Shareholding in the Keiretsu, Japan's Financial Groups
研究发现，日本系列企业集团中，最大债权人持有更多股份，当企业负债率高、抵押品弱、增长前景好或具有独特性时，这些持股有助于解决债务代理问题，并促进企业更多借贷。
Largest debtholders in keiretsu member companies hold more stock if the companies have high debt-to-equity ratios or have weaker collateral, greater prospects of growth, or unique aspects. All are factors associated with the agency problems of debt that stockholding by a debtholder can help to resolve. The stockholding also induces greater borrowing by these same companies, ceteris paribus. Copyright 1993 by MIT Press.