雅戈?duì)柟窘徊娉止蓡栴}研究
發(fā)布時(shí)間：2018-03-09 22:20
本文選題：交叉持股 切入點(diǎn)：雅戈?duì)?/strong> 出處：《湖南大學(xué)》2012年碩士論文 論文類型：學(xué)位論文
【摘要】：作為資本運(yùn)作和公司發(fā)展擴(kuò)張的常用策略，交叉持股已是頻繁出現(xiàn)在上市公司之間。但由于交叉持股是一柄雙刃劍，在給企業(yè)和市場(chǎng)發(fā)展帶來積極效應(yīng)的同時(shí)，也引發(fā)了許多不可忽視的問題，關(guān)鍵在于使用者如何利用與操作。所以，對(duì)于如何有效規(guī)制交叉持股、如何使交叉持股興利除弊等問題的研究就顯得尤為重要和必要。同時(shí)，我國(guó)理論界和實(shí)務(wù)界對(duì)交叉持股研究主要停留于理論和推理介紹層面，案例分析較少，缺乏實(shí)質(zhì)性探索。因此，本文對(duì)交叉持股進(jìn)行問題研究，具有一定的學(xué)術(shù)價(jià)值和現(xiàn)實(shí)意義。 本文在借鑒投資組合理論、公司治理理論等主要相關(guān)理論和前人研究成果的基礎(chǔ)上，以雅戈?duì)柕慕徊娉止汕闆r為研究對(duì)象，，運(yùn)用相關(guān)理論，重點(diǎn)分析了雅戈?duì)栐诮徊娉止蛇^程中存在的業(yè)績(jī)虛增、主業(yè)下滑、盈利波動(dòng)大和潛在風(fēng)險(xiǎn)等主要問題，并通過對(duì)產(chǎn)生問題原因的剖析和評(píng)價(jià)，有針對(duì)性地出了股權(quán)投資適時(shí)收益化、增強(qiáng)主業(yè)核心競(jìng)爭(zhēng)、完善相關(guān)機(jī)制、風(fēng)險(xiǎn)監(jiān)控等改進(jìn)措施，同時(shí)建議監(jiān)管部門必須加強(qiáng)規(guī)范管理。 本文按照提出問題-分析問題-解決問題的研究模式，本著理論結(jié)合實(shí)踐的原則，采用了案例研究為主、理論分析為輔的研究方法，以現(xiàn)實(shí)案例和企業(yè)情況作為論證依據(jù)，運(yùn)用真實(shí)信息數(shù)據(jù)，找出案例公司存在的問題，并提出相應(yīng)的改進(jìn)措施。因此，本文旨在能夠有效規(guī)制雅戈?duì)柟竞屯愋推髽I(yè)的交叉持股行為，為今后交叉持股問題的深層次后續(xù)研究具有借鑒參考價(jià)值。
[Abstract]:As a common strategy of capital operation and company development and expansion, cross-shareholding has appeared frequently among listed companies. However, because cross-shareholding is a double-edged sword, it brings positive effects to the development of enterprises and markets at the same time. Therefore, the research on how to regulate cross-shareholding effectively, how to make cross-shareholding do beneficial things, and how to remove the disadvantages is particularly important and necessary. The theoretical and practical researches on cross-shareholding in China are mainly focused on the theoretical and inferential introduction, and the case studies are few and lack of substantial exploration. Therefore, this paper studies the cross-shareholding problem. It has certain academic value and practical significance. On the basis of the main relevant theories such as portfolio theory, corporate governance theory and previous research results, this paper takes Youngor's cross-shareholding situation as the research object and applies the relevant theory. This paper analyzes the main problems of Youngor in the process of cross-shareholding, such as false increase of performance, decline of main business, large fluctuation of profit and potential risk, and analyzes and evaluates the causes of the problems. The paper puts forward some improvement measures, such as timely income of equity investment, enhancement of core competition of main industry, improvement of relevant mechanism, risk monitoring and so on. Meanwhile, it is suggested that regulatory authorities must strengthen standardized management. According to the research mode of putting forward problem-analyzing problem-solving problem, based on the principle of combining theory with practice, this paper adopts case study as the main research method and theoretical analysis as the auxiliary research method, and takes the real case and the enterprise situation as the proof basis. Using the real information data to find out the problems existing in the case companies, and put forward the corresponding improvement measures. Therefore, this paper aims to effectively regulate the cross-shareholding behavior of Youngor Company and the same type of enterprises. It has reference value for the further study of cross-shareholding problem in the future.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51
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