“密室政治”埋下企业治理之殇

日期：2011-11-23 作者：吴宇桢 来源：文汇报

奥林巴斯承认公司曾利用收购其他公司来掩盖证劵投资巨额亏空的事实。图为新任总裁高山修一在记者会上鞠躬。
图片作者：
图片作者：
图片作者：
图片作者：                   引言
    
    美国学者威兰·瓦格纳在研究日本式企业治理的改革时曾预言，强调集体共识的传统力量可能更强大。
    
    近年频发的日本企业治理丑闻，尤其是奥林巴斯的账务乱象，使得人们有理由相信，瓦格纳的预言仍具有现实意义。
    
    日本传统企业治理结构存在内部监督机制失灵和外部监督不足的问题。
    
大企业存治理“黑洞”
    
    据日本媒体19日报道，经日本政府初步调查，到目前为止，奥林巴斯账面上的亏空已高达49亿美元。
    
    站在奥林巴斯公司金字塔顶端长达10年之久的奥林巴斯前会长菊川刚或许没有想到，自己会以这样一种不体面的方式离开。等待他和前经营高层的不仅是包括英国、美国和日本有关部门在内的多方调查，更是他统治多年的“王国”将面临越来越猛烈的“暴风骤雨”。
    
    由于担心奥林巴斯被迫退市，一些平时不轻易出手的大股东开始“壮士断腕”。日前，奥林巴斯的最大企业股东——日本泰尔茂株式会社表示，不排除出售奥林巴斯股票的可能性。而同样大量持有奥林巴斯股票的日本明治安田资产管理公司称，已经出售了持有的全部奥林巴斯股票。新加坡政府投资公司也于11月12日宣布基本沽清奥林巴斯的股票。
    
    “奥林巴斯丑闻并不是个案”，日本IT公司GREE的社长田中良和近日在接受日本论坛杂志《BLOGOS》采访时坦承，“在全球化竞争压力下，许多公司用金融投资的收益来改善主业经营状况。然而，大部分企业的金融化过程并不够透明，容易产生各种经营问题。”
    
    近年来，许多日本知名大企业都爆出了经营管理上的丑闻。
    
    就在奥林巴斯事件发生前几天，媒体的焦点还一度聚集在大王制纸公司上。这家成立于1943年的日本老牌造纸企业，在10月末爆出令人意外的经营丑闻：公司前高层井川意高被指控非法侵吞1.4亿美元公款，并将其中一部分款项注入美国拉斯韦加斯一家赌场。
    
    早前在日本地震中“扬名”的东京电力公司在经营方面更是劣迹斑斑，多次被爆出“隐瞒事实及提交虚假报告”。这家承担着日本百分之三十发电量的全球最大的民营核电商如今被认为是极度缺乏社会责任感的“典范”。
    
    除却福岛核电站所暴露出的管理不善情况，与奥林巴斯类似，东京电力公司也有着隐瞒事故的“悠久”历史。2000年，东电被指控自1987年至1995年间，对公众隐瞒核设施故障同时未进行及时检修。2007年3月，东电不得不向公众承认，该公司曾隐瞒了1978年发生过严重的核反应堆事故，同时承认该公司与29起编造虚假检查报告事件有关的事实。
    
“王国体制”积重难返
    
    一向以严谨高效著称的日本老牌大企业为什么会发生如此严重的治理危机？
    
    一些分析人士认为，日本传统企业治理结构中存在着容易引发危机的制度性原因，主要表现为企业内部监督机制的失灵与外部监督的不足。
    
    二战后，受到西方企业治理制度的影响，日本也逐步接受了股份制企业经营形式。在企业治理形式上，日本企业的治理权力结构一般由三部分组成：作为企业最高权力机构的股东大会、作为最高决策机构的董事会和负责日常经营活动的经营者（包括社长、专务、常务等）。
    
    日本法律规定，股东大会具有任免和监督董事的最高权力。然而，由于日本企业法人相互持股，个人股东比例相对较小，股东大会实际上更具形式意义。日前东京一家调查机构的数据表明，从日本上市企业的股东结构来看，拥有相互持股关系的法人股东的持股比重约占50%，而个人股东的持股比重不到24%。
    
    日本经济学者小幡绩认为，日本企业法人之间的相互持股具有一定的稳定性，这使得日本企业对股票市场的依赖性相对较小，企业所有权与经营权的高度分离，股东大会职能较为弱化，难以发挥应有的内部监督作用。
    
    “虽然大多数日本企业采用股份制形式，但是事实上在日本，股东利益至上并不是一个长期存在的认同。”日本东京大学大学院综合文化研究科经济学教授清水刚对本报记者说。“奥林巴斯丑闻更加清楚地说明了这一点。漠视股东和资本市场的意识依然难以消除。”
    
    《日经产业新闻》曾经于上世纪90年代在企业白领中做过一项针对企业经营的调查，结果表明，近九成的白领认为企业在事实上属于经营者而非股东。而在以经营者为核心的“王国体制”里，处于金字塔顶端的社长更是拥有事实上的最高权力。一般情况下，社长可以决定下届董事的人选，董事会的大部分成员由以社长为中心的高级经理人员构成。在日本，社长退休后担任董事会会长则是普遍存在的潜规则。
    
    “日本企业的决策权和执行权重合在一起，形成'王国体制’，经营者权力的持续性极强，这使得内部监督机制的有效运行更为困难。”清水刚进一步解释道。
    
    日本企业传统的“王国体制”进一步催生了“密室政治”。《产经新闻》16日披露了奥林巴斯的一份内部资料，称在奥林巴斯长达数年的经营丑闻中，做出每一个“重大”决定的几乎就是以前社长菊川刚及其周围的几个核心经营人员，而股东和大多数企业工作人员并不知情。
    
    另一方面，在许多日本企业中，外部董事相对较少，并且多由社长推荐产生。在《日经产业新闻》调查的一百家发展较好的企业中，共有近3000名董事，其中外部董事仅有55人，约占2%。相对而言，许多美国企业的董事会中，外部董事的比例超过一半。此外，上世纪90年代来，日本企业的负债率不断下降，不少企业开始金融化，拓展自身的融资手段。银行对企业的控制与外部监督力被不断削弱。
    
    不可否认，由于高度适应日本民族特性与社会文化，日本式的企业治理模式为振兴日本经济发挥了重要作用。在一定意义上，战后几十年来，正是坚持日本式企业治理模式的松下、索尼、丰田等一批优秀的日本大企业，以其雄厚的实力及出色的经营，造就了日本经济的繁荣。
    
    然而，自上世纪90年代以来，随着日本经济的持续萧条以及全球性市场竞争的加剧，制度安排上的缺陷使得日本企业难以形成有效的内部监督机制，而同时，日本企业又缺乏有力的外部监督。使得不少日本企业出现治理危机：缺乏竞争活力，腐败现象严重。不少分析人士认为，这正是奥林巴斯之类丑闻频发的重要原因。
    
社会整体正义感缺失
    
    针对日本传统企业治理出现的种种问题，日本政府和企业曾做出一系列努力。比如，自2003年以来，日本已经两次修改企业法，改革会计和审计制度，鼓励企业增加更多有利于股东的治理措施。一些公司也尝试逐步改组董事会，任命外部人士担任独立董事。
    
    “事实证明，那些积极的改革措施，在实施上显然阻力重重并且进展缓慢。”日本伊藤忠商事前金融会长石田护在接受本报记者采访时指出。
    
    奥林巴斯丑闻被证实之后，许多媒体纷纷注意到其极具讽刺意味的“特殊性”：隐瞒长达20余年的丑闻居然是由一个被解雇的外籍社长所揭发。而最近，面对众多奥林巴斯股东提出的让英国籍前社长伍德福德“官复原职”的请求，奥林巴斯新高层坚决予以拒绝，这使人无法忽视隐藏在丑闻背后的日本文化规则。
    
    “也许之前奥林巴斯聘用伍德福德是为了彰显其在公司运营方面国际化的努力，没想到却因此东窗事发。相比之下，一个日本职员通常不会采取如此激烈的方式提出异议。”日本上武大学经营情报学部教授池田信夫在接受日本媒体采访时表示，“这些大公司的经营丑闻无情地透露了一个事实：日本社会也许是开放的，但是大企业们相对而言仍是保守和封闭的。”
    
    石田护认为，这些丑闻的背后，还有更深层次的文化原因。日本传统社会文化中“共同体”意识的消极方面，使得一些积极治理的改革行为举步维艰。“如果说之前类似的个别事件还隐蔽在终身雇佣制微妙的人际关系中，此次被视为日本战后最大的企业经营丑闻的奥林巴斯事件发生后，这些掩盖着的问题被清楚地揭露出来。”
    
    路透社在评论奥林巴斯丑闻时说，这是日本企业治理文化中“迟暮沉沉的一面”，日本传统企业需要反思自己的治理模式。
    
    在日本，传统企业作为一个强大的命运共同体而存在。企业职员以极大的忠诚和献身精神为企业做出贡献。相应地，日本企业也为员工提供了各种完善的福利制度和晋升制度作为激励。日本学者榊原英姿在《作为文明的日本式资本主义》一书中曾经这样解释道：“在日本，第二次世界大战后，随着'国家’概念的衰落，企业的相对重要性得到了迅速增长。企业实际上承担起了过去国家所承担的相当一部分权威和作用。在江户时代人们'为藩奋斗’。到了明治以后，变成为'为国奋斗’。如今，第二次世界大战后，则变成'为企业奋斗’。”
    
    可以说，日本企业职员“共同体”意识是当今日本共识社会的一个鲜明例证。在共识社会的日本，员工们具有鲜明的“内外有别”意识，要对拥有最高权威、左右“共同体”命运的“内部人”——企业经营层进行内部监督并不容易。
    
    另一方面，日本企业外部董事人数的稀少也说明许多日本企业至今并不认同公司外部董事的积极意义。“因为他们被视为'外人’”日本东京大学大学院综合文化研究科经济学教授清水刚对本报记者说，“许多日本企业不认为外部人士能为公司带来任何价值。”据日本富士施乐公司前董事长小林阳太郎估计，仅有大约25%的日本公司采用了美国的董事会结构。
    
    此外，评论家冷泉彰彦认为，此次事件不仅仅是企业经营者的问题，还与日本社会整体正义感的脆弱化和规范意识的缺失有关。他认为，在全球化的竞争压力之下，日本社会正在与正确的社会伦理道德观渐行渐远，变得冷漠。日本企业的经营者在法人相互持股的静态均衡中形成了绝对的内部人控制体制，造成了公司与法律制度的背离。在一些日本大企业里，加强规范意识的举措还往往会流于形式主义。
    
    曾在日本野村证券公司工作多年的资深管理人士佐佐木芳邦对本报记者表示，日本企业丑闻频出最大的原因是，企业高层没有认识到社会责任比追求企业经营效率更为重要，其结果是给企业造成了更大的损失。
    
    “奥林巴斯事件不是企业治理丑闻的开始，更不会是结束。”一家日本杂志日前评论说。日本《每日新闻》称，奥林巴斯事件或将被视为日本史上最大的企业治理丑闻之一，人们有理由对沐浴在光环之中的日本企业忧心忡忡。
    
    尽管丑闻频出，对于日本企业治理的未来，一些人依然持有乐观的态度。佐佐木芳邦就是其中之一，他表示，相对其他国家而言，在日本，严谨的企业仍然占多数。他相信，最近的企业治理丑闻会使更多的企业反思自己的问题。
    
    本报见习记者  吴宇桢

"Chamber of secrets political" buried wounds of the enterprise management

Date: the 2011-11-23 authors: WuYuZhen source: wen wei Po

Olympus has admitted using buy other companies to cover up the coupon investment huge red card of the facts.The graph is the new President GaoShanXiu press conference in a bow.
Picture the author:
Picture the author:
Picture the author:
Picture the author:introduction
    
The United States has · Wagner in Syria scholars study Japanese enterprise management reforms, he predicted emphasize the collective consensus traditional strength may be more powerful.
    
In recent years, the Japanese enterprise management frequent scandal, especially Olympus billing disarray, and makes people have reason to believe, Wagner's prophecy is still have realistic meanings.
    
Japan's traditional enterprise management structure of internal supervision mechanism failure and external supervision and the problem of insufficient.
    
Big enterprise save management "black hole"
    
According to the Japanese media 19 days of reports, preliminary investigation by the Japanese government, so far, the book in the red Olympus has as much as $4.9 billion.
    
Standing in the Olympus pyramid company for 10 years before the President of Olympus just might not have thought of chrysanthemum of sichuan, shall not in such a graceful way to leave.Waiting for him before the top management and is not only including Britain, the United States and Japan, many of the relevant departments of the investigation, but also he rule years of "the kingdom" will face more and more violent "the tempest".
    
Because of concerns that Olympus were forced to retreat city, some don't usually easily make moves of big shareholders start "a strong man DuanWan".A few days ago, the largest shareholder of the enterprise Olympus-Japan le company mintel said, don't rule out the possibility of Olympus stock to sell.And also hold the bulk of the Japanese public security Olympus stock the field asset management company says, have been sold the stock hold all Olympus.The government of Singapore investment company also on November 12,, announced the basic sell all Olympus stock.
    
"Scandal is not Olympus case", Japan IT company GREE President TianZhongLiang and accept Japan recently in BBS magazine "BLOGOS news admits," in global competition, many companies under pressure with financial investment earnings to improve its main business performance. However, most of JinRongHua process and not enough of the enterprise, easy to produce all sorts of business transparent."
    
In recent years, many Japanese famous enterprises have made the management of the scandal.
    
In Olympus incident a few days ago, the focus of the media had gathered in large WangZhi paper company.This was established in 1943 years of Japanese veteran papermaking enterprises, at the end of October surprise out of business scandals: before the company top igawa YiGao was charged with illegal appropriates $140 million public funds, and will be part of the money into a casino in Las Vegas.
    
Earlier in the earthquake in Japan "famous" the Tokyo electric power company in operation is was stained, in many times by "hide facts and submit false report".The bear the Japan thirty percent of the capacity of the largest private nuclear power business is now thought to be extreme lack of social sense of responsibility "paradigm".
    
Maybe the f island power exposed poor management situation, and Olympus similar, Tokyo electric power company also has a hide of accident "long" history.In 2000, the east was charged with electricity from 1987 to 1995, to hide its nuclear facilities and public fault not timely maintenance.In March 2007, the east electricity had to admit to the public, the company was conceal the happened in 1978 serious nuclear reactor accident, also acknowledged that the company and 29 up false inspection report events the relevant facts.
    
"The kingdom system" persistent
    
Always with serious and efficient of Japan is famous for its old big enterprise why so serious happens the governance crisis?
    
Some analysts believe that Japan's traditional enterprise management structure exists to a crisis of the intrinsic reason, main performance for the enterprise internal supervision mechanism and the failure of the shortcomings of the external supervision.
    
After the second world war, by western business management system, the influence of Japan also gradually accept the stock system enterprise management form.In the enterprise management form, Japanese enterprise management power structure generally consists of three parts: the highest authority as the enterprise of the shareholders' meeting, as the highest policy-making body of the board of directors and responsible for the daily business activity of operators (including the President, headquarters that has been set up with and standing, etc.).
    
Japan's law, the shareholders' meeting and supervision and director of the appointment with the highest power.However, because the Japanese enterprise legal person holding each other, individual shareholders a relatively small proportion, the shareholders' meeting in fact more form of significance.Tokyo has an investigation organization of data show that the listed companies from Japan to shareholders structure, have mutual shareholding of the relationship between corporate shareholders of shareholding proportion about 50%, while individual shareholders of shareholding proportion of less than 24%.
    
Japan's economy scholars think small pennant performance, the Japanese enterprise legal person mutual shareholding has certain stability, this makes Japanese enterprise on stock market the dependence of the relatively small, the enterprise ownership and the right of management separation height, the shareholders' meeting is weakening functions, it is difficult to play its internal supervision function.
    
"Although most Japanese enterprises to adopt share-holding system form, but in fact in Japan, shareholders' interests first and not a long-standing identity."Tokyo university professor of economics researchment department subordinate comprehensive cultural water just about our correspondent said."Olympus scandal more clearly illustrate this. Ignore shareholders and capital market still difficult to eliminate the consciousness of."
    
The nikkei industry news "once in the 1990 s in the enterprise to white-collar according to a survey of business operation, and the results showed that nearly ninety percent of the white-collar think the enterprise in fact belongs to the operator and the shareholders.And in the core of the operators for "the kingdom system", at the top of the pyramid is President of supreme power has in fact.Usually, the next President may decide to director candidate, the board of directors by most of the members with President as the center of the senior managers to form.In Japan, President of the board of directors of retirement is the prevalence of unspoken rules.
    
"Japanese enterprise decision-making power and executive power coincidence together, forming 'kingdom system, the power of the operators' sustainability is extremely strong, this makes the effective operating of the internal supervision mechanism is more difficult."Clear water just further explained.
    
Japanese enterprise of the traditional "kingdom system" further gave birth to the "chamber of secrets politics"."Sankei shimbun 16, the disclosure of Olympus an internal material, say Olympus several years in business scandal, make each a" major "decision is almost before President chrysanthemum sichuan just and around a few core management personnel, and shareholders and most enterprise staff members do not informed.
    
On the other hand, in many Japanese enterprise, outside directors relatively less, and is much by President recommend produce.In "the nikkei industry news survey of the development of a good enterprise, a total of nearly 3000 directors, including outside directors only 55 people, about 2%.In contrast, many American enterprise's board of directors, the proportion of outside directors more than half.In addition, the 1990 s, Japanese enterprise ratio falling, many companies began to JinRongHua, expand their own financing method.Bank of the enterprise external supervision and control force is constantly weakened.
    
Undeniable, due to high Japan national characteristic and social culture, Japanese enterprise management mode for the Japanese economy has played an important role.In a certain sense, the postwar decades, it is Japanese enterprise management mode to the panasonic, SONY, such as Toyota a group of outstanding Japan enterprise, with its solid strength and excellent management, make the Japanese economic prosperity.
    
However, since the 1990 s, with the Japanese economy continue to depression and a global market competition intensifies, the system arrangement the defects in making the Japanese enterprise hard to form effective internal supervision mechanism, and at the same time, the Japanese enterprise and the lack of strong external supervision.Which many Japanese enterprise appear governance crisis: lack of competitive, corruption is serious.Many analysts think, this is like the frequent Olympus scandal important reasons.
    
The whole social justice missing
    
The Japanese traditional enterprise management appear all sorts of problems, the Japanese government and enterprise was made a lot of hard work.For example, since 2003, Japan has two modified enterprises, the reform of accounting and auditing system, encourage enterprises to increase more conducive to shareholders treatment measures.Some companies also try to gradually restructuring the board of directors, and appointed external individuals who served as independent directors.
    
"The fact that positive reform measures, apparently in the implementation of all obstacles and progress will be slow."Japan before President ShiTian meridian commercial financial protection in accepting our newspaper reporter to interview said.
    
Olympus scandal was confirmed later, many media attention in succession to its an irony "special" : hide for more than 20 years of the scandal is incredibly by a fired by foreign President involuntary.And recently, faced with the British, put forward to Olympus shareholders former President ford "office" wood request, Olympus new high-rise be resolutely refused, this that one cannot ignore hidden behind Japan in scandal culture rules.
    
"Maybe before employment at Olympus is to reveal the wood in the company operation of international efforts, but unexpectedly so sticky. In contrast, a Japanese staff usually don't take such a violent way to protest."Japan WuDaXue on business intelligence division of ChiTian letter in Cardiff professor with Japanese media interviews that, "these big company business scandals relentlessly revealed a fact: Japan society may be open, but the relatively large enterprise is conservative and closed."
    
ShiTian protect think, behind these scandals, and deeper cultural reasons.Japan's traditional social culture "community" negative aspects of consciousness, make some positive governance reform behavior has struggled."If a similar individual case before also concealed in the life-time employment system subtle social relationship, this is regarded as the biggest postwar Japan business scandals Olympus after the incident, the problem is complete with clearly exposed."
    
Reuters in the commentary said Olympus scandal, this is Japan enterprise management culture "a dying side", Japan's traditional enterprise need to reflect on their governance mode.
    
In Japan, the traditional enterprise as a powerful common destiny and exist.Enterprise staff with great loyalty and dedication for the enterprise to make the contribution.Accordingly, the Japanese enterprise also offer all sorts of perfect welfare system and promotion system, as an incentive.Japanese scholars 榊 original edition in "the Japanese capitalism as civilization," a book once explained: "in Japan, and the second world war, with the decline of the 'concept' country, enterprise of the relative importance of get the quick growth. Enterprise actually assume the country the past be a substantial part of the authority and role in edo times people." for Francisco ". After the Meiji struggle to become "for the country, for the struggle". Now, the second world war, they become 'for enterprise struggle'."
    
Can say, the Japanese enterprise staff "community" consciousness is the consensus of the Japanese society a clear example.The consensus in Japan society, the staff has the distinct "inside and outside has" consciousness, to have the highest authority, or so "community" destiny "insider" internal supervision enterprise management layer-is not easy.
    
On the other hand, the Japanese enterprise external in the number of directors scarce also suggests that many Japanese companies do not yet identity outside directors positive meaning."Because they are treated as' stranger '" Tokyo university professor of economics researchment department subordinate comprehensive cultural water just about our reporter says," many Japanese enterprise don't think external individuals who can bring any value."According to the Japanese Fuji xerox chairman Lin Yang tai long before the company, estimates that only about 25% of Japanese companies using America's board of directors structure.
    
In addition, critics/cold "think, the event is not just a problem of the enterprise operator, and Japan society as a whole, and regulate the fragile sense the lack of awareness about.He thought that, in a global competition under pressure, Japanese society is working with the right social ethical morality further away from it, become indifferent.Japanese enterprise operator in the legal person of the static equilibrium holding each other in the form of absolute insider control system, caused the company and the deviation of legal system.In some Japanese enterprise, strengthen the consciousness of regulating measures are also will become the formalism.
    
Nomura securities in Japan has worked for many years senior management company of people sasaki fang bond to our reporter, said the Japanese enterprise scandal PinChu big reason is, enterprise top does not know to social responsibility is far better than to seek business efficiency is much more important, the result is to enterprise cause more damage.
    
"Olympus events are not the enterprise management of the start of the scandal more won't be over."A Japanese magazine has critics said.Japan the daily news says, Olympus event or will be deemed to be the largest in the history of Japanese enterprise management one of scandal, people are right to bath in the aura of the Japanese enterprise of anxiety.
    
Although the scandal pledges to serve for the Japanese enterprise management of the future, some people still hold an optimistic attitude.Sasaki fang bond is one of them, he said, relative to other countries, in Japan, strict enterprise still in the majority.He believes that, the most recent enterprise management scandal will make more enterprise reflect on their problems.
    
Our newspaper reporter WuYuZhen apprentice