日本相互持股问题研究述评

Cross-Shareholding in Japan:A Review

相互持股理论从比较制度分析角度对日本相互持股问题进行了比较全面的解释,该理论已经成为企业理论、金融理论以及产业组织理论等的重要内容。相互持股问题研究的最新进展主要包括了相互持股条件下企业内部代理问题、非代理问题,以及产业组织等方面的理论和经验研究成果。我国作为一个转型国家,所有权改革是其经济转型的主要内容,相互持股研究对于确保我国企业改革方向的正确性具有重要的现实意义。

Comparative institutional analysis otters a senes ot explalnatlons tor Japanese cross - snarenolding. Study on cross - shareholding has become an important part in the firm theory, the finance theory, and the industry organization theory. The recent progress in this strand of study includes both theoretical and empirical literatures, covering internal principal - agent problems, non - principal - agent problems, as well as industrial organization. Considering that China is a transitional economy in which a main task is to improve the corporate governance, the study of cross shareholding is of great significance to guarantee the right direction of China＇s enterprises reform.