【摘要】：交叉持股作為一種公司間的投資行為,首先出現(xiàn)于二十世紀(jì)中期的西方發(fā)達(dá)資本主義國(guó)家,隨后大批日本公司將交叉持股作為抵御外國(guó)敵意收購(gòu)的利器。我國(guó)公司制度尚淺,第一例交叉持股產(chǎn)生于二十世紀(jì)九十年代,參股企業(yè)涉及遼寧成大與廣發(fā)證券,自此交叉持股在我國(guó)拉開(kāi)序幕,引起了學(xué)術(shù)界和社會(huì)的關(guān)注。近年來(lái),隨著新會(huì)計(jì)準(zhǔn)則的出臺(tái)及股權(quán)分置改革的完成,由交叉持股引發(fā)的股權(quán)計(jì)價(jià)問(wèn)題,為公司間的資產(chǎn)價(jià)值重估創(chuàng)造了機(jī)會(huì),交叉持股對(duì)上市公司業(yè)績(jī)產(chǎn)生不同程度的影響。通過(guò)這些年市場(chǎng)的表現(xiàn),我們不難發(fā)現(xiàn),交叉持股上市的確改善了上市公司經(jīng)營(yíng)業(yè)績(jī),但由于這一制度自身的兩面性,加之我國(guó)市場(chǎng)監(jiān)管體系尚不完善,因此,交叉持股在公司治理中的有效性受到質(zhì)疑。本文通過(guò)理論研究和實(shí)證檢驗(yàn),利用2008-2010年在滬市A股上市公司的相關(guān)數(shù)據(jù),分析不同交叉持股類型的上市公司行為動(dòng)機(jī),探索交叉持股行為對(duì)L市公司經(jīng)營(yíng)績(jī)效的影響,以規(guī)范我國(guó)上市公司交叉持股行為,同時(shí)從市場(chǎng)監(jiān)管角度及上市公司層面提出建議。 本論文結(jié)構(gòu)如下：首先從論文的研究意義,研究的內(nèi)容、方法及創(chuàng)新點(diǎn)、國(guó)內(nèi)外相關(guān)文獻(xiàn)進(jìn)行梳理；然后闡述了公司交叉持股制度,主要內(nèi)容涉及交叉持股概念及類型、交叉持股的動(dòng)因等；接著從交叉持股對(duì)公司經(jīng)營(yíng)績(jī)效影響的程度將其劃分為幾個(gè)階段,結(jié)合我國(guó)交叉持股上市公司的現(xiàn)狀,說(shuō)明交叉持股對(duì)我國(guó)上市公司的影響；最后進(jìn)行實(shí)證檢驗(yàn),包括建立假設(shè),選取觀測(cè)樣本組和控制樣本組,實(shí)證檢驗(yàn)與分析,得出結(jié)論。
[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.
【學(xué)位授予單位】：東北林業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F275;F224

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本文編號(hào)：2393306