On the Effects of Cross Share Holdings Among Japanese Corporations

本项目从三个方面考察了日本企业间的交叉持股情况。首先，我们考察了交叉持股对日本股价的影响。研究发现，交叉持股增加了公司的PER（市盈率），而且，根据公司的财务政策，股票价格水平也会提高。截至1990年，由于交叉持股，日本的每股收益平均高出80%。其次，我们研究了交叉持股导致的高杠杆和主要银行体系的存在对货币政策执行方式的影响。日本央行（Bank of Japan）严重依赖窗口指导。E.直接控制银行贷款——控制总需求。第三，以交叉持股为例的日本经连制度已被政策当局广泛用于试图获取私营部门的信息。我们发现，由于私营部门和公共当局之间信息的顺畅流动，日本的金融体系一直相当高效和稳定。尽管当局大力干预，情况仍是如此。

This project has investigated three aspects of cross share holdings among Japanese corporations.First, we have examined the impact of cross share holdings on Japanese stock prices. It has been found that cross share holdings increases the PER (price earings ratio) of a firm and, depending on a firm's financial policy, the level of stock prices as well. As of 1990, Japanese PERs are on, average 80% higher because of cross share holdings than otherwise.Second, we have studied the impact of high leverage resulting from cross share holdings and the existence of the main bank system on the way monetary policy is carried out. The Bank of Japan has relied heavily on window guidance--i. e. direct control of bank lendings--for controlling aggregate demand.Third, the Japanese Keiretsu system as exemplified by cross share holdings has been extensively used by policy authorities in an attempt to extract information on the private sector. We have found that because of such smooth flow of information between the private sector and public authorities the Japanese financial system has been fairly efficient and stable. This is so despite heavy intervention by the authorities.