Analysis of how legal system should response to diversification and internationalization of shareholding-structure

2018 Fiscal Year Final Research Report

• Project/Area Number: 16K03390
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Civil law
• Research Institution: The University of Tokyo
• Principal Investigator: Kato Takahito 東京大学, 大学院法学政治学研究科(法学部), 教授 (30334296)
• Co-Investigator(Kenkyū-buntansha): 後藤 元 東京大学, 大学院法学政治学研究科(法学部), 准教授 (60361458)
• Project Period (FY): 2016-04-01 – 2019-03-31
• Keywords: 会社法 / コーポレートガバナンス・コード / スチュワードシップ・コード / 金融商品取引法

Outline of Final Research Achievements

The results of this research can be summarized into three points. First, this research has brought to light the limitations of the Japanese Corporate Governance Code and the Japanese Stewardship Code in incentivizing institutional investors to monitor their investee companies as well as the difference between the ultimate goal of the Japanese Stewardship Code and that of its origin, the UK Stewardship Code. Second, this research has critically analyzed measures used by listed companies to manipulate their share-ownership structure, such as preferential treatment of long-term shareholders, dual-class shares, and provision of special benefits to shareholders (kabunushi yutai). Third, this research has hand-collected empirical evidences regarding the actual state of securities litigation in Japan for financial misrepresentations and analyzed whether and how much deterrence effect such litigation has.

Free Research Field

商法

Academic Significance and Societal Importance of the Research Achievements

上場会社と機関投資家の対話を促進することによって上場会社の収益力を向上させるためには、コーポレートガバナンス・コードやスチュワードシップ・コードだけではなく、会社法によって認められる株主権の再構成が必要であることを明らかにすることができた。また、株主権の再構成は、株主権の強化と株主権行使の適正確保のバランスが重要であり、このような観点から現行法の具体的な改善策を提言した。