论日本企业交叉持股的经验与教训

Experience and Lessons Learned of Cross-share Holding in Japanese Companies

文章通过对日本企业交叉持股现象的回顾与总结,发现交叉持股是在特定时期极为有效的公司治理手段。交叉持股有效提高了企业的经营效率和应对市场风险的能力,达到了事半功倍的效果。但是,文章也指出,交叉持股就像双刃剑,如果使用不当,同样会伤害企业以及股东的权益。日本20世纪90年代爆发的大量坏账、呆账以及经营者的贪污事件等都是交叉持股弊端的体现。文章希望通过吸取日本企业的经验教训,促进我国刚刚兴起的交叉持股走向健康良性的发展道路。

By reviewing and summarizing cross-share holding phenomena among Japanese enterprises,this paper found it was an effective approach to administrate the company during exceptional periods.Cross-shareholding improved the operational efficiency and the capacity to sustain risks.It helped the enterprises get twice the result with half the effort.However,this paper also indicated that cross-shareholding was a double-edged sword,which might affect the interests of enterprises and the shareholders if misapplied.The outbreaks of massive bad debt,the corruption of the managers,etc in 1990s in Japan were the reflections of cross-shareholding＇s drawbacks.The author hopes to promote the emerging crossshareholding in China by analyzing the experience and lessons learned from Japanese enterprises.