Like Britain and the United States, the development of enterprises mainly depends on internal accumulation, and a small amount of temporary funds turn to bank loans and commercial credit. The development of the capital market is very backward, and it has not even formed. At the end of 19, with the large-scale development of the industrial revolution, Japanese enterprises began to raise funds from outside, especially from the banking system. Japan, which pursues state-led capitalism, has established a basic financing system with banks as the core and formed a typical financing model with indirect financing as the main factor.
(1) Indirect financing is the main source of external funds for enterprises, and direct financing plays a supplementary role. External financing plays an important role in the capital structure of Japanese enterprises. Among the external sources of funds, indirect financing with bank loans as the main body occupies an absolute dominant position, while direct financing such as stocks and bonds only plays an auxiliary role. For a long time, indirect financing such as bank loans accounted for more than 80% of the total external financing of Japanese enterprises, while direct financing such as stocks and corporate bonds only accounted for a little more than 10%. Even after the financial reform in the mid-1980s, the indirect financing of Japanese enterprises still accounts for about 70% of the external sources of funds.
Not only the short-term and temporary financing needs of Japanese enterprises are solved by bank loans, but also a large number of bank loans have entered the long-term financing fields such as fixed assets investment and meeting the basic liquidity needs. Enterprises are implementing the strategy of excessive debt management. Only capital raising, which accounts for a small proportion in the capital source structure of enterprises, can be solved by relying on the capital market while accumulating internally. Direct financing such as stocks and bonds is in a subordinate position in meeting the capital needs of enterprises. In the financing structure of Japanese enterprises, not only short-term financing depends on indirect financing, but also long-term financing outside capital depends on indirect financing to a considerable extent. Long-term, medium-term and short-term financing depends heavily on bank loans, which increases the debt burden of enterprises in these countries, makes the overall debt ratio of industrial and commercial enterprises in these countries too high, and forms a situation of over-debt operation. 199 1 year, the average net capital ratio of Japanese enterprises (except financial institutions and insurance companies) was only 19.3%, and the debt ratio exceeded 80%. Even if long-term corporate bonds are regarded as quasi-equity capital, the debt ratio has reached 76.2%, far higher than the level of about 30% in Britain and the United States. Excessive debt management has weakened the ability of Japanese enterprises to resist risks in the international market competition.
(2) The banking system is unique and plays a leading role in enterprise financing, and the relationship between banks and enterprises is close. Japan, which mainly implements indirect financing, needs a strong banking system. Compared with other capitalist countries such as Britain and America, its banking system is more distinctive.
Japan implements the host bank system. The so-called host bank refers to the bank that provides major credit support for enterprises, holds relatively more shares of enterprises and undertakes the main responsibility of supervising enterprises. Japan's host bank system took shape as early as 1950s. With the further expansion of the credit relationship between banks and enterprises and cross-shareholding, it was formed in 1960s and 1970s. The host bank not only provides short-term credit to enterprises, but also provides medium-and long-term loans to enterprises under the guidance and even intervention of the government. However, as a commercial bank, it is limited by the requirements of capital source structure, risk control and asset liquidity. The medium and long-term loans of Japanese host banks account for about 20% of all loans. Under the lead bank system, the lead bank becomes the core of the enterprise, which is responsible for providing strong credit support for the enterprises in the group, organizing syndicated loans and coordinating the capital relations of the enterprises in the group. Generally speaking, the lead bank is the largest creditor or shareholder in the group. The host bank and the enterprise cross-hold shares and establish a long-term and stable trading relationship. As the major shareholder of the enterprise, the bank not only cares about the current profit of the enterprise, but also cares about the long-term stable development of the enterprise; Enterprises holding bank shares are also to ensure the source of funds for enterprises and get effective and timely assistance from banks under unfavorable circumstances. Therefore, banks play an absolute leading role in enterprise financing, and the long-term stable relationship between banks and enterprises is very close.
In order to mobilize more long-term construction funds, Japan has established a unique policy-oriented financial system led by the government. It should be said that the establishment of Japan's policy-oriented financial system is mainly the behavior of the government, not the result of a complete market mechanism. Japan's policy long-term financial institution system is mainly composed of two parts: one part is three long-term credit banks, namely, Japan Industrial Bank, Japan Long-term Credit Bank and Japan Bond Credit Bank. Long-term credit banks are private in capital nature, but their business activities are seriously guided by the government, mainly reflected in the implementation of the government's economic development strategy and industrial policies. Its main function is to organize general commercial funds and savings funds into long-term funds by issuing financial bonds, and provide equipment loans and long-term working capital loans for large enterprise groups with a term of 5~ 10 years under the guidance of the government. According to statistics, during the period of rapid growth in Japan, the equipment loans provided by three long-term credit banks accounted for 26%~30% of the equipment loans of the entire financial system. The other part consists of two banks and ten government financial institutions. They are Japan Development Bank, Export-Import Bank of Japan and National Finance Pool, SME Finance Pool, SME Credit Insurance Pool, Medical Finance Pool, Hokkaido and Northeast Development Pool, Public Enterprise Finance Pool, Residential Finance Pool, Agriculture, Forestry and Fisheries Finance Pool, Health Finance Pool and Okinawa Development Finance Pool. These financial institutions are funded by the government. They generally don't accept deposits. Apart from capital, they mainly borrow from the government's fund utilization department, among which postal savings funds account for a considerable proportion of their sources of funds. Two banks and ten banks participate in financial activities in accordance with government policies. They all have specific loan scope and loan targets, which make up for the shortage of long-term funds of private financial institutions from different aspects and provide long-term construction funds to the society. According to statistics, loans from government financial institutions account for about 30% of the total loans of all financial institutions. Besides, there are seven private trust banks. The policy-based long-term financial institution system provides long-term equipment investment loans for freshmen by using the funds raised by issuing financial bonds and postal savings funds, which plays a vital role in establishing a Japanese financing model based on indirect financing, especially the medium and long-term funds depend on credit funds to a considerable extent.
(3) Capital market is in a non-dominant position in enterprise financing, and it still needs further development. Japan's capital market began after the Meiji Restoration, but before the Second World War, its investment function was severely restricted by excessive speculation. After World War II, especially since 1960s and 1970s, with the rapid increase of national wealth and standardized construction, the speculative nature of Japanese capital market was restrained, and the investment function began to appear. At present, Tokyo Stock Exchange has become the world's three largest stock exchanges, alongside new york and London. 1998 the total number of listed companies in Japan's stock market is 24 16, with a total market value of $2,495.8 billion. 1999 The IPO of Tokyo Stock Exchange raised $29.48 billion, ranking third among the major stock exchanges in the world. However, due to the strong system of host banks and policy financial institutions developed with the support of the government, Japan allows banks to hold shares in enterprises, and the shareholding ratio is rising. According to statistics, the proportion of Japanese city banks holding corporate shares was 9.9% in 1949, and increased to 19.5% in five years, 23.4% in 1965, and 34. 0% in 1985. At the same time, Japanese enterprises as legal persons also hold shares with each other, with the proportions of 1950, 1960,1970198019901%and17.8 respectively. Bank-centered financing in enterprise groups is mainly aimed at the host bank, and the role of capital market in enterprise financing is limited. On the other hand, Japan's capital market itself is limited by many policies and regulations, with a low degree of internationalization, and the advanced transaction types and methods are far less than those of Britain and the United States. Mutual funds, pension funds and insurance funds, which play an important role in the British and American capital markets, have not been fully developed and expanded.