从日本法人相互持股看中国企业日本上市的可行性  

The Feasibility of Chinese Businesses’ Being Listed in Japan in Light of Japan’s Corporate Cross Shareholding

作　　者：赵旭梅[1] 夏占友[1] 

机构地区：[1]对外经济贸易大学国际经济研究院,北京100029

出　　处：《现代日本经济》2005年第5期38-41,共4页Contemporary Economy OF Japan

摘　　要：随着中国加盟WTO和企业国际化、全球化的发展,海外上市成为许多企业融资的重要选择。但调查显示,希望海外上市的中国企业极少选择日本。日本股市构成的特殊性是妨碍中国企业选择日本上市的重要原因之一。相互持股方式是日本企业的重要特点之一,而相互持股带来的封闭性,限制了股份的流通,导致了不公正的股价过高,也导致了企业资本的低效运用。这些负面作用使日本法人和投资家对持有股份持悲观和规避态度,也正是这一封闭性阻碍了中国企业日本上市的动机。Along with China＇s entry into the WTO and the internationalization and globalization of chinese businesses, to get listed overseas has become an important choice for financing with many Chinese businesses. However, investigations have shown that, few Chinese businesses that wish to get listed overseas have selected Japan as a target country, with the peculiarity of the stock market structure of Japan being one of the important drawbacks. Cross shareholding is one of the major features of Japanese businesses, while the exclusiveness of cross shareholding constrains the circulation of shares and stocks, leads to over-pricing of stocks and underperformance of business capital. Such negative effects as the above-mentioned have caused even the Japanese legal persons and investors to hold a pessimistic and evasive attitude towards shareholding, and the same problem has also become a serious setback for Chinese businesses seeking to get listed in Japan.

关 键 词：日本法人相互持股方式 封闭性 日本上市动机 

分 类 号：F823.313[经济管理—财政学]