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.

该项目已经调查了日本公司之间交叉股权的三个方面。首先，我们研究了跨股权持有量对日本股票价格的影响。已经发现，交叉股权持有量增加了公司的每（价格耳朵比率），并取决于公司的财务政策，股票价格水平。截至1990年，日本PERS的持续时间比其他股票的平均高80％。第二，我们研究了跨股权持有量产生的高杠杆作用的影响，以及主银行对货币政策实施货币政策的存在。日本银行在很大程度上依赖窗户指导 - 我。 e。直接控制银行贷款 - 控制总需求。三分之一，由交叉股权持有的日本keiretsu系统已被政策当局广泛使用，试图提取有关私营部门的信息。我们发现，由于私营部门与公共当局之间的信息流平滑，日本金融体系相当有效且稳定。尽管当局进行了严格的干预，但这还是如此。

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》。

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: ""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”。

Kazuo Ueda: "Japanese Monetary Policy During 1970ー1989:Rules or Discretion?" Conference Volune on“Inflation in the 1990s". (1992)

Kazuo Ueda：“1970-1989 年间的日本货币政策：规则还是自由裁量权？”会议卷“20 世纪 90 年代的通货膨胀”（1992 年）。