「アジアにおける企業再建と再生」プロジェクト アジェンダ

研究代表者：胥 鵬（経済産業研究所ファカルティフェロー／法政大学経済学部教授）

On the 19th in November,2005, RIETI will hold an international workshop "Reform of Corporate Governance, Corporate Rehabilitations in East Asia and its lessons for China" at Tokyo, open to the general public. We will collectively explore corporate governance issues regarding ownership structure and insolvency practice in East Asia.

Including China, the largest transit economy in the world, pyramidal ownership structures in regard to concentration of ownership in East Asia are similar. The conference papers suggest that development of financial markets; political economy as well as regulation is crucial to their emergence, growth and exit.

And, concentration of ownership may have different effects on firm value during crisis and post crisis.

Controlling shareholders are more likely to expropriate minority shareholders during crisis. Not only minority shareholders, controlling business owners and the state in which corporate elites and state leaders pursue their own interests at the expense of other investors. Nevertheless, insolvency practices in East Asia show that business groups lost their financial bases as well as ownership after crisis. Not only large business groups, small and medium-sized sector, which contributes to more than 80% of employment in Korea, faces structural challenges and corporate restructuring.