关于上市公司交叉持股对其盈利能力影响的研究

发布时间：2018-03-03 00:30

本文选题：上市公司　切入点：交叉持股　出处：《兰州大学》2013年硕士论文　论文类型：学位论文

【摘要】：交叉持股最早产生于20世纪50年代的日本,而我国交叉持股的产生于比日本晚了近半个世纪。但随着交叉持股在我国的发展其在证券市场上发挥着越来越重要的作用。2012年上市公司披露的一季度报显示在有交叉持股的上市公司中,仅仅金融保险行业类7家上市公司2011年公允价值变动损益就高达-29.60亿元。可见,上市公司交叉持股对其盈利能力的影响已经不容忽视。本文在综述了交叉持股的相关理论之后,根据沪深1437家上市公司披露的2011年的年报和2012年的季报进行整理,共得到239对存在交叉持股的上市公司。通过对其进一步筛选,最后共得到59对存在交叉持股的上市公司作为本文的样本数据。本文将这59对上市公司作为本文的总样本建立模型进行了实证分析,为了进一步分析交叉持股比例的大小对上市公司盈利能力的影响,本文又将总样本按照持股比例的大小分为了两个子样本进行实证分析。本文按照上市公司在实务中的通常做法,选择净资产收益率(Return on equity,简称ROE)、总资产收益率(Return on total assets,简称ROTA)、主营业务利润率(Main business profit margins,简称MBPA)、成本费用利润率(Ratio of Profits to Cost,简称RPC)、每股收益(Earnings per share,简称EPS)以及每股未分配利润(Undistributed profit per share,简称UPPS)这六个指标作为计算盈利能力得分的主要解释因子,通过计算用数据表示该公司盈利能力。鉴于这六个指标的对公司盈利能力重要性,本文在分析交叉持股对上市公司盈利能力的影响时,将交叉持股作为模型的因变量,将这六个指标作为模型的控制变量。有了这六个控制变量,就可以更深入的分析交叉持股对模型盈利能力的影响程度。
[Abstract]:Cross-shareholding originated in Japan in 1950s. However, with the development of cross-shareholding in China, it plays an increasingly important role in the securities market. The first quarter report of listed companies disclosed on 2012 shows that. Among the listed companies with cross-shareholding, In 2011, only 7 listed companies in the financial and insurance industry had gains and losses of-2.96 billion yuan in the change of fair value. It can be seen that the impact of cross-shareholding of listed companies on their profitability can not be ignored. After summarizing the relevant theories of cross-shareholding, according to the 2011 annual report and 2012 quarterly report of 1437 listed companies in Shanghai and Shenzhen, a total of 239 pairs of listed companies with cross-shareholding are obtained. Finally, 59 pairs of listed companies with cross-shareholding are obtained as the sample data of this paper. In this paper, 59 pairs of listed companies are used as the total sample of this paper to establish a model for empirical analysis. In order to further analyze the impact of cross-shareholding ratio on the profitability of listed companies, the total sample is divided into two sub-samples for empirical analysis according to the size of shareholding ratio. According to the common practice of listed companies in practice, Select return on equity, return on total assetsfor short, main business profit margin main business profit margins, cost-cost margin ratio of Profits to cost, earnings per share earnings per share and EPS per share. The undistributed profit per share (UPPS) is used as the main factor to explain the score of profitability. In view of the importance of these six indexes to the profitability of the company, this paper analyzes the influence of cross-shareholding on the profitability of listed companies and takes cross-shareholding as the dependent variable of the model. The six indexes are taken as the control variables of the model. With these six variables, the influence of cross-shareholding on the profitability of the model can be further analyzed.
【学位授予单位】：兰州大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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