Okabe, Mitsuaki. 　著

内容

目次

Cross shareholding as an underlying element of the Japanese economicsystem: cross shareholding as a form of corporate ownership; two distinctivefeatures of corporate ownership in Japan; historical circumstances ofdeveloping cross shareholding. Various forms of cross shareholding, andrelevant statistics: various forms of cross shareholding; relevantstatistics. Recent trends of share ownership and structural changes: shareownership and cross shareholdings in recent years; structural changes incross shareholdings - a reflection of changes in corporate finance andintercorporate relationship; trends in the "stable shareholding" ratio.Factors behind the "dissolution" of cross shareholding: low profitability ofcross-held shares; increase in risk sensitivity of shareholding; introductionof new accounting standards revealing the inherent corporate risk; reasonsfor different attitudes of business firms and financial institutions.Functions of cross shareholding and its assessment: functions of crossshareholding as seen by corporations; cross shareholding as a device forcorporate stability; cross shareholding with a bank as a financial mechanism;other roles of cross shareholding. Effects of the "dissolution" of crossshareholding and its assessment: effects on the stock market; effects oncorporate governace mechanism; changes in the characteristics of thefinancial system; effects permeating the entire Japanese economic system.Future prospects and required public policy: future prospects and keyfactors; required public policy. Conclusions - limitations of theJapanese-style economic system and its transformation. Appendices:shareholding by a main bank and effectiveness of corporate control - the caseof electrical machinery firms in Japan, 1982-1999; corporate control inGermany.