資本主義多樣性與金融體制轉型：日本年輕世代投資行為之研究

Varieties of Capitalism and Financial System Transformation: The study of Investment Behavior among the Younger Generation in Japan

近年來，在歐美以及臺灣、日本等東亞先進國家，經濟成長雖然趨緩，但年輕世代開始對股票投資產生興趣。在美國，年輕世代因為貧富差距而感到絕望，試圖透過股票投資來獲得龐大財富。同樣地，日本的年輕世代也開始嘗試透過股票投資來打破貧富差距。本研究從資本主義多樣性的角度，試圖分析日本的協調性市場經濟體（coordinated market economies，CME）與金融體制轉型，對於年輕人投資行為的影響。研究結果顯示：如同美國的Z世代有父母於2008年金融危機中陷入經濟困境的經驗，日本Z世代也經歷了父母世代在泡沫經濟崩潰後的就業困難，這些經濟困境與經驗，被深刻地刻印在他們的記憶中。然而，與美國年輕世代對於機構投資者感到憤怒，並產生相對剝奪感不同，日本的年輕世代受到日本特有的「CME」，也就是聯盟資本主義（alliancecapitalism）以及金融體制轉型的影響。他們透過政府的制度性支援、社群媒體（SNS），以及投資應用程式來追求經濟獨立，在此脈絡下，醞釀出日本聯盟資本主義結構下的理財風潮。日本政府的股票投資優惠政策受年金制度限制的影響，而臺灣年輕人也因低薪、高房價、職場環境惡劣等結構性因素對未來生活感到不安。探索日本年輕世代投資行為與資本主義制度之間的關係，也有助於瞭解近幾年臺灣年輕世代比以前更熱衷於投資股票之行為的背後原因。

Young investors in Japan are responding to widening wealth gaps by investing in stocks, and similar trends are emerging in Taiwan. This study examines how Japan's coordinated market economy (CME) and financial system transformation shape younger generations' investment behavior. While both American and Japanese Generation Z members are deeply influenced by their parents' economic hardships during the 2008 financial crisis, they respond differently. Americans often express anger toward institutional investors, whereas Japanese youth pursue greater economic independence through Japan's unique CME alliance capitalism, government-supported financial policies, social media (SNS), and investment apps. Alliance capitalism has contributed to a financial management boom in Japan, supported by government stock investment incentives and shaped by pension system constraints. Similar to young Japanese, young Taiwanese face structural challenges such as low wages and high housing prices. The investment behavior of young Japanese and Japan's capitalist system help explain the recent surge in stock investment enthusiasm among young Taiwanese.