本文選題：上市公司 + 競(jìng)爭(zhēng)對(duì)手�。� 參考：《上海交通大學(xué)》2012年碩士論文

【摘要】：隨著我國(guó)經(jīng)濟(jì)體制的改革與發(fā)展和中國(guó)證券市場(chǎng)的規(guī)范和成熟，上市公司間的投資模式也發(fā)生了很大變化，持有競(jìng)爭(zhēng)對(duì)手股權(quán)的現(xiàn)象在我國(guó)A股市場(chǎng)日益頻繁。持有競(jìng)爭(zhēng)對(duì)手股權(quán)既是一種資本運(yùn)作方法，又是企業(yè)發(fā)展擴(kuò)張的一種常見手段。它對(duì)上市公司的經(jīng)營(yíng)和管理也產(chǎn)生了重大影響。 本文以我國(guó)上市公司競(jìng)爭(zhēng)對(duì)手間持股為題進(jìn)行研究，理清競(jìng)爭(zhēng)對(duì)手間持股的概念、并以上市公司為主要研究對(duì)象，，分析我國(guó)上市公司同行業(yè)競(jìng)爭(zhēng)者之間持股的現(xiàn)狀，通過典型案例剖析和總結(jié)了我國(guó)上市公司競(jìng)爭(zhēng)者之間持股的主要特征，并在此基礎(chǔ)上實(shí)證研究了上市公司持有競(jìng)爭(zhēng)對(duì)手股權(quán)的影響因素及其動(dòng)機(jī)。 研究結(jié)果發(fā)現(xiàn)，本文對(duì)我國(guó)A股市場(chǎng)上影響上市公司持有競(jìng)爭(zhēng)對(duì)手股權(quán)的動(dòng)機(jī)主要包括：(1)為了企業(yè)的戰(zhàn)略擴(kuò)張以及企業(yè)間的協(xié)同效應(yīng);(2)財(cái)務(wù)型投資;(3)穩(wěn)定股價(jià)抵御惡意收購(gòu)。對(duì)影響上市公司是否會(huì)持有競(jìng)爭(zhēng)對(duì)手股權(quán)的因素研究發(fā)現(xiàn)，公司的資產(chǎn)規(guī)模和營(yíng)業(yè)利潤(rùn)會(huì)產(chǎn)生正面影響，股權(quán)集中度會(huì)產(chǎn)生反面影響。
[Abstract]:With the reform and development of China's economic system and the standardization and maturity of China's securities market, the investment patterns between listed companies have also changed greatly. The phenomenon of holding competitors' shares is increasingly frequent in the A stock market in China. Holding competitors' shares is a common method of capital operation and a common hand for the development and expansion of enterprises. It also has a significant impact on the operation and management of listed companies.
This paper studies the shareholding between competitors in China's listed companies and clarifies the concept of the shareholding between competitors. Taking the listed companies as the main research object, this paper analyzes the current situation of the shareholding between the competitors of the listed companies in China, and analyzes and summarizes the main characteristics of the shareholding among the competitors of the listed companies in China through a typical case. On the basis of this, it empirically studies the influencing factors and motives of listed companies' ownership of competitors.
The results of the study found that the motivation of the listed companies to hold competitors' shares in the A stock market of our country mainly includes: (1) for the strategic expansion of the enterprise and the synergy between enterprises; (2) financial investment; (3) stable stock price against malicious acquisition. At present, the scale of assets and operating profit of a company will have a positive effect, and the concentration of shares will have a negative effect.

【學(xué)位授予單位】：上海交通大學(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)：1880639