欢迎来到51Due,请先 | 注册
关注我们: 51due论文代写二维码 51due论文代写平台微博
英国论文代写,英国essay代写知名品牌微信

更多范文

为您解决留学中生活、学习、工作的困难、疑惑
释放自我

《日本企业管理变革》assignment范文--英国论文代写范文

2016-11-28 | 来源:51due教员组 | 类别:更多范文

51Due英国论文代写网精选assignment范文:“《日本企业管理变革》”。这篇论文从奥林巴斯丑闻引出日本企业管理中遇到的一系列问题,指出日本的公司甚至一些新兴经济体治理滞后以及日本高层管理人员之间缺乏监管导致慢性表现不佳等问题,政府在采取了处理措施时也未见起效,然而日本经济团体联合会却不放弃战斗,依然在找寻解决的办法。由这个事件我们可以看出日本企业管理中遇到的一些难题,我们应该从中学得一些经验。

THE silence of large Japanese shareholders in Olympus in 2011-12 as the firm plunged into the country’s biggest accounting scandal in decades was one of the affair’s most worrying features. It was left to two foreign fund managers to make public demands for answers after Michael Woodford, the optical-equipment maker’s former president turned whistle-blower, sounded the alarm.

But turning a blind eye is about to get harder. Japanese asset managers will this year sign up to a new stewardship code introduced by the government of Shinzo Abe, the prime minister. Shareholders will be strongly encouraged to monitor firms closely, and speak up when needed.

Another reason for the Olympus scandal was a board of directors packed with yes-men. Here too, the government plans to take action. Mr Abe’s Liberal Democratic Party (LDP) will soon draw up new corporate-governance rules, including guidance for firms to have independent directors on their boards. Such a code, voluntary yet forceful (since firms would have to explain any variation from it), would be Japan’s first. It would give backbone to the stewardship rules. For hundreds of Japanese firms and their shareholders, the combination of the two would be little short of revolutionary.

For now, Japan’s corporate governance lags that of even some emerging economies. In 2013 nearly 600 of the 1,400 or so largest listed Japanese firms still had no outside directors, whereas South Korea, China and India all require them. Companies listed in New York must give over half their board seats to outsiders. In Japan, only a tiny handful have at least three external directors, generally the minimum required to wield real boardroom influence. Olympus had three, but their obedience to the then chairman recalled “children in a classroom”, according to Mr Woodford.

The lack of supervision of Japanese top management contributes to chronic underperformance. The firms in the TOPIX 500 index had an average return on equity in 2012 of 7%, compared with over 15% for American and European companies.

Past efforts at reform have been stonewalled by Keidanren, Japan’s big-business lobby. Soon after the Olympus scandal erupted, the then-ruling Democratic Party of Japan tried to change the companies law to make listed firms appoint at least one outside director, but heavy pressure from Keidanren squashed the move. The same happened when the Tokyo stock exchange tried to design a governance code. Now, though, reformers believe Keidanren’s obduracy has begun to undermine its clout with government: it is surely a promising sign that the LDP feels emboldened to take on a group that is one of its biggest traditional sources of funds.

Mr Abe has made external directors a cornerstone of his economic programme, known as Abenomics. A particular spur to action is his desire for Tokyo to become Asia’s preferred financial centre. Faulty governance now undermines confidence in the market, says Jamie Allen, secretary-general of the Asian Corporate Governance Association in Hong Kong.

Rising foreign ownership of companies is also forcing change, adding further momentum to the LDP’s efforts. Japan’s cosy old system of cross-shareholdings and stakes held by friendly local banks is breaking down. Foreigners now hold almost a third of shares in Japan Inc, and the proportion is rising. Both foreigners and locals are becoming more assertive, says Nicholas Benes, head of the Board Director Training Institute of Japan. Shareholder proposals and votes signalling disapproval of management or of external directors are becoming more common. The Tokyo stock exchange, too, is harnessing market forces for better governance by promoting a new JPX-Nikkei index of 400 companies, chosen for their higher returns on equity and relatively strong governance.

Some of the most diehard resisters of change are giving way. Last year Fujifilm withdrew a resolution which would have renewed its takeover defences, long an irritant to foreign investors. Among Keidanren members, Canon, a camera-maker, had been the most vocal enemy of bringing outsiders onto boards. In January its chairman, Fujio Mitarai, conceded defeat by announcing a plan to appoint two external directors. A vote of disapproval from shareholders last year had left him little choice. Toyota and Nippon Steel have also brought in outsiders in the past year.

Yet having a few outsiders is no panacea. Even when there are external directors on every Japanese corporate board, there is no guarantee that they will be listened to, particularly on the sensitive subject of succession at the very top. Toshiba, a conglomerate, has four outside directors, which should make the firm exemplary. Yet when its managers recently signalled a succession plan for the chairman, Atsutoshi Nishida, they casually bypassed the board. Many outside directors have little management experience in large firms, or they are not truly independent.

Plenty could still go wrong with the government’s plans. Keidanren is not giving up its fight. Last month it said it would prepare its own, far weaker, governance guidelines, seeking to sideline the LDP’s initiative. Masahiko Shibayama, an LDP official leading the party’s corporate-governance drive, says Keidanren’s proposal is inadequate, because companies would merely need to explain their current practices. Mr Benes says there is still a risk that Mr Abe will give in to its lobbying, and that all may be lost. But for the first time, hopes seem to be outweighing the habitual cynicism about Japanese governance.


51Due作为专业的留学教育辅导机构,专业英国论文代写、assignment代写、paper代写、英国essay代写,自2004年至今,坚持以学生为中心,全天候服务,为海外留学生完成了数万篇以上的论文,以优质的英国论文代写服务赢得留学生的信赖,有代写需求,有需要了解英国留学资讯的,可以咨询QQ800020041哦。

51Due网站原创论文除特殊说明外一切图文著作权归51Due所有;未经51Due官方授权谢绝任何用途转载或刊发于媒体。如发生侵犯著作权现象,51Due保留一切法律追诉权。-WL


我们的优势

  • 05年成立,已帮助上万人
  • 24小时专业客服
  • 团队成员都毕业于全球著名高校
  • 保证原创,支持检测

英国站