A Study on The Stock Pricing of Japanese Banking Firms : The Statistical Analysis on the Effect of Cross Holding

日本银行公司股票定价研究：交叉持股效应的统计分析

• 批准号: 05803009
• 负责人: TANAKA Sachiko
• 金额: $ 0.9万
• 依托单位: Toyama University
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for General Scientific Research (C)
• 财政年份: 1993
• 资助国家: 日本
• 起止时间: 1993 至 1994
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/en/grant/KAKENHI-PROJECT-05803009/
• 关键词: Japanese banking firm; stock price; cross holding; dividend; security holding gain; stock index; narrow-based stock index; structure of stock holders; 有価証券含み損益; BIS規制; 株式所有構造; 銀行の株価; 資本コスト; メインバンク

The research was progressing as follows.1st, the data of stockprices and fiancied items of banking firms are collected. 2nd, the data of cross holding of stocks were collected.3rd, the data of stock index were collected.Recently, Japanese banks made effort to came up to the BIS criteria, then, they had a policy that their structure of stock holders are stable. They keep their cross holding stock holders and more over they made borrowers their stock holders.On that situation, our regresion models indicate some evidences.(1)The stock prices are related to the stock dividend and the security holding gain. The calculations is based on annualy data from 1990 to 1994.(2)The daily stock prices are related to Nikkei 225 or narrow-based stock price index.We consider that the floating investors require high return and they are price makers.

本研究的主要工作如下：1、收集银行业股票价格和融资项目的相关数据。第二，收集了交叉持股的数据。第三，收集了股票指数的数据。最近，日本银行努力达到BIS的标准，因此，他们采取了一种政策，即他们的股东结构是稳定的。在这种情况下，我们的回归模型也给出了一些证据。（1）股票价格与股票股利和证券持有收益有关。计算依据的是1990年至1994年的年度数据。（2）日股价与日经225指数或窄基股价指数相关，我们认为浮动投资者要求高回报，他们是价格制定者。