雅戈尔公司交叉持股问题研究

发布时间：2018-03-09 22:20

本文选题：交叉持股　切入点：雅戈尔　出处：《湖南大学》2012年硕士论文　论文类型：学位论文

【摘要】：作为资本运作和公司发展扩张的常用策略，交叉持股已是频繁出现在上市公司之间。但由于交叉持股是一柄双刃剑，在给企业和市场发展带来积极效应的同时，也引发了许多不可忽视的问题，关键在于使用者如何利用与操作。所以，对于如何有效规制交叉持股、如何使交叉持股兴利除弊等问题的研究就显得尤为重要和必要。同时，我国理论界和实务界对交叉持股研究主要停留于理论和推理介绍层面，案例分析较少，缺乏实质性探索。因此，本文对交叉持股进行问题研究，具有一定的学术价值和现实意义。本文在借鉴投资组合理论、公司治理理论等主要相关理论和前人研究成果的基础上，以雅戈尔的交叉持股情况为研究对象，，运用相关理论，重点分析了雅戈尔在交叉持股过程中存在的业绩虚增、主业下滑、盈利波动大和潜在风险等主要问题，并通过对产生问题原因的剖析和评价，有针对性地出了股权投资适时收益化、增强主业核心竞争、完善相关机制、风险监控等改进措施，同时建议监管部门必须加强规范管理。本文按照提出问题-分析问题-解决问题的研究模式，本着理论结合实践的原则，采用了案例研究为主、理论分析为辅的研究方法，以现实案例和企业情况作为论证依据，运用真实信息数据，找出案例公司存在的问题，并提出相应的改进措施。因此，本文旨在能够有效规制雅戈尔公司和同类型企业的交叉持股行为，为今后交叉持股问题的深层次后续研究具有借鉴参考价值。
[Abstract]:As a common strategy of capital operation and company development and expansion, cross-shareholding has appeared frequently among listed companies. However, because cross-shareholding is a double-edged sword, it brings positive effects to the development of enterprises and markets at the same time. Therefore, the research on how to regulate cross-shareholding effectively, how to make cross-shareholding do beneficial things, and how to remove the disadvantages is particularly important and necessary. The theoretical and practical researches on cross-shareholding in China are mainly focused on the theoretical and inferential introduction, and the case studies are few and lack of substantial exploration. Therefore, this paper studies the cross-shareholding problem. It has certain academic value and practical significance. On the basis of the main relevant theories such as portfolio theory, corporate governance theory and previous research results, this paper takes Youngor's cross-shareholding situation as the research object and applies the relevant theory. This paper analyzes the main problems of Youngor in the process of cross-shareholding, such as false increase of performance, decline of main business, large fluctuation of profit and potential risk, and analyzes and evaluates the causes of the problems. The paper puts forward some improvement measures, such as timely income of equity investment, enhancement of core competition of main industry, improvement of relevant mechanism, risk monitoring and so on. Meanwhile, it is suggested that regulatory authorities must strengthen standardized management. According to the research mode of putting forward problem-analyzing problem-solving problem, based on the principle of combining theory with practice, this paper adopts case study as the main research method and theoretical analysis as the auxiliary research method, and takes the real case and the enterprise situation as the proof basis. Using the real information data to find out the problems existing in the case companies, and put forward the corresponding improvement measures. Therefore, this paper aims to effectively regulate the cross-shareholding behavior of Youngor Company and the same type of enterprises. It has reference value for the further study of cross-shareholding problem in the future.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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