上市公司交叉持股的绩效研究

发布时间：2018-03-23 11:39

本文选题：交叉持股　切入点：公司绩效　出处：《浙江工商大学》2012年硕士论文

【摘要】：交叉持股在我国的发展源于20世纪90年代初期,随着现代公司股权结构日趋复杂,交叉持股作为公司资本运作和发展扩张的手段,日益频繁的出现在我们的经济生活中。股权分置改革的顺利展开及2006年新会计准则的出台,使交叉持股上市公司的股权计价方式发生了巨大变化,这给上市公司资产价值的重估带来了重大机遇与挑战,从而对上市公司绩效也产生了较大的影响,因此,对企业交叉持股的研究具有重要的意义。本文以交叉持股对上市公司的绩效影响为研究对象,设立了以交叉持股比例为解释变量,托宾Q、总资产报酬率、总资产现金回收率为被解释变量的企业绩效模型。在企业绩效模型的考察中,分别用全样本和按照不同企业性质划分的子样本数据对模型进行回归。从不同角度考察了交叉持股对上市公司绩效的影响。本文以2007、2008和2009年具有交叉持股现象的A股上市公司作为研究样本,收集了交叉持股比例以及相关财务数据,通过分析交叉持股的基本理论,交叉持股如何影响上市公司绩效,提出研究假设,将相关数据带入企业绩效模型运行后得出本文的数据结果。实证研究结果表明：交叉持股对上市公司绩效有着积极的影响,交叉持股比例高的公司具有更好的绩效水平。另外,国有企业交叉持股对公司绩效的影响显著高于非国有企业。因此,本文得出,交叉持股能够改善上市公司绩效,有利于企业绩效的提升。最后,本文建议我国应构建完备的制度体系对交叉持股进行规范、扬长避短,同时应建立国家大中型企业交叉持股数据库,为政府监控提供准确可靠的依据。
[Abstract]:The development of cross-shareholding in China originated in the early 1990s. With the increasingly complex ownership structure of modern companies, cross-shareholding as a means of capital operation and expansion of the company. With the smooth development of the reform of split share structure and the introduction of new accounting standards in 2006, the way of equity valuation of cross-shareholding listed companies has changed greatly. This brings great opportunities and challenges to the revaluation of assets value of listed companies, and thus has a great impact on the performance of listed companies. Therefore, the research on cross-shareholding of enterprises is of great significance. In this paper, the impact of cross-shareholding on the performance of listed companies as the object of study, the establishment of cross-shareholding ratio as an explanatory variable, Tobin Q, total return on assets, Enterprise performance model with total asset cash recovery rate as explained variable. The model is regressed by using the full sample and sub-sample data according to the nature of different enterprises, and the influence of cross-shareholding on the performance of listed companies is investigated from different angles. This paper takes A-share listed companies with cross-shareholding phenomenon in 2007 and 2009 as research samples, collects cross-shareholding ratio and related financial data, analyzes the basic theory of cross-shareholding, and how cross-shareholding affects the performance of listed companies. Put forward the research hypothesis, bring the relevant data into the enterprise performance model to get the results of this paper. The empirical results show that: Cross-shareholding has a positive impact on the performance of listed companies. In addition, the influence of cross-shareholding on corporate performance in state-owned enterprises is significantly higher than that of non-state-owned enterprises. Therefore, this paper concludes that cross-shareholding can improve the performance of listed companies. Finally, this paper suggests that our country should establish a complete system to standardize cross-shareholding, promote its strengths and circumvent its weaknesses, at the same time, it should establish a national database of cross-shareholding in large and medium-sized enterprises. To provide accurate and reliable basis for government monitoring.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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