On the Effects of Cross Share Holdings Among Japanese Corporations

本项目研究了日本企业交叉持股的三个方面。首先，我们研究了交叉持股对日本股价的影响。已经发现，交叉持股增加了公司的PER（价格收益率），并且取决于公司的财务政策，股票价格水平也会增加。到1990年为止，交叉持股的情况下，日本的市盈率平均比没有交叉持股的情况下高出80%。第二，研究了交叉持股导致的高杠杆率和主银行制度的存在对货币政策实施方式的影响。日本央行一直严重依赖窗口指导-- e.第三，以交叉持股为代表的日本经连会制度被政策当局广泛利用，试图获取有关私营部门的信息。我们发现，由于私人部门和公共当局之间的信息流动顺畅，日本的金融体系一直相当有效和稳定。尽管当局进行了大量干预，情况仍然如此。

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.