在欧美等国表现活跃的外国对冲基金进入日本并推行股东积极主义已有10多年的历史,然而这些对冲基金在日本发展的历程及其所取得的成效等与在美国大相径庭,这些对冲基金由活跃转为安静,对日本企业的影响也非常有限。研究指出,全球公司治理结构趋同下欧美以“股东利益至上”为代表的公司治理模式与日本“以企业为核心”的治理模式之间的巨大摩擦与碰撞,是深层次的原因所在。而这种碰撞由于两种模式下企业属性、发展基础以及政治法律的路径不同,导致短期内难以调和。这些给了我们很好的启示,各国公司治理有其自身特点,在推行“股东优先”理念的时候需要因地制宜,同时也要积极引导。 Foreign hedge funds that have been active in Europe and the United States have been in Japan for more than 10 years now and they have been active in shareholder activism. However, the course of the development of these hedge funds in Japan and the achievements they have achieved are very different from those in the United States. These hedge funds are active To quiet, the impact on Japanese companies is also very limited. The research shows that the tremendous friction and collision between the corporate governance model represented by “shareholder interest supreme ” and Japan “enterprise as the core ” governance model in the convergence of global corporate governance structure are the deep-seated reasons Where you are. This kind of collision is difficult to be reconciled in the short term because of the differences in the corporate attributes, the development basis and the political laws in the two modes. These give us a good inspiration, corporate governance in each country has its own characteristics, in the implementation of the “shareholders priority” concept needs to be adapted to local conditions, but also to actively guide.