交叉持股对我国上市公司经营绩效影响的研究

发布时间：2018-12-27 16:18

【摘要】：交叉持股作为一种公司间的投资行为,首先出现于二十世纪中期的西方发达资本主义国家,随后大批日本公司将交叉持股作为抵御外国敌意收购的利器。我国公司制度尚浅,第一例交叉持股产生于二十世纪九十年代,参股企业涉及辽宁成大与广发证券,自此交叉持股在我国拉开序幕,引起了学术界和社会的关注。近年来,随着新会计准则的出台及股权分置改革的完成,由交叉持股引发的股权计价问题,为公司间的资产价值重估创造了机会,交叉持股对上市公司业绩产生不同程度的影响。通过这些年市场的表现,我们不难发现,交叉持股上市的确改善了上市公司经营业绩,但由于这一制度自身的两面性,加之我国市场监管体系尚不完善,因此,交叉持股在公司治理中的有效性受到质疑。本文通过理论研究和实证检验,利用2008-2010年在沪市A股上市公司的相关数据,分析不同交叉持股类型的上市公司行为动机,探索交叉持股行为对L市公司经营绩效的影响,以规范我国上市公司交叉持股行为,同时从市场监管角度及上市公司层面提出建议。本论文结构如下：首先从论文的研究意义,研究的内容、方法及创新点、国内外相关文献进行梳理；然后阐述了公司交叉持股制度,主要内容涉及交叉持股概念及类型、交叉持股的动因等；接着从交叉持股对公司经营绩效影响的程度将其划分为几个阶段,结合我国交叉持股上市公司的现状,说明交叉持股对我国上市公司的影响；最后进行实证检验,包括建立假设,选取观测样本组和控制样本组,实证检验与分析,得出结论。
[Abstract]:Cross-shareholding, as an inter-firm investment behavior, first appeared in the western developed capitalist countries in the middle of the 20th century, and then a large number of Japanese companies used cross-shareholding as a weapon to resist hostile foreign takeovers. The company system of our country is still shallow, the first case of cross-shareholding came into being in the 1990s, the share participating enterprises involved in Liaoning Chengda and Guangfa Securities. Since then, cross-shareholding has started in our country, which has aroused the attention of academia and society. In recent years, with the introduction of new accounting standards and the completion of the reform of split share structure, the issue of equity valuation caused by cross-shareholdings has created an opportunity for the revaluation of assets between companies. Cross-shareholding affects the performance of listed companies to varying degrees. Through the market performance in recent years, it is not difficult to find that cross-shareholding listing does improve the operating performance of listed companies, but because of the dual character of this system and the imperfect market supervision system in our country, therefore, The validity of cross-shareholding in corporate governance is questioned. Through theoretical research and empirical test, using the relevant data of A-share listed companies in Shanghai Stock Exchange from 2008 to 2010, this paper analyzes the behavior motivation of listed companies with different cross-shareholding types, and explores the impact of cross-shareholding behavior on the operating performance of L City companies. In order to standardize the cross-shareholding behavior of listed companies in China, suggestions are put forward from the perspective of market supervision and listed companies. The structure of this paper is as follows: firstly, the research significance, research content, methods and innovation points, domestic and foreign related literature are combed; Then it expounds the corporate cross-shareholding system, including the concept and type of cross-shareholding, the motivation of cross-shareholding and so on. Secondly, it is divided into several stages from the degree of the impact of cross-shareholding on corporate performance. Combined with the current situation of cross-shareholding listed companies in China, the impact of cross-shareholding on listed companies in China is explained. Finally, the empirical test, including the establishment of hypotheses, the selection of observation sample group and control sample group, empirical test and analysis, draw a conclusion.
【学位授予单位】：东北林业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F275;F224

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