The banking system in Japan played the pivotal role in the process of economic and industrial reconstructions and developments after the World War II. What is, then, the role of "Finance" for the industrial restructurings and further developments in Japan now, after the bubble-busting? The Industrial Bank of Japan, Ltd.(IBJ), specialized in the long-term lending for investments, took the role of allocating and injecting the moneys in the particular industrial sectors under the national economic reconstruction program led by the Japanese Government, which resulted in great success. As a private entity, however, IBJ tried hard to establish its own independent decision making criteria for their loan commitments, which was only possible by elaborating the analytical skills of credit appraisals of the firms based on its own perspectives on the relevant industries. Unfortunately, however, IBJ was obliged to merge with other banks for survival in the financial crises in 1990s. This paper tries to examine what kind of attributes and capabilities are needed for the banking institutions, such as IBJ, to execute good lending activities contributing properly for the growth of national economy. The industrial structural reforms often have to fight against strong resistances from the current stakeholders, and the accurate and deep insights on the future of the industries are essential for leading those reforms in a right track. Nowadays, Private Equity Funds and Buy-out Funds, such as KKR which has just landed Japan lately, succeeded the role of banks partly for restructuring and re-engineering the companies by ways of M&A and other financial tools. This paper examines the features of those new financial institutions and their challenges for the sustainable growth of the national economies through their activities.

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多くの地球環境問題が表出する中で，は健全な財務状態を維持しつつ，環境に配慮した経営をしなければならなくなってきた。環境マネジメントと経済パフォーマンスとの関係に関する研究では，規模との関係が多く取り上げられている。規模を表わす指標としては，売上高と従業員数のいずれかが用いられることが多い。しかし，売上高と従業員数は完全な比例関係にはなく，いずれを規模指標として用いるべきかについては議論が必要である。そこで，本研究では規模として用いられることが多い売上高と従業員数の2変数が日経環境経営度調査と債務信用格付けに与える影響をパス解析することで，両変数のいずれが規模を適切に評価可能であるかについて検討を行った。その結果，売上高と従業員数のいずれか一方のみを規模指標として用いた場合，不具合，不揃いが生じることがわかった。そこで，売上高と従業員数を標準化した指標「売従標準和」を新たな規模指標として提案し，それを用いた分析の結果，売従標準和規模は，売上高または従業員数をそのまま用いる場合よりモデルの適合性がよくなり，有効な規模を表わす指標として組成できることがわかった。本研究により，環境マネジメントや経済パフォーマンスの指標を含め他の様々な指標等に対して規模からの影響を考慮・探求したい研究においても，新たな規模指標が有効である可能性が示唆される。

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Policy responses to LTCM rescue in 1998 was that only extreme leverage was the causeof the trouble and appropriate leverage and speculation which utilize short selling andderivatives gives liquidity and efficiency to the market. Leverage should be dealt byprivate counterparty discipline．Securities Exchange Commission are concerned with thegrowth of hedge funds without basic information on them. They basically regard hedgefund as useful to investors and securities market and has come up with the idea ofregistration of hedge funds, which hardly disrupt their investment activities. Hedge fundsare very American in that they naively believe that speculation motivated by greed givesmarket liquidity and efficiency.

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