本文選題：交叉持股　切入點：公司績效　出處：《浙江工商大學》2012年碩士論文

【摘要】：交叉持股在我國的發(fā)展源于20世紀90年代初期,隨著現(xiàn)代公司股權(quán)結(jié)構(gòu)日趨復雜,交叉持股作為公司資本運作和發(fā)展擴張的手段,日益頻繁的出現(xiàn)在我們的經(jīng)濟生活中。股權(quán)分置改革的順利展開及2006年新會計準則的出臺,使交叉持股上市公司的股權(quán)計價方式發(fā)生了巨大變化,這給上市公司資產(chǎn)價值的重估帶來了重大機遇與挑戰(zhàn),從而對上市公司績效也產(chǎn)生了較大的影響,因此,對企業(yè)交叉持股的研究具有重要的意義。 本文以交叉持股對上市公司的績效影響為研究對象,設立了以交叉持股比例為解釋變量,托賓Q、總資產(chǎn)報酬率、總資產(chǎn)現(xiàn)金回收率為被解釋變量的企業(yè)績效模型。在企業(yè)績效模型的考察中,分別用全樣本和按照不同企業(yè)性質(zhì)劃分的子樣本數(shù)據(jù)對模型進行回歸。從不同角度考察了交叉持股對上市公司績效的影響。 本文以2007、2008和2009年具有交叉持股現(xiàn)象的A股上市公司作為研究樣本,收集了交叉持股比例以及相關(guān)財務數(shù)據(jù),通過分析交叉持股的基本理論,交叉持股如何影響上市公司績效,提出研究假設,將相關(guān)數(shù)據(jù)帶入企業(yè)績效模型運行后得出本文的數(shù)據(jù)結(jié)果。實證研究結(jié)果表明：交叉持股對上市公司績效有著積極的影響,交叉持股比例高的公司具有更好的績效水平。另外,國有企業(yè)交叉持股對公司績效的影響顯著高于非國有企業(yè)。因此,本文得出,交叉持股能夠改善上市公司績效,有利于企業(yè)績效的提升。最后,本文建議我國應構(gòu)建完備的制度體系對交叉持股進行規(guī)范、揚長避短,同時應建立國家大中型企業(yè)交叉持股數(shù)據(jù)庫,為政府監(jiān)控提供準確可靠的依據(jù)。
[Abstract]:The development of cross-shareholding in China originated in the early 1990s. With the increasingly complex ownership structure of modern companies, cross-shareholding as a means of capital operation and expansion of the company. With the smooth development of the reform of split share structure and the introduction of new accounting standards in 2006, the way of equity valuation of cross-shareholding listed companies has changed greatly. This brings great opportunities and challenges to the revaluation of assets value of listed companies, and thus has a great impact on the performance of listed companies. Therefore, the research on cross-shareholding of enterprises is of great significance. In this paper, the impact of cross-shareholding on the performance of listed companies as the object of study, the establishment of cross-shareholding ratio as an explanatory variable, Tobin Q, total return on assets, Enterprise performance model with total asset cash recovery rate as explained variable. The model is regressed by using the full sample and sub-sample data according to the nature of different enterprises, and the influence of cross-shareholding on the performance of listed companies is investigated from different angles. This paper takes A-share listed companies with cross-shareholding phenomenon in 2007 and 2009 as research samples, collects cross-shareholding ratio and related financial data, analyzes the basic theory of cross-shareholding, and how cross-shareholding affects the performance of listed companies. Put forward the research hypothesis, bring the relevant data into the enterprise performance model to get the results of this paper. The empirical results show that: Cross-shareholding has a positive impact on the performance of listed companies. In addition, the influence of cross-shareholding on corporate performance in state-owned enterprises is significantly higher than that of non-state-owned enterprises. Therefore, this paper concludes that cross-shareholding can improve the performance of listed companies. Finally, this paper suggests that our country should establish a complete system to standardize cross-shareholding, promote its strengths and circumvent its weaknesses, at the same time, it should establish a national database of cross-shareholding in large and medium-sized enterprises. To provide accurate and reliable basis for government monitoring.
【學位授予單位】：浙江工商大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F275;F832.51;F224

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