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

研究进展如下：首先，收集银行公司股票价格和融资项目数据。第二，收集股票交叉持股的数据。第三，收集股票指数数据。最近，日本银行努力达到国际清算银行的标准，因此他们的政策是，他们的股东结构是稳定的。他们有交叉持股的股东，更重要的是他们把借款人变成了他们的股东。在这种情况下，我们的回归模型给出了一些证据。(1)股票价格与股票股利和证券持有收益相关。这些计算是根据1990年至1994年的年度数据进行的。(2)每日股票价格与日经225指数或窄基股票价格指数相关。我们认为流动投资者要求高回报，他们是价格制定者。

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.