There has been considerable progress in recent years in the analysis of the governance structure of Japanese companies, but, to date, aspects such as the discipline imposed by main banks, the role of the ownership structure, and reforms affecting directors have progressed independently, and their mutual relationships have not been grasped fully. Furthermore, as a result of the gradual progress of creative destruction (the reorganization of traditional companies and the increase in the number of newly listed companies) since the second half of the 1990s, new corporate governance problems have been emerging at Japanese companies. Accordingly, our research will address all important issues regarding corporate governance and more broadly with regard to corporate systems, both in terms of their significance for policy and from an academic perspective, opening up a new frontier in corporate governance analysis. Adding to the economic analysis of M&A that has been conducted since the previous fiscal year, specific issues we will research include governance issues affecting emerging companies and listed subsidiaries, internal governance, business portfolios, a comprehensive understanding of internal organizational structures, and clarification of the relationship between a competitive environment and corporate governance. Also, in order to elucidate these points, we will attempt questionnaire-based analyses of the business portfolios and organizational structures of first-section listed companies.