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Network structures and credit risk in cross-shareholdings among listed Japanese companies

机译：日本公司中列出的交叉股权的网络结构和信用风险

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摘要

This study assesses the network structures of cross-shareholdings among listed Japanese companies using a dataset of 2936 companies for the fiscal years 2008-2015. First, I analyze the network structure of cross-shareholdings on the Japanese stock market using centrality measures. Financial institutions and companies in the motor manufacturing industry are central in the network in terms of degree centrality. By contrast, companies in various industries play a central role in terms of betweenness centrality. Second, I use credit risk analysis to investigate the effects of cross-shareholdings using a panel regression. The results show that an increase in the share of foreign companies does not increase the counterparty credit risk in the network. In addition, an increase of a direct centrality measure (i.e., degree or eigenvector centrality) indicates that the connections among cross-shareholdings become denser in a neighboring area and increase credit contagion risk. By contrast, an increase of an indirect centrality measure (i.e., eccentricity or farness centrality) shows that the connections among cross-shareholdings become dispersed at the global level and decrease credit contagion risk. The results could provide senior managers with an important signal for credit risk management related to cross-shareholdings.
机译：本研究评估了日本公司中列出的日本公司之间的交叉股权网络结构，使用了2008 - 2015财年2936家公司的数据集。首先，我利用中心措施分析了日本股市交叉持股网络结构。汽车制造业的金融机构和公司在网络中是网络中的中心。相比之下，各行业的公司就在中心地位之间发挥着核心作用。其次，我使用信用风险分析来调查交叉持股的影响使用面板回归。结果表明，外国公司的份额增加不会增加网络中的交易对手信用风险。此外，增加了直接中心度量（即，学位或特征vector中心）表明交叉持久性之间的联系在邻近区域变得更加密集，并增加信贷传染风险。相比之下，间接中心度量的增加（即偏心或信心中心）表明，交叉持股之间的联系在全球水平处分散并降低信贷传染风险。结果可以为高级管理人员提供与交叉股权相关的信贷风险管理的重要信号。

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