本文關(guān)鍵詞： 交叉持股 企業(yè)價(jià)值 托賓Q　出處：《天津商業(yè)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：現(xiàn)代公司股權(quán)結(jié)構(gòu)越來越復(fù)雜，我國企業(yè)正進(jìn)入一個(gè)并購的高發(fā)時(shí)期，資本運(yùn)作的手段和方法日新月異，導(dǎo)致證券市場(chǎng)監(jiān)管資本運(yùn)作的難度不斷增加。而交叉持股既是資本運(yùn)作的一種手段同時(shí)又是公司發(fā)展壯大的常見策略，其正日益頻繁的出現(xiàn)在我們的經(jīng)濟(jì)生活中。因此，在我國經(jīng)濟(jì)飛速發(fā)展、交叉持股對(duì)我國證券市場(chǎng)的影響越來越大的今天，對(duì)交叉持股進(jìn)行深入研究已成為必要。本文主要是在前人研究的基礎(chǔ)上，借鑒國內(nèi)外學(xué)者對(duì)交叉持股的研究方法和研究成果，運(yùn)用我國上市公司的有關(guān)數(shù)據(jù)并結(jié)合統(tǒng)計(jì)學(xué)原理的相關(guān)方法，通過對(duì)交叉持股行為對(duì)公司價(jià)值的影響研究，為我國證券市場(chǎng)的健康發(fā)展提供建議。 文章首先對(duì)介紹了研究意義、研究內(nèi)容、研究方法和研究思路及框架；其次，闡述了交叉持股的國內(nèi)外研究現(xiàn)狀并對(duì)國內(nèi)外的研究現(xiàn)狀并進(jìn)行對(duì)比；接著是本文的理論支撐，主要分析了交叉持股相關(guān)理論、企業(yè)價(jià)值的相關(guān)理論以及交叉持股與企業(yè)價(jià)值的相關(guān)性，并再次基礎(chǔ)上提出了本文的研究假設(shè)；然后是本文的核心章節(jié)，主要是對(duì)我國上市公司交叉持股對(duì)企業(yè)價(jià)值影響的實(shí)證研究，分別以托賓Q和營業(yè)利潤率作為企業(yè)價(jià)值的替代變量對(duì)上述研究進(jìn)行回歸檢驗(yàn)，驗(yàn)證了本文的研究假設(shè)；最后，根據(jù)上文的運(yùn)行結(jié)果得出本文的研究結(jié)論，并結(jié)合交叉持股對(duì)上市公司企業(yè)價(jià)值影響的實(shí)際情況，提出相應(yīng)的建議。 本文以2009-2011年在滬深上市的A股交叉持股上市公司為研究對(duì)象，以托賓Q和營業(yè)利潤率作為企業(yè)價(jià)值的替代變量，分別從企業(yè)價(jià)值的市場(chǎng)表現(xiàn)和財(cái)務(wù)表現(xiàn)兩個(gè)方面研究上市公司交叉持股與企業(yè)價(jià)值的相關(guān)關(guān)系，都得出了本文的研究結(jié)論：作為上市公司十大股東的交叉持股比例與企業(yè)價(jià)值呈顯著的正相關(guān)關(guān)系，，從而證實(shí)了我國上市公司之間的交叉持股行為會(huì)對(duì)企業(yè)價(jià)值市場(chǎng)和財(cái)務(wù)兩方面產(chǎn)生影響，并且是具有正向促進(jìn)的影響。另外，資產(chǎn)負(fù)債率與企業(yè)價(jià)值呈顯著的正相關(guān)關(guān)系，股權(quán)集中度與企業(yè)價(jià)值的關(guān)系比較復(fù)雜，在兩個(gè)模型中表現(xiàn)不一致。
[Abstract]:The ownership structure of modern companies is becoming more and more complex. Chinese enterprises are entering a period of high incidence of mergers and acquisitions. The means and methods of capital operation are changing with each passing day. Therefore, cross-shareholding is not only a means of capital operation, but also a common strategy for the development and growth of companies, which is increasingly frequent in our economic life. With the rapid development of Chinese economy and the increasing influence of cross-shareholding on China's securities market, it is necessary to study cross-shareholding deeply. Referring to the research methods and results of cross-shareholding, using the relevant data of listed companies in our country and combining the relevant methods of statistical principle, this paper studies the influence of cross-shareholding behavior on the value of companies. To provide suggestions for the healthy development of China's securities market. Firstly, this paper introduces the significance of the research, research content, research methods and research ideas and framework. Secondly, it expounds the current situation of cross-shareholding research at home and abroad, and compares the domestic and foreign research status. Then it is the theoretical support of this paper. This paper mainly analyzes the correlation theory of cross-shareholding, the correlation theory of enterprise value and the correlation between cross-shareholding and enterprise value, and then puts forward the research hypotheses of this paper on the basis of again; then, it is the core chapter of this paper. The empirical study on the impact of cross-shareholding on the corporate value of listed companies in China, using Tobin Q and operating profit margin as substitute variables of corporate value, respectively, carries out regression test to verify the research hypothesis of this paper; finally, According to the above results, this paper draws the conclusion of this paper, and combined with the actual situation of the impact of cross-shareholding on the value of listed companies, puts forward the corresponding suggestions. This paper takes A-share cross-shareholding listed companies listed in Shanghai and Shenzhen in 2009-2011 as the research object, and takes Tobin Q and operating profit margin as the alternative variables of enterprise value. The relationship between cross-shareholding and corporate value of listed companies is studied from two aspects: market performance and financial performance. The conclusion of this paper is as follows: the cross-shareholding ratio of ten shareholders of listed companies has a significant positive correlation with the enterprise value. It is proved that the cross-shareholding behavior among listed companies in China will have a positive impact on both the value market and the finance of the enterprises, and it has a positive impact on the value of enterprises. In addition, there is a significant positive correlation between the asset-liability ratio and the enterprise value. The relationship between ownership concentration and enterprise value is complex and inconsistent in the two models.
【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】：2013
【分類號(hào)】：F276.6;F832.51;F224

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