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在资本全球化与信息化进一步深化的新环境下,日本主银行间接融资产生了新的代理问题,无法有效地实现公司治理机能。金融改革后,日本资本市场由银行间接融资向内源融资为主的市场间接融资转变,变迁后的资本市场更符合最优融资顺序,降低了代理成本,提高了公司治理效率,其经验与教训值得我国汲取与借鉴。
Under the new environment of capital globalization and further deepening of informationization, the indirect financing of Japan’s main banks has created a new agency problem that can not effectively realize the corporate governance function. After the financial reform, indirect changes have taken place in the Japanese capital markets from indirect bank financing to inward-based financing. The capital markets after the change are more in line with the optimal financing order, reducing the agency costs, improving corporate governance efficiency, and its experience and lessons It is worth drawing lessons from our country.