わが国証券市場、証券業界の戦後70年

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1 I 70 Kiyoshi Nikami / / winter / No.406

2 5 II Loan Contractor spring

3 4 4 originating Manager 4 M.H winter / No.406

4 III

5 5 IT IV ~ ~ ~ ~ June winter / No.406

6 SCLC 47 6 SCLC 43742% / pp p324 8 pp

7 2 1956~73 GDP 9.1% winter / No.406

8

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15 The Role Played by the Post-War Japan s Securities Industry Kiyoshi Nikami This article evaluates the roles that our country stock market and securities industry served as for post-war Japanese economy. In the recovery period of , they contributed to the rebuilding and soundness of the financing structure to becoming it, by imputing the loss that major commercial banks and companies suffered by war to the new stockholders. For the subsequent period of high growth 1950s-60s, they contributed to also supplying a fund quickly in large quantities. In the economic maturity and slowdown period of 1970s-80s, price mechanism, that is, capital allocation function according to stock price was expected. However, hardly proper stock price formation was performed by shares of cross-shareholdings, which was carried out as a counter-measure of capital liberalization in same time. Therefore, stock market as well as banks, was caused excessive finance and led to formation of a Bubble Economy. Since 1990, the bubble collapsed, cross-shareholdings began to decrease by the subsequent stock market crash. Finally, conditions under which capital allocation function based on the price mechanism works is well-equipped. Issues of Stock Exchange are the efficiency of the trading system aimed at improving the price discovery function and the strengthening of selection sorting function of listed companies. On the other hand, issues of securities companies, are fundamental stock price formation by fostering and improvement of investor advisory service as well corporate financial advisory service. 086 THE HIKONE RONSO 2015 winter / No.406

16 The Role Played by the Post-War Japan s Securities Industry Kiyoshi Nikami 087

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