On the Effects of Cross Share Holdings Among Japanese Corporations

论日本企业交叉持股的影响

• 批准号: 02451079
• 负责人: UEDA Kazuo
• 金额: $ 1.79万
• 依托单位: University of Tokyo
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for General Scientific Research (B)
• 财政年份: 1990
• 资助国家: 日本
• 起止时间: 1990 至 1991
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/en/grant/KAKENHI-PROJECT-02451079/
• 关键词: cross share holdings; Price earnings ratio; stock prices; window guidance; financial system; 金融調節; コ-ルレ-ト; ドッジライン; 金融行政

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.

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。

项目成果

植田 和男: "Japanese Monetary Policy Daring 1970ー1990" Conference Volume on “Inflation in the 1990s".

Kazuo Ueda：“日本大胆的货币政策 1970-1990”关于“20 世纪 90 年代的通货膨胀”的会议卷。

Kazuo Ueda: ""Are Japanese Stock Prices Too High?"" The Journal of Japanese and International Studies. 4. (1990)

上田一夫：“日本股价太高了吗？”《日本与国际研究杂志》。

Kazuo Ueda: ""Japanese Monetary Policy During 1970-1990 : Rules or Discretion?, "" Inflation in the 1990s. The Bank of Japan.

Kazuo Ueda：“1970-1990 年间的日本货币政策：规则还是自由裁量权？”、“20 世纪 90 年代的通货膨胀”。

吉川 洋: "戦後インフレ-ションとドッジライン" ビジネスレビュ-. 39. 15-25 (1991)

吉川浩：“战后通货膨胀与道奇线”商业评论。 39. 15-25 (1991)。

Kazuo Ueda: ""A Comparative Perspective on Japanese Monetary Policy : The Short-Run Monetary Control and the Transmission Mechanism"" Japanese Monetary Policy. NBER.

上田一夫：“日本货币政策的比较视角：短期货币控制和传导机制”日本货币政策。