Fusion and Issues of Corporate Law and Financial Instruments and Exchange Act from the Viewpoint of Corporate Governance

Research Project

Project/Area Number	15K03223
Research Category	Grant-in-Aid for Scientific Research (C)
Allocation Type	Multi-year Fund
Section	一般
Research Field	Civil law
Research Institution	Hosei University
Principal Investigator	ARATANI HIROKO 法政大学, 法学部, 教授 (80125492)
Project Period (FY)	2015-04-01 – 2019-03-31
Project Status	Completed (Fiscal Year 2018)
Budget Amount *help	¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000) Fiscal Year 2017: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000) Fiscal Year 2016: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000) Fiscal Year 2015: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
Keywords	会社法 / コーポレート・ガバナンス / 企業統治 / 金融商品取引法
Outline of Final Research Achievements	In this research, in various situations where the Financial Exchange Act and the corporate law intersect about corporate governance, we proposed a methodology that can be operated effectively between the Financial Exchange Act and the corporate law. In addition, from the comparative legal point of view, I did research on the detail and issues of corporate governance regulations in France. France implement major reforms of its financial legislation in order to strengthen market competitiveness in EU countries, and has a new regulations that integrate the securities law and corporate law in an organic manner. Also, France have already formulated a corporate governance code for more than 20 years, and have sought to survive in the global market while balancing law and soft law. By studying the state of corporate governance in France, I could provide useful suggestions for considering the way of future corporate governance in Japan.
Academic Significance and Societal Importance of the Research Achievements	現在、企業不祥事が多発している要因は、ひとえに会社のガバナンス・システムが十分機能していないからに他ならない。現在、わが国の企業統治システムは、会社法に加えて、ソフト・ローといわれるコーポレート・ガバナンス・コードとスチュワード・シップ・コードによって規整が図られているが、これらを有機的・機能的に一本化し、整備する方向での施策を考える時期にきているといえる。これまでは、もっぱら英米法を参考にした規整のあり方が中心的役割を果たしてきたが、本研究では、わが国同様、成文法主義をとるフランスの規制の概要と課題を検証することにより、新たな視点からのガバナンス・システムの在り方を提言することができた。