기업가치 제고를 위한 일본의 기업 및 자본시장 정책 10년의 변화

A Study on Japan’s Corporate and Capital Market Policy Changes for Corporate Value-Up

Purpose: The purpose of this study is to examine Japan’s corporate value enhancement policies over the past decade, focusing on the consistent efforts from the Abe administration to the Kishida administration. By analyzing the evolution of Japan’s corporate and capital market policies, this study contributes to the literature by highlighting the long-term strategies and their implications. Research design, data, and methodology: This study moves beyond examining individual corporate and capital market policies in Japan. Instead, it provides a chronological analysis of policy development, accompanied by both qualitative and quantitative evaluations of their impacts and limitations. Key initiatives, including the introduction of specific financial metrics, governance reforms, and market restructuring, are analyzed in depth. Results: Japan’s corporate policies have progressively established clear financial targets, such as achieving an ROE of 8% and maintaining a PBR above 1x, to enhance corporate value and attract global investors. Governance reforms have strengthened board independence and diversity, emphasizing the inclusion of female members and the introduction of independent directors. On the capital market side, the introduction of new indices, such as JPX-Nikkei index 400 and JPX Prime 150, and the 2022 restructuring of the Tokyo Stock Exchange into three segments- Prime, Standard, and Growth- highlight efforts to align with global standards and improve market efficiency. While these measures have bolstered investor confidence and facilitated structural reforms, their financial performance impacts remain inconclusive or limited. Implications: Japan’s ability to maintain consistent policy directions across administrations and foster effective collaboration among key government agencies such as the Financial Services Agency, the Ministry of Economy, Trade, and Industry, and the Tokyo Stock Exchange has minimized policy uncertainty and supported long-term reforms. Korea can draw on these lessons to develop sustainable, long-term corporate value enhancement strategies that align with global standards and foster market confidence.