政策保有株の是非
The Pros and Cons of Policy-Oriented Shareholding
政策保有株を手放すか維持するかが話題になっている。利点と問題点を列挙した。結論、減らしていった方が良いだろう。ただ、解消にあたり、市場でそのまま売却するより、持合い相手先と株式等価交換を行ったのちに自社株買いで株式を消却すれば、株価の上昇に寄与するだろう。そのまま市場で売却して解消すると、浮動株の増加により、株価は下落するだろう。The debate over whether to divest or maintain policy-oriented shareholdings is ongoing. The advantages and disadvantages have been outlined, leading to the conclusion that it would be better to gradually reduce such holdings. However, rather than selling them directly on the market, which could lead to a drop in stock prices due to an increase in floating shares, it would be more beneficial to first engage in a stock-for-stock exchange with cross-shareholding partners and then buy back shares to cancel them. This approach would likely contribute to an increase in stock prices.
政策保有株の利点は Advantages of Policy-Oriented Shareholding:
- 持合い相手との互恵関係からの収益が期待できる。Mutual Benefit with Cross-Shareholding Partners: Potential for revenue from reciprocal relationships.
- 持合うことで持合い以外の株主からの影響（敵対的買収、株主提案）を排除することができる。企業の安定性は増す。Protection from External Influence: Helps eliminate influence from shareholders outside the cross-shareholding arrangement (e.g., hostile takeovers, shareholder proposals), thereby enhancing corporate stability.
- 持ち合いの相手の企業の株からの配当が収入となる。Dividend Income: Dividends from shares of the partner companies can serve as a source of income.
- 浮動株が減るため、株の希少性を高めることで株価の維持に役立つ。Stock Scarcity: Reduces the number of floating shares, which can help maintain stock prices by increasing scarcity.
- 持合い相手との互恵関係からのビジネス上の制約を受ける。Business Constraints: Subject to business constraints due to mutual relationships with cross-shareholding partners.
- 買収しずらくなるため、業界再編などの経済全体としての効率化が遅延する。Delays in Economic Efficiency: Can slow down overall economic efficiency, such as industry restructuring, due to reduced takeover activities.
- 資本を単に他社の株を保有する為に使っていることになる。Capital Misallocation: Capital is used merely to hold shares of other companies.
- 持合い相手以外の株主の影響が行使されにくくなる。Reduced Influence from Other Shareholders: Limits the influence of non-cross-shareholding shareholders.
- 浮動株が減ることで、株が高めになり買いにくくなる。Stock Price Increase: Reduces the number of floating shares, which can make the stock more expensive and harder to purchase.