母子型交叉持股的影响和规制研究

发布时间：2018-03-28 21:03

本文选题：交叉持股　切入点：母子公司　出处：《安徽工业大学》2011年硕士论文

【摘要】：交叉持股是指公司之间相互持有对方一定比例的股份,继而相互成为对方股东的情形。交叉持股最早于1952年在日本出现,我国第一起上市公司涉及交叉持股事件则是辽宁成大受让广发证券(储一昀,2001)。随着经济环境的变迁、企业规模的扩大等因素影响,交叉持股已经越来越复杂,而我国的法律法规,如《公司法》和《证券法》都对交叉持股没有任何的明文规定,结果造成了交叉持股在我国这样特殊的市场环境下不能被有效规制,资本市场的正常秩序无法得到维护,投资者的合法权益也得不到有效保护,我们有必要对这一现象进行研究。按照交叉持股的公司之间的控制或从属关系,交叉持股有母子型交叉持股和非母子型交叉持股,各有其特点,本文研究母子型交叉持股。各国公司法对于母子公司之间的母子型交叉持股均为严格禁止,即便是英美法系中宽松的美国公司法也是严格限制母子型的交叉持股,而我国上市公司却有母子公司交叉持股的现象,虽然不多,这是何种原因?通过实际案例说明母子型交叉持股的操作手法与过程,发现母子型交叉持股与我国的股份制改革,以及上市公司重组相关。同时从理论角度剖析这些操作手法来发现母子型交叉持股的实质,并据此提出规制建议。随着我国改革开放的进一步深入,交叉持股所具有的弱化所有者职能和强化经营者职能的作用对我国正在进行的国有企业产权制度改革具有积极作用,有助于我国国有企业成为真正的独立市场主体,有助于我国企业家阶层的形成。研究分析交叉持股在中国的影响,对于预测市场中的资产泡沫程度也有现实意义。因此,从年报中找到各上市公司的资金占用披露情况,从股东控制链角度牢牢抓住上市公司母子公司之间的交叉持股情况,并研究其在中国的影响具有重要意义。本文主要采用了案例分析与经验分析的研究方法。从股权控制链角度出发,研究控制链上的母子公司之间的交叉持股,通过真实案例分析母子型交叉持股的操作手法和结果,得出母子型交叉持股既有为了整合资源,发挥协同效应的动机,又是公司通过资产置换,借壳上市来达到控制权转移的一种手段。
[Abstract]:Cross shareholding is refers to the company between a certain percentage of shares held by each other, and each other to become each other shareholders. Cross shareholding first appeared in Japan in 1952, China's first cross shareholdings of listed companies was the event the Liaoning Chengda transferee GF Securities (storage Yun, 2001). With the changes of economic environment, effect of enterprise scale expansion and other factors, cross shareholding has become increasingly complex, and the laws and regulations of our country, such as "company law" and "Securities Law > of cross shareholding no expressly, the result can not cross shareholding in our special market environment is effectively regulated, the normal order of the capital the market can not be the maintenance of the legitimate rights and interests of investors are not to be protected effectively, it is necessary for us to study this phenomenon. According to the control of the company between cross shareholding or subordinate relationship, cross holding Stocks have cross shareholding cross shareholding parent subsidiary and non parent type, each has its characteristics, this paper studies the cross shareholding parent subsidiary. The company law for the parent subsidiary cross shareholding between parent and subsidiary companies are strictly prohibited, even cross shareholding in American Corporate Law loose in the Anglo American legal system is strictly limited the parent subsidiary, China listed companies have a parent company cross shareholding phenomenon, though not much, this is what reason? Cross shareholding parent subsidiary operating practices and process through the real case, found that cross shareholding parent subsidiary and China's joint-stock reform and reorganization of listed companies. At the same time, from the angle of theory analysis of these operations means to find the essence of cross shareholding parent subsidiary, and accordingly put forward regulation suggestions.
With the further deepening of China's reform and opening up, cross shareholding has weaken the function of the owner and strengthen the operator function has a positive effect on the reform of property right system of state-owned enterprises in China, contribute to China's state-owned enterprises to become truly independent market entities, contribute to the formation of an entrepreneurial class in China. Analysis of the impact of cross shareholding in Chinese, also has practical significance for predicting the market degree of asset bubbles. Therefore, from the annual report of the listed company to find funds from disclosure, cross shareholdings between the controlling shareholders of listed companies firmly grasp the chain angle of parent company and study its effect in Chinese has important significance.
This paper uses the research method of case analysis and experience. Starting from the control chain angle, cross shareholdings between control chain of the parent company, through the real case analysis of cross shareholding parent subsidiary operating practices and results obtained, the parent subsidiary cross shareholding is to integrate resources, synergies and motivation. Is the company through asset replacement, to achieve backdoor listing as a means of control transfer.

【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：F832.51

【引证文献】