanizaki's unflagging literary exploration during and following the war prompted Kawabata to position himself in a genealogy of modern Japanese literary writers as well as in relationship to the linguistic and literary tradition of Japan.     

Microfinance and social capital: Does social capital help create good practice?

The role of organising and disseminating knowledge as a global public good has become a major preoccupation of international development organisations. One area in which they are particularly active is support for microfinance programmes in developing countries. More recently, the microfinance 'best practices' deposited in, and disseminated by, these international organisations have been associated with social capital. This paper examines the ways in which the notion of social capital is employed to explain the success of microfinance programmes. It argues that various types of social interactions that are generated around successful microfinance operations are randomly called 'social capital'. This means that the presence of social capital does not tell us much about what sort of microfinance programmes, in terms of design and implementation, should be regarded as good practice.     

‘Marriage’ to capital: the fallback positions of Fiji's women garment workers

The May 2000 coup in Fiji prompted a flight of capital from the country's garment industry. As workers lost their jobs, attention turned away from improving wages and conditions to retaining garment factory jobs in the country. What can feminist researchers contribute in a climate of high capital mobility that prohibits organising for a living wage? This paper applies Amartya Sen's idea of women's ‘fallback positions’ in relation to their husbands to an exploration of women's ‘marriage’ to capital. An exploration of the lives of women garment factory workers beyond the workplace reveals the potential to enhance women's negotiating power in relation to their employers—by boosting women's individual and collective assets and their access to support from state and NGOs, to other income‐earning means, and to social support systems upon which to call for assistance.     

Die Lehrjahre sind vorbei! Re-Forming Democratic Interest Groups in the East German Länder

Between 1972 and 1986, the German Democratic Republic (GDR) witnessed the rise of an underground civil society which gradually impelled the collapse of the socialist regime, opening the door to political freedom. Following unification, new elites eliminated 90 mass organisations that had served as the mainstay of GDR community interaction, presuming that a common institutional framework would soon allow Germans 'who belonged together to grow together'. To prove stable in the long run, however, democratic institutions not only need to be 'representative' in a territorial or functional sense; they must also prove responsive to more deep-seated citizen needs. This study posits that citizens who cultivate subjective ties (social capital) in relation to new institutions will not only internalise democratic values more quickly than those lacking such ties but will also be more effective in advancing their interests within the new power structures. It outlines criteria for pinpointing specific associations as potential social capital 'generators', the foundation of civic culture. It then presents four case studies, illustrating ways in which East Germans are creating 'space' for their own norms and associational styles within the new institutional framework. The cases include: die Grüne Liga (Mecklenburg-Vorpommern); the Volkssolidarität (Berlin); Magdeburg's Round-Table against Violence (Sachsen-Anhalt); and the Gleichstellungsstelle-Erfurt (Thüringen). All are found to be fostering citizen competence and identification with democratic processes in the young Länder.     

美日创业投资实质的探索与启示

创业投资对美国经济增长的促进作用是人所共知的。多年以来,各国学者和业界人士致力于研究美国的创业投资问题。比较美国和日本创业投资的实质可以看出,创业投资之所以在美国形成并得到良好的发展,不仅有物质层面的原因,还有精神层面的原因。即美国创业投资的形成与发展,是在创造文化引领下,由市场需求拉动的结果。美国独特的创造文化对高新技术及创业投资的形成与发展具有不可忽视的牵引与推动的作用;而日本的创业投资之所以未取得理想效果,是因为其依附型文化,只能使其专注于制造流程中的渐进的创新,而非产品的创新。日本长期以来银行主导型的融资模式也限制了创业投资的发展。因此,我国若要发展创业投资,重视创业投资对经济增长的促进作用,培育促进原始自主创新的创造文化已成为当务之急。     

Crisis ideology and the articulation of fascism in interwar Japan: the 1938 Thought-War Symposium

In early 1938, the newly formed Cabinet Information Division (Naikaku jōhōbu) held a closed-door Thought-War Symposium (Shisōsen kōshūkai) in Tokyo with over 100 bureaucrats, military officers, media executives and academics in attendance. While the ostensible purpose of the symposium was to discuss propaganda following Japan's full-scale invasion of China in July of 1937, the presentations had very little to do with the practical coordination of information. Rather, the symposium participants brought their specific areas of expertise to bear on elaborating the curious term ‘thought war’ (shisōsen), a term that had only recently been used with any regularity but which had become invested with critical urgency following the invasion of China.

In the conventional literature, the term ‘thought war’ is understood as marking a new modality of state propaganda as Japan moved towards a total war system. However, this reading overlooks the ideological investments in thought war discourse, as well as how ‘thought war’ inherited a multivalent sense of crisis that had crystallized around thought and culture earlier in the 1930s. In this article, I explore how the 1938 symposium reveals a combined sense of historical crisis and an urgent call for the total overhaul of Japanese state and society, a combination which, I argue, underwrote the development of fascism in Japan. I trace how three earlier discourses of crisis – the ‘Manchurian Problem’, the ‘thought problem’ and the ‘movement to clarify the kokutai’ – converged within thought war discourse, thus investing it with fascist urgency.     

Punishing coaching: bukatsudō and the normalisation of coach violence

At the beginning of 2013 two independent cases made the headlines of Japanese newspapers. The first case involved the suicide of a high school student that was allegedly triggered after he received several beatings from his basketball coach for failing to perform well enough. The second case involved fifteen female judoka, including competitors in the London Olympics, who filed a letter with the Japanese Olympic Committee complaining of violence by two coaches, including the head coach of the women's team. Both these cases caused a national debate about the practice of taibatsu (corporal punishment) in sport in Japan. This article is based on the outcomes of focus groups that were conducted with students at ten universities from across Japan in 2013. In particular, we examine the ways in which students’ normalised acts of violence from coaches, accepting them as necessary forms of discipline and, in many cases interpreting such acts as indicative of caring coaching and kindness. Further, we consider the responses of students, which suggest that these forms of corporal punishment are necessary in producing a uniquely Japanese form of identity. The complex relationship between sport and education in Japan suggests that attempts to change the ways in which bukatsudō operate, including coach/athlete relationships, is problematic and may require major reconsideration of the role of sport in education.     

The “Japan Card” in the United States Rapprochement with China, 1969–1972

United States rapprochement with China should be re-examined by taking into consideration the American negotiating approach towards Beijing regarding the role of Japan, the United States' major Asian ally and China's long-term rival in East Asia. Whilst announcing the Nixon Doctrine, which increased pressure on Japan to strengthen its defense and regional responsibilities, Nixon and Kissinger used the so-called “Japan Card,” Japan's possible military resurgence and China's long-term fear of it, as a tacit negotiating tool to justify to Chinese leaders the continued United States military presence in East Asia. This article examines the impact of the United States rapprochement with China on the American negotiating process with Chinese leaders for the continuation of the United States–Japan Security Treaty and to what extent it changed China's policy toward American relations with Japan.     

Japan's security policy in relation to normal statehood

The paper begins by establishing the context in which Japan's normal statehood will be based. The paper shows how difficult it is for Japan to attain the status of a normal state based on the country's political forces and the rising powers in the Asian region. The paper looks at the relationships between Japan and other nations like China and South Korea, which should be considered by Japan in order to attain normal statehood. These are countries that initially were under the control of Japan, especially in business and even militarily, but today they are assuming their own position in the world; an aspect that is considered a threat to Japan's smooth return to normalcy. The paper takes into consideration the models that Japan can adopt or adapt to attain the status of a normal state. The three models discussed are those of Britain, Germany, and France. The main aspect discussed under these models is autonomy; this is based on the fact that Japan can only attain the status of a normal state if it becomes autonomous.