Empirical Examination of Corporate Governance Functions Performed by the Main Bank and the Equity Ownership Structure in Japan

日本主要银行履行的公司治理职能和股权结构的实证检验

基本信息

批准号：
14530132
负责人：
HIRAKI Takato
金额：
$ 1.54万
依托单位：
International University of Japan
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
2002
资助国家：
日本
起止时间：
2002 至 2003
项目状态：
已结题

项目摘要

1.We estimated Tobin's q for individual companies listed on the Tokyo Stock Exchange by using the financial and equity data from 1985 to 1998. We converted the value of stock holding and land to their market value. Especially, we checked the validity of our estimates by examining the market value of land implied by the land tax in the 1990's.2.Using the same dataset, we empirically examined how the main bank and cross shareholding affected the firm value measured by Tobin's q. The results show that while the main bank relation lowers firm value due to its monopolistic power in the 1980's, its influence becomes neutral in the 1990's, reflecting the main bank's weakened monopolistic power. We also find that while mutual shareholding tends to lower firm value because of management entrenchment, one-way shareholding tends to increase firm value due to increased monitoring of managers.3.We further investigated the relationship between the firm profitability and main bank. Our empirical results show that the main bank relation lowers firm profitability, indicating the existence of hold-up costs. We also find that multiple main bank relationships can reduce the negative effect of the main bank relation on the firm profitability.4.We examined portfolio investment behavior across different types of investors (individuals, foreigners, cross shareholding, and institutional investors). We find that in the 1990's both institutional and corporate investors tend to over-invest in financially weak firms. We interpret this as indicating that they may invest in order to rescue weak keiretsu member firms.

1.我们估计，托宾（Tobin）的Q是使用1985年至1998年的财务和股权数据在东京证券交易所上市的各个公司的Q。我们将股票持有和土地的价值转换为其市场价值。特别是，我们通过检查1990年代土地税隐含的土地的市场价值来检查估计的有效性。2。使用相同的数据集，我们经验研究了主银行和交叉股份如何影响Tobin's Q衡量的公司价值。结果表明，尽管主要银行关系降低了公司在1980年代的垄断权力，但其影响力在1990年代变得中立，这反映了主要银行的垄断权力削弱。我们还发现，尽管由于管理层的管理，相互股权倾向于降低公司的价值，但由于管理人员的监测增加，单向股权倾向于增加公司价值。3。我们进一步研究了公司盈利能力与主银行之间的关系。我们的经验结果表明，主要银行关系降低了公司的盈利能力，表明存在持有成本。我们还发现，多个主要银行关系可以减少主要银行关系对公司盈利能力的负面影响。4。我们研究了不同类型的投资者（个人，外国人，跨股权和机构投资者）的投资组合投资行为。我们发现，在1990年代，机构和公司投资者都倾向于在财务薄弱的公司中过度投资。我们将其解释为表明他们可能投资以营救弱小的Keiretsu成员公司。