本文選題：交叉持股 + 企業(yè)績(jī)效��； 參考：《天津商業(yè)大學(xué)》2012年碩士論文

【摘要】：交叉持股是一種公司或者法人等非自然人之間的相互投資行為，在我國(guó)交叉持股起源于上世紀(jì)90年代，自1998年遼寧成大股份有限公司與廣發(fā)證券有限責(zé)任公司相互持有對(duì)方股份以來(lái)，越來(lái)越多的上市公司出于公司治理、盈余管理等目的交叉持股。交叉持股在股市中助漲助跌的雙面作用更是引發(fā)了人們?cè)絹?lái)越多的關(guān)注，一方面，在牛市中交叉持股能幫助上市公司不斷刷新財(cái)富神話，另一方面，到了熊市交叉持股則會(huì)加速助推股價(jià)下跌。 交叉持股既是公司資本運(yùn)作的一種常見手法,又是公司發(fā)展擴(kuò)張的一種常見手段,交叉持股在我們的經(jīng)濟(jì)生活中日益出現(xiàn)，但是由于其產(chǎn)生時(shí)間較晚,理論界和實(shí)務(wù)界對(duì)其研究尚不夠深入,已有文獻(xiàn)以理論研究居多，主要集中在交叉持股的動(dòng)因、會(huì)計(jì)計(jì)量、公司財(cái)務(wù)特征、合并報(bào)表的利潤(rùn)分配方法等方面，而對(duì)于交叉持股的經(jīng)濟(jì)后果方面的實(shí)證研究卻很少。文章將定性分析和定量分析相結(jié)合，，運(yùn)用統(tǒng)計(jì)學(xué)和計(jì)量經(jīng)濟(jì)學(xué)的方法探討交叉持股與非交叉持股的企業(yè)績(jī)效是否存在顯著性差異，以及進(jìn)一步探討交叉持股行為是否會(huì)對(duì)企業(yè)績(jī)效產(chǎn)生正面影響？即交叉持股行為是否會(huì)對(duì)代表企業(yè)核心競(jìng)爭(zhēng)能力的績(jī)效產(chǎn)生提升作用？以期望對(duì)資本市場(chǎng)和上市公司的規(guī)范發(fā)展做出一定的貢獻(xiàn)。 研究發(fā)現(xiàn)交叉持股與非交叉持股的上市公司在經(jīng)營(yíng)績(jī)效上有顯著的差別，交叉持股上市公司的經(jīng)營(yíng)績(jī)效在一定程度上優(yōu)于非交叉持股上市公司。交叉持股與企業(yè)的績(jī)效成正相關(guān)關(guān)系，這說(shuō)明上市公司之間交叉持股對(duì)企業(yè)績(jī)效有著在一定程度的提升作用。
[Abstract]:Cross-shareholding is a kind of mutual investment behavior between non-natural persons, such as corporations or legal persons. In China, cross-shareholding originated in the 1990s.Since 1998, when Liaoning Chengda Co., Ltd. and Guangfa Securities Co., Ltd. hold each other's shares, more and more listed companies are holding cross-shareholdings for the purposes of corporate governance and earnings management.The dual role of cross-shareholding in the stock market has attracted more and more attention. On the one hand, cross-shareholding in a bull market can help listed companies to refresh the myth of wealth, on the other hand,Cross-shareholding in the bear market will accelerate the share price decline.Cross-shareholding is not only a common technique of corporate capital operation, but also a common means of development and expansion of the company. Cross-shareholding is emerging day by day in our economic life.The theoretical and practical research on it is not deep enough, and the literature has mainly focused on the motivation of cross-shareholding, accounting measurement, corporate financial characteristics, the method of profit distribution in consolidated statements, and so on, which is mainly focused on the motivation of cross-shareholding, accounting measurement, corporate financial characteristics, and the method of profit distribution in consolidated statements.However, there are few empirical studies on the economic consequences of cross-shareholding.By combining qualitative analysis with quantitative analysis, this paper discusses whether there are significant differences between cross-shareholding and non-cross-shareholding by means of statistics and econometrics.And further explore whether cross-shareholding behavior will have a positive impact on corporate performance?That is whether cross-shareholding behavior will improve the performance of the core competitiveness of the enterprise.In order to expect to the capital market and listed companies to make a certain contribution to the normative development.It is found that there are significant differences between cross-shareholding and non-cross-shareholding listed companies in operating performance, and cross-shareholding listed companies' operating performance is better than non-cross-shareholding listed companies to some extent.Cross-shareholding has a positive correlation with firm performance, which indicates that cross-shareholding among listed companies can improve corporate performance to some extent.
【學(xué)位授予單位】：天津商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F276.6;F832.51;F224

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本文編號(hào)：1737296