Convergence and Persistence in Corporate Governance Convergence on

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コーポレート・ガバナンス の 多様性と収束性 Convergence and Persistence 　　　　　　in Corporate Governance 　　　　　　　 ー Convergence on Stakeholder

コーポレート・ガバナンス の 多様性と収束性 Convergence and Persistence 　　　　　　in Corporate Governance 　　　　　　　 ー Convergence on Stakeholder Governance― 　　　　　　　　菊澤研宗 　　　　　　　Kenshu　Kikuzawa 1

プログラム（Program） １)米国での議論要約 Doctrines developed in the U. S. 　 ２)　SGへの収束説の理論的妥当性 Theoretical Legitimacy of Stakeholder

プログラム（Program） １)米国での議論要約 Doctrines developed in the U. S. 　 ２)　SGへの収束説の理論的妥当性 Theoretical Legitimacy of Stakeholder Governance ３)　SGへの収束説の経験的妥当性 Empirical Validity of Stakeholder Governance 3

２　米国での議論 Doctrines developed in the U. S. 　 １米国型株主志向モデルへの収束説 　Convergence on a shareholder-oriented model　

２　米国での議論 Doctrines developed in the U. S. 　 １米国型株主志向モデルへの収束説 　Convergence on a shareholder-oriented model　 ２多様性維持説 　Persistence of differences ３一部多様性維持・一部収束説 Partial　Persistence and Partial　Convergence 4

企業＝エージェンシー契約束（ Firm = nexus of Contract） 図表１ Shareholder 　 Creditor 経営者　　　　　 CEO Employee Supplier

企業＝エージェンシー契約束（ Firm = nexus of Contract） 図表１ Shareholder 　 Creditor 経営者　　　　　 CEO Employee Supplier 12

Stakeholder Governance （１） In peaceful time 　 　⇒Shareholder oriented Corporate Governance In an emergency

Stakeholder Governance （１） In peaceful time 　 　⇒Shareholder oriented Corporate Governance In an emergency ⇒Creditor oriented Corporate Governance Contingency Corporate Governance 直接的・間接的に、株主、債権者、経営者 従業員、取引企業など利害関係者全体を調整 ＝Stakeholder Governance 17

図表３　９０年代 日米独（Debt/Capital ％） 国際比較統計（日本銀行, 1999） year 1990 1991 1992 1993 1994 1995 1996 1997

図表３　９０年代 日米独（Debt/Capital ％） 国際比較統計（日本銀行, 1999） year 1990 1991 1992 1993 1994 1995 1996 1997 US 59. 8% 59. 9% 63. 0% 63. 6% 62. 5% 61. 5% 60. 7% 60. 5% G　 51. 5% 51. 8% 51. 0% 50. 4% 49. 7% 49. 2% 49. 6% 　 J　 69. 4% 68. 8% 68. 4% 68. 0% 67. 7% 67. 4% 65. 9% 65. 1% 　　Japan、US、Germany 　　　　　　 　５０％：５０％　Capital　Structure 　 ⇒Stakeholder Governance 22

５　結　論 Conclusion 　株主主権のガバナンス収束　（×） (Convergence on a stockholder-oriented Governance) 　現状の多様なガバナンス維持（×） （Persistence of differences） 　　ステークホルダーガバナンスへ収束（○） （Convergence

５　結　論 Conclusion 　株主主権のガバナンス収束　（×） (Convergence on a stockholder-oriented Governance) 　現状の多様なガバナンス維持（×） （Persistence of differences） 　　ステークホルダーガバナンスへ収束（○） （Convergence on Stakeholder Governance） 26

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