The Unwinding of Cross-Shareholding in Japan: Causes, Effects, and Implications
The Unwinding of Cross-Shareholding in Japan: Causes, Effects, and Implications
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日本交叉持股的解除：原因、影响和影响
DOI：
10.2139/ssrn.818346
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发表时间：
2005
期刊：
影响因子：
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通讯作者：
H. Miyajima
中科院分区：
文献类型：
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作者：
H. Miyajima
鉴于日本企业的所有权结构在20世纪90年代发生了巨大变化，本文就与这些变化相关的一系列问题进行了探讨：为什么实行了近30年的交叉持股现在开始解除（解除的机制是什么）？如何解释日本企业间相互持股的模式日益多样化？最后，股权结构的变化对公司绩效有什么影响？本研究使用日西生命保险研究所和早稻田大学开发的包含个人交叉持股关系和其他变量（托宾q值）的详细而全面的所有权结构数据，着重分析了银行和企业双方选择持有或出售股份的决定因素。我们发现，在银行业危机之前，容易进入资本市场和外资持股比例高的盈利企业往往会解除交叉持股，而在20世纪90年代初，难以进入资本市场和外资持股比例低的低利润企业往往会保持与银行的交叉持股关系。我们还表明，高直觉持股，有点令人惊讶的是，块由公司持股对公司业绩有积极的影响，而银行所有权有一个一贯的负面影响，自20世纪80年代中期以来，公司业绩。我们利用这些发现来解决一些政策含义，并提供一些观点，日本企业的所有权结构的未来。
Considering that the ownership structure of Japanese corporations has changed dramatically in the 1990s, this paper address a series of questions related to these changes: Why is cross-shareholding, which has been in place for almost three decades, now beginning to unwind (and what are the mechanisms of the unwinding)? What explains the increasing diversity in the patterns of cross-shareholding among Japanese firms? Lastly, what are the implications of the changing ownership structure on firm performance? Using detailed and comprehensive data on ownership structure including individual cross-shareholding relationships and other variables (Tobin's q) developed by Nissai Life Insurance Research Institute and Waseda University, we highlight the determinants of the choice between holding or selling shares for both banks and firms. We show that profitable firms with easy access to capital markets and high foreign ownership prior to the banking crisis have tended to unwind cross-shareholdings, while low-profit firms with difficulty accessing capital markets and low foreign ownership in the early 1990s have tended to keep their cross-shareholding relationships with banks. We also show that high intuitional shareholding and, somewhat surprisingly, block shareholding by corporations have positive effects on firm performance, while bank ownership has had a consistently negative effect on firm performance since the mid-1980s. We use these findings to address some policy implications and to provide some perspectives on the future of the ownership structure of Japanese firms.
DOI：
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发表时间：
2006
期刊：
The Keizai Gaku, Annual Report of the Economic Society, Tohoku University (being preinted)
影响因子：
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作者：
OZAWA;Rei;Yoshio KANAZAKI
通讯作者：
Yoshio KANAZAKI