上市公司持有竞争对手股权的动机和影响因素分析

发布时间：2018-05-12 23:29

本文选题：上市公司 + 竞争对手　；参考：《上海交通大学》2012年硕士论文

【摘要】：随着我国经济体制的改革与发展和中国证券市场的规范和成熟，上市公司间的投资模式也发生了很大变化，持有竞争对手股权的现象在我国A股市场日益频繁。持有竞争对手股权既是一种资本运作方法，又是企业发展扩张的一种常见手段。它对上市公司的经营和管理也产生了重大影响。本文以我国上市公司竞争对手间持股为题进行研究，理清竞争对手间持股的概念、并以上市公司为主要研究对象，，分析我国上市公司同行业竞争者之间持股的现状，通过典型案例剖析和总结了我国上市公司竞争者之间持股的主要特征，并在此基础上实证研究了上市公司持有竞争对手股权的影响因素及其动机。研究结果发现，本文对我国A股市场上影响上市公司持有竞争对手股权的动机主要包括：(1)为了企业的战略扩张以及企业间的协同效应;(2)财务型投资;(3)稳定股价抵御恶意收购。对影响上市公司是否会持有竞争对手股权的因素研究发现，公司的资产规模和营业利润会产生正面影响，股权集中度会产生反面影响。
[Abstract]:With the reform and development of China's economic system and the standardization and maturity of China's securities market, the investment patterns between listed companies have also changed greatly. The phenomenon of holding competitors' shares is increasingly frequent in the A stock market in China. Holding competitors' shares is a common method of capital operation and a common hand for the development and expansion of enterprises. It also has a significant impact on the operation and management of listed companies.
This paper studies the shareholding between competitors in China's listed companies and clarifies the concept of the shareholding between competitors. Taking the listed companies as the main research object, this paper analyzes the current situation of the shareholding between the competitors of the listed companies in China, and analyzes and summarizes the main characteristics of the shareholding among the competitors of the listed companies in China through a typical case. On the basis of this, it empirically studies the influencing factors and motives of listed companies' ownership of competitors.
The results of the study found that the motivation of the listed companies to hold competitors' shares in the A stock market of our country mainly includes: (1) for the strategic expansion of the enterprise and the synergy between enterprises; (2) financial investment; (3) stable stock price against malicious acquisition. At present, the scale of assets and operating profit of a company will have a positive effect, and the concentration of shares will have a negative effect.

【学位授予单位】：上海交通大学
【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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