"总体战"和现代日本"间接金融体制"的形成

日本近代银行虽然早在明治初期已经发端 ,但是明治时代的日本企业基本上是依靠股份和企业内部资金储备扩大再生产 ,即所谓“内部金融时代”。直至 2 0世纪 30年代中期 ,日本企业仍处于主要以发行股票和债券融资的“直接金融” ,和主要以向银行借贷融资的“间接金融”二者并存 ,但以前者为主要的状态。在发动侵华战争、构筑总体战体制以后 ,日本金融体制发生了急剧变化 ,主要表现为资本市场日趋衰微 ,以向银行借贷为主的间接金融体制开始形成。这种体制在战后仍然得以延续。由美国主导的日本战后民主化改革 ,并没有使战时形成的金融体制发生根本性变革。

Total War and the Formation of Japanese Indirect Financial System in Modern Times

The modern bank system sprouted in the very beginning of MeiJi times, but the enterprises of Japan during MeiJi times enlarge reproduction mainly by shares and their own stock capital.The direct finance and indirect finance co-existed until the middle of 1930s,but relying mainly on the former. The financial system changed sharply after the war of invasion of China and the establishment of total war system. The capital market declined gradually and the indirect financial system which continued after World War II formed. The post war reformation guided by America did not make a fundamental transformation of Japan's political and economic system, the total war system was expanded to contemporary Japan.