交叉持股对企业绩效的影响研究

发布时间：2018-04-11 19:09

本文选题：交叉持股 + 企业绩效　；参考：《天津商业大学》2012年硕士论文

【摘要】：交叉持股是一种公司或者法人等非自然人之间的相互投资行为，在我国交叉持股起源于上世纪90年代，自1998年辽宁成大股份有限公司与广发证券有限责任公司相互持有对方股份以来，越来越多的上市公司出于公司治理、盈余管理等目的交叉持股。交叉持股在股市中助涨助跌的双面作用更是引发了人们越来越多的关注，一方面，在牛市中交叉持股能帮助上市公司不断刷新财富神话，另一方面，到了熊市交叉持股则会加速助推股价下跌。交叉持股既是公司资本运作的一种常见手法,又是公司发展扩张的一种常见手段,交叉持股在我们的经济生活中日益出现，但是由于其产生时间较晚,理论界和实务界对其研究尚不够深入,已有文献以理论研究居多，主要集中在交叉持股的动因、会计计量、公司财务特征、合并报表的利润分配方法等方面，而对于交叉持股的经济后果方面的实证研究却很少。文章将定性分析和定量分析相结合，，运用统计学和计量经济学的方法探讨交叉持股与非交叉持股的企业绩效是否存在显著性差异，以及进一步探讨交叉持股行为是否会对企业绩效产生正面影响？即交叉持股行为是否会对代表企业核心竞争能力的绩效产生提升作用？以期望对资本市场和上市公司的规范发展做出一定的贡献。研究发现交叉持股与非交叉持股的上市公司在经营绩效上有显著的差别，交叉持股上市公司的经营绩效在一定程度上优于非交叉持股上市公司。交叉持股与企业的绩效成正相关关系，这说明上市公司之间交叉持股对企业绩效有着在一定程度的提升作用。
[Abstract]:Cross-shareholding is a kind of mutual investment behavior between non-natural persons, such as corporations or legal persons. In China, cross-shareholding originated in the 1990s.Since 1998, when Liaoning Chengda Co., Ltd. and Guangfa Securities Co., Ltd. hold each other's shares, more and more listed companies are holding cross-shareholdings for the purposes of corporate governance and earnings management.The dual role of cross-shareholding in the stock market has attracted more and more attention. On the one hand, cross-shareholding in a bull market can help listed companies to refresh the myth of wealth, on the other hand,Cross-shareholding in the bear market will accelerate the share price decline.Cross-shareholding is not only a common technique of corporate capital operation, but also a common means of development and expansion of the company. Cross-shareholding is emerging day by day in our economic life.The theoretical and practical research on it is not deep enough, and the literature has mainly focused on the motivation of cross-shareholding, accounting measurement, corporate financial characteristics, the method of profit distribution in consolidated statements, and so on, which is mainly focused on the motivation of cross-shareholding, accounting measurement, corporate financial characteristics, and the method of profit distribution in consolidated statements.However, there are few empirical studies on the economic consequences of cross-shareholding.By combining qualitative analysis with quantitative analysis, this paper discusses whether there are significant differences between cross-shareholding and non-cross-shareholding by means of statistics and econometrics.And further explore whether cross-shareholding behavior will have a positive impact on corporate performance?That is whether cross-shareholding behavior will improve the performance of the core competitiveness of the enterprise.In order to expect to the capital market and listed companies to make a certain contribution to the normative development.It is found that there are significant differences between cross-shareholding and non-cross-shareholding listed companies in operating performance, and cross-shareholding listed companies' operating performance is better than non-cross-shareholding listed companies to some extent.Cross-shareholding has a positive correlation with firm performance, which indicates that cross-shareholding among listed companies can improve corporate performance to some extent.
【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.6;F832.51;F224

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