日本的公司治理结构于20世纪80年代中期开始渐变,1997年的银行危机加速了其进化的速度。然而日本企业并没有收敛到美国式的公司治理模式,而是走向了多样化和混合化。本文整理了过去10多年里日本公司治理的进化历程,提出其进化的本质是市场机制和关系机制的不同组合。本文还分析了混合化的治理结构对日本企业的行为和业绩的影响。 Japan’s corporate governance structure began to change in the mid-1980s, and the 1997 banking crisis accelerated its evolution. However, Japanese companies have not converged on American-style corporate governance, but have diversified and mixed. This paper sorts out the evolution of corporate governance in Japan over the past 10 years and proposes that the essence of its evolution is the combination of market mechanisms and relationship mechanisms. This article also analyzes the influence of mixed governance structure on the behavior and performance of Japanese companies.