著者

周 家星

出版者

桃山学院大学

雑誌

桃山学院大学経済経営論集 (ISSN:02869721)

巻号頁・発行日

vol.56, no.3, pp.69-97, 2015-02-27

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Since the1990s, important changes have occurred in the stock ownership structure of large enterprises in Japan. One of the most significant changes can be summarized briefly as the declining share of corporate shareholders on the one hand, and the increasing share of domestic and international institutional investors on the other.This article reviews two problems caused by the changing structure of shareholders. The first is whether banks and insurance companies will continue to play the role of shareholders loyal to management. The second problem is whether the new major investors can be considered to be stable and long-term investors. Regarding the first problem, analysis of changes in the composition and shareholding ratio of twenty major shareholders in Japan's large enterprises points to the conclusion that although the ratio of shares held by banks and insurance companies has declined significantly, they continue to hold a very important position amongst loyal shareholders. In this context, it is clear that solid support for enterprise management cannot depend solely on the shareholding ratio of the traditional loyal stockholders. Regarding the second problem, analysis of the substance and nature of large institutional investors indicates that their investment judgment and exercise of voting rights are heavily influenced by the stance of their parent companies, which are domestic and international mega banks and financial groups. In addition, it is important to note that the investment decisions and voting behavior of mega banks and financial groups are based not only on their interest as stakeholders but also on careful attention to relations with the enterprise concerned.