我国上市公司交叉持股对企业价值影响的实证研究

发布时间：2018-02-27 02:17

本文关键词： 交叉持股企业价值托宾Q　出处：《天津商业大学》2013年硕士论文　论文类型：学位论文

【摘要】：现代公司股权结构越来越复杂，我国企业正进入一个并购的高发时期，资本运作的手段和方法日新月异，导致证券市场监管资本运作的难度不断增加。而交叉持股既是资本运作的一种手段同时又是公司发展壮大的常见策略，其正日益频繁的出现在我们的经济生活中。因此，在我国经济飞速发展、交叉持股对我国证券市场的影响越来越大的今天，对交叉持股进行深入研究已成为必要。本文主要是在前人研究的基础上，借鉴国内外学者对交叉持股的研究方法和研究成果，运用我国上市公司的有关数据并结合统计学原理的相关方法，通过对交叉持股行为对公司价值的影响研究，为我国证券市场的健康发展提供建议。文章首先对介绍了研究意义、研究内容、研究方法和研究思路及框架；其次，阐述了交叉持股的国内外研究现状并对国内外的研究现状并进行对比；接着是本文的理论支撑，主要分析了交叉持股相关理论、企业价值的相关理论以及交叉持股与企业价值的相关性，并再次基础上提出了本文的研究假设；然后是本文的核心章节，主要是对我国上市公司交叉持股对企业价值影响的实证研究，分别以托宾Q和营业利润率作为企业价值的替代变量对上述研究进行回归检验，验证了本文的研究假设；最后，根据上文的运行结果得出本文的研究结论，并结合交叉持股对上市公司企业价值影响的实际情况，提出相应的建议。本文以2009-2011年在沪深上市的A股交叉持股上市公司为研究对象，以托宾Q和营业利润率作为企业价值的替代变量，分别从企业价值的市场表现和财务表现两个方面研究上市公司交叉持股与企业价值的相关关系，都得出了本文的研究结论：作为上市公司十大股东的交叉持股比例与企业价值呈显著的正相关关系，，从而证实了我国上市公司之间的交叉持股行为会对企业价值市场和财务两方面产生影响，并且是具有正向促进的影响。另外，资产负债率与企业价值呈显著的正相关关系，股权集中度与企业价值的关系比较复杂，在两个模型中表现不一致。
[Abstract]:The ownership structure of modern companies is becoming more and more complex. Chinese enterprises are entering a period of high incidence of mergers and acquisitions. The means and methods of capital operation are changing with each passing day. Therefore, cross-shareholding is not only a means of capital operation, but also a common strategy for the development and growth of companies, which is increasingly frequent in our economic life. With the rapid development of Chinese economy and the increasing influence of cross-shareholding on China's securities market, it is necessary to study cross-shareholding deeply. Referring to the research methods and results of cross-shareholding, using the relevant data of listed companies in our country and combining the relevant methods of statistical principle, this paper studies the influence of cross-shareholding behavior on the value of companies. To provide suggestions for the healthy development of China's securities market. Firstly, this paper introduces the significance of the research, research content, research methods and research ideas and framework. Secondly, it expounds the current situation of cross-shareholding research at home and abroad, and compares the domestic and foreign research status. Then it is the theoretical support of this paper. This paper mainly analyzes the correlation theory of cross-shareholding, the correlation theory of enterprise value and the correlation between cross-shareholding and enterprise value, and then puts forward the research hypotheses of this paper on the basis of again; then, it is the core chapter of this paper. The empirical study on the impact of cross-shareholding on the corporate value of listed companies in China, using Tobin Q and operating profit margin as substitute variables of corporate value, respectively, carries out regression test to verify the research hypothesis of this paper; finally, According to the above results, this paper draws the conclusion of this paper, and combined with the actual situation of the impact of cross-shareholding on the value of listed companies, puts forward the corresponding suggestions. This paper takes A-share cross-shareholding listed companies listed in Shanghai and Shenzhen in 2009-2011 as the research object, and takes Tobin Q and operating profit margin as the alternative variables of enterprise value. The relationship between cross-shareholding and corporate value of listed companies is studied from two aspects: market performance and financial performance. The conclusion of this paper is as follows: the cross-shareholding ratio of ten shareholders of listed companies has a significant positive correlation with the enterprise value. It is proved that the cross-shareholding behavior among listed companies in China will have a positive impact on both the value market and the finance of the enterprises, and it has a positive impact on the value of enterprises. In addition, there is a significant positive correlation between the asset-liability ratio and the enterprise value. The relationship between ownership concentration and enterprise value is complex and inconsistent in the two models.
【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F276.6;F832.51;F224

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