【摘要】：交叉持股作為一種公司間的投資行為,首先出現(xiàn)于二十世紀中期的西方發(fā)達資本主義國家,隨后大批日本公司將交叉持股作為抵御外國敵意收購的利器。我國公司制度尚淺,第一例交叉持股產生于二十世紀九十年代,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拉開序幕,引起了學術界和社會的關注。近年來,隨著新會計準則的出臺及股權分置改革的完成,由交叉持股引發(fā)的股權計價問題,為公司間的資產價值重估創(chuàng)造了機會,交叉持股對上市公司業(yè)績產生不同程度的影響。通過這些年市場的表現(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營業(yè)績,但由于這一制度自身的兩面性,加之我國市場監(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疑。本文通過理論研究和實證檢驗,利用2008-2010年在滬市A股上市公司的相關數(shù)據(jù),分析不同交叉持股類型的上市公司行為動機,探索交叉持股行為對L市公司經營績效的影響,以規(guī)范我國上市公司交叉持股行為,同時從市場監(jiān)管角度及上市公司層面提出建議。 本論文結構如下：首先從論文的研究意義,研究的內容、方法及創(chuàng)新點、國內外相關文獻進行梳理；然后闡述了公司交叉持股制度,主要內容涉及交叉持股概念及類型、交叉持股的動因等；接著從交叉持股對公司經營績效影響的程度將其劃分為幾個階段,結合我國交叉持股上市公司的現(xiàn)狀,說明交叉持股對我國上市公司的影響；最后進行實證檢驗,包括建立假設,選取觀測樣本組和控制樣本組,實證檢驗與分析,得出結論。
[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.
【學位授予單位】：東北林業(yè)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F275;F224

【參考文獻】

相關期刊論文 前10條

1 郭靂;;交叉持股現(xiàn)象的分析框架與規(guī)范思路[J];北京大學學報(哲學社會科學版);2009年04期

2 李進;馬軍海;;交叉持股行為的復雜性研究[J];北京理工大學學報(社會科學版);2009年04期

3 秦俊;朱方明;;我國上市公司間交叉持股的現(xiàn)狀與特征[J];財經論叢;2009年03期

4 徐虹;林鐘高;;金融危機中的公允價值計量探討[J];財會通訊;2009年04期

5 萬立全;;交叉持股下公司間持股比例的計算[J];財會月刊;2009年22期

6 孫曉玲;;交叉持股下合并財務報表的交互分配法與庫藏股法[J];財會月刊;2010年08期

7 章素誠;吳秋野;;對我國企業(yè)集團的探析與思考[J];法制與社會;2008年17期

8 裴桂芬;;中國上市公司交叉持股的思考——從日本交叉持股談起[J];廣東社會科學;2008年04期

9 儲一昀,王偉志;我國第一起交互持股案例引發(fā)的思考[J];管理世界;2001年05期

10 安邦坤;;略論交叉持股對公司治理的影響[J];經營管理者;2009年22期

相關重要報紙文章 前1條

1 夏志瓊;[N];財會信報;2008年

相關碩士學位論文 前8條

1 李曉然;交叉持股會計難點問題研究[D];東北財經大學;2010年

2 劉國君;我國上市公司交叉持股的動機和影響[D];安徽工業(yè)大學;2011年

3 胡誠;母子型交叉持股的影響和規(guī)制研究[D];安徽工業(yè)大學;2011年

4 陳卓;公司相互持股法律問題研究[D];吉林大學;2007年

5 張燕;公允價值計量對我國交叉持股上市公司業(yè)績影響研究[D];天津大學;2008年

6 羅茜;我國上市公司參股行為對公司績效影響的實證研究[D];上海交通大學;2008年

7 馬兵;我國上市公司交叉持股對企業(yè)價值影響研究[D];山東大學;2009年

8 田媛;公允價值條件下交叉持股規(guī)范問題研究[D];河北大學;2010年

，

本文編號：2393306