本文選題：交叉持股　切入點(diǎn)：母子公司　出處：《安徽工業(yè)大學(xué)》2011年碩士論文

【摘要】：交叉持股是指公司之間相互持有對(duì)方一定比例的股份,繼而相互成為對(duì)方股東的情形。交叉持股最早于1952年在日本出現(xiàn),我國(guó)第一起上市公司涉及交叉持股事件則是遼寧成大受讓廣發(fā)證券(儲(chǔ)一昀,2001)。隨著經(jīng)濟(jì)環(huán)境的變遷、企業(yè)規(guī)模的擴(kuò)大等因素影響,交叉持股已經(jīng)越來(lái)越復(fù)雜,而我國(guó)的法律法規(guī),如《公司法》和《證券法》都對(duì)交叉持股沒(méi)有任何的明文規(guī)定,結(jié)果造成了交叉持股在我國(guó)這樣特殊的市場(chǎng)環(huán)境下不能被有效規(guī)制,資本市場(chǎng)的正常秩序無(wú)法得到維護(hù),投資者的合法權(quán)益也得不到有效保護(hù),我們有必要對(duì)這一現(xiàn)象進(jìn)行研究。按照交叉持股的公司之間的控制或從屬關(guān)系,交叉持股有母子型交叉持股和非母子型交叉持股,各有其特點(diǎn),本文研究母子型交叉持股。各國(guó)公司法對(duì)于母子公司之間的母子型交叉持股均為嚴(yán)格禁止,即便是英美法系中寬松的美國(guó)公司法也是嚴(yán)格限制母子型的交叉持股,而我國(guó)上市公司卻有母子公司交叉持股的現(xiàn)象,雖然不多,這是何種原因?通過(guò)實(shí)際案例說(shuō)明母子型交叉持股的操作手法與過(guò)程,發(fā)現(xiàn)母子型交叉持股與我國(guó)的股份制改革,以及上市公司重組相關(guān)。同時(shí)從理論角度剖析這些操作手法來(lái)發(fā)現(xiàn)母子型交叉持股的實(shí)質(zhì),并據(jù)此提出規(guī)制建議。 隨著我國(guó)改革開放的進(jìn)一步深入,交叉持股所具有的弱化所有者職能和強(qiáng)化經(jīng)營(yíng)者職能的作用對(duì)我國(guó)正在進(jìn)行的國(guó)有企業(yè)產(chǎn)權(quán)制度改革具有積極作用,有助于我國(guó)國(guó)有企業(yè)成為真正的獨(dú)立市場(chǎng)主體,有助于我國(guó)企業(yè)家階層的形成。研究分析交叉持股在中國(guó)的影響,對(duì)于預(yù)測(cè)市場(chǎng)中的資產(chǎn)泡沫程度也有現(xiàn)實(shí)意義。因此,從年報(bào)中找到各上市公司的資金占用披露情況,從股東控制鏈角度牢牢抓住上市公司母子公司之間的交叉持股情況,并研究其在中國(guó)的影響具有重要意義。 本文主要采用了案例分析與經(jīng)驗(yàn)分析的研究方法。從股權(quán)控制鏈角度出發(fā),研究控制鏈上的母子公司之間的交叉持股,通過(guò)真實(shí)案例分析母子型交叉持股的操作手法和結(jié)果,得出母子型交叉持股既有為了整合資源,發(fā)揮協(xié)同效應(yīng)的動(dòng)機(jī),又是公司通過(guò)資產(chǎn)置換,借殼上市來(lái)達(dá)到控制權(quán)轉(zhuǎn)移的一種手段。
[Abstract]:Cross shareholding is refers to the company between a certain percentage of shares held by each other, and each other to become each other shareholders. Cross shareholding first appeared in Japan in 1952, China's first cross shareholdings of listed companies was the event the Liaoning Chengda transferee GF Securities (storage Yun, 2001). With the changes of economic environment, effect of enterprise scale expansion and other factors, cross shareholding has become increasingly complex, and the laws and regulations of our country, such as "company law" and "Securities Law > of cross shareholding no expressly, the result can not cross shareholding in our special market environment is effectively regulated, the normal order of the capital the market can not be the maintenance of the legitimate rights and interests of investors are not to be protected effectively, it is necessary for us to study this phenomenon. According to the control of the company between cross shareholding or subordinate relationship, cross holding Stocks have cross shareholding cross shareholding parent subsidiary and non parent type, each has its characteristics, this paper studies the cross shareholding parent subsidiary. The company law for the parent subsidiary cross shareholding between parent and subsidiary companies are strictly prohibited, even cross shareholding in American Corporate Law loose in the Anglo American legal system is strictly limited the parent subsidiary, China listed companies have a parent company cross shareholding phenomenon, though not much, this is what reason? Cross shareholding parent subsidiary operating practices and process through the real case, found that cross shareholding parent subsidiary and China's joint-stock reform and reorganization of listed companies. At the same time, from the angle of theory analysis of these operations means to find the essence of cross shareholding parent subsidiary, and accordingly put forward regulation suggestions.
With the further deepening of China's reform and opening up, cross shareholding has weaken the function of the owner and strengthen the operator function has a positive effect on the reform of property right system of state-owned enterprises in China, contribute to China's state-owned enterprises to become truly independent market entities, contribute to the formation of an entrepreneurial class in China. Analysis of the impact of cross shareholding in Chinese, also has practical significance for predicting the market degree of asset bubbles. Therefore, from the annual report of the listed company to find funds from disclosure, cross shareholdings between the controlling shareholders of listed companies firmly grasp the chain angle of parent company and study its effect in Chinese has important significance.
This paper uses the research method of case analysis and experience. Starting from the control chain angle, cross shareholdings between control chain of the parent company, through the real case analysis of cross shareholding parent subsidiary operating practices and results obtained, the parent subsidiary cross shareholding is to integrate resources, synergies and motivation. Is the company through asset replacement, to achieve backdoor listing as a means of control transfer.

【學(xué)位授予單位】：安徽工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2011
【分類號(hào)】：F832.51

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 孫亞楠;交叉持股對(duì)我國(guó)上市公司經(jīng)營(yíng)績(jī)效影響的研究[D];東北林業(yè)大學(xué);2012年

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本文編號(hào)：1678031