| 中国上市公司交叉持股的效应:财务特征与业绩 |
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| 引用本文： | 冉明东. 中国上市公司交叉持股的效应:财务特征与业绩[J]. 中南财经政法大学学报, 2011, 0(6) |
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| 作者姓名： | 冉明东 |
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| 作者单位： | 中南财经政法大学,会计学院,湖北,武汉,430073 |
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| 基金项目： | 国家社会科学基金资助项目“现代企业管理层信息披露质量测评体系的国际比较研究”(10CGL010); 中南财经政法大学中央高校基本科研业务费专项资金资助项目“上市公司交叉持股、公司治理与企业绩效研究” |
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| 摘 要： | 交叉持股是一种特殊的股权结构形式,它对上市公司会产生多方位的影响.本文从交叉持股效应的理论分析入手,以我国交叉持股上市公司为研究样本,对其财务特征和业绩进行实证检验.对财务特征的检验结果表明:交叉持股具有显著的资本放大效应,并在一定程度上提高了公司的负债水平,但尚未发现交叉持股显著影响盈利水平和现金分红较为一致的证据.进一步对交叉持股公司业绩的配对模型检验则发现,目前我国上市公司交叉持股有利于其业绩的提高,但我国上市公司主要是基于投机性目标进行交叉持股,因而业绩的改善可能并不具有持续性.
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| 关 键 词： | 交叉持股 财务特征 公司业绩 持股比例 |
The Cross-shareholdings' Effects on Listed Companies in China:Financial Characteristics and Corporate Performance |
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| RAN Mingdong. The Cross-shareholdings' Effects on Listed Companies in China:Financial Characteristics and Corporate Performance[J]. Journal of Zhongnan University of Finance and Economics, 2011, 0(6) |
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| Authors: | RAN Mingdong |
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| Affiliation: | RAN Mingdong(School of Accounting,Zhongnan University of Economics and Law,Wuhan 430073,China) |
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| Abstract: | Cross-shareholding is a special form of ownership structure and has multi-faceted impact on listed Companies.This paper studies the theory of cross-shareholding effects,and analyzes the financial characteristics and corporate performance using a sample of Chinese listed companies.The test results of financial characteristics show that significant capital multiplier effect of cross-shareholdings and the cross-shareholding company's debt level is relatively higher.But there are no evidences about the relation... |
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| Keywords: | Cross-Shareholding Financial Characteristics Corporate Performance |
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