论交叉持股的危害及其规范取向

On the Defects and Regulation Value Orientation of Cross Shareholding

交叉持股是一个复杂的经济现象,尽管其具有降低交易成本、方便财务运作、对抗公司收购以及稳定股价等方面的积极因素,但可能导致虚增公司资本、造成经营者巩固效应、妨碍证券市场正常交易秩序以及限制竞争等严重弊端。应当在全面、正确认识交叉持股的基础上对之进行适当规制,不能以交叉持股作为促进国有企业投资主体多元化、推进企业集团化发展的手段。

As a complicated economic phenomenon,though cross shareholding may reduce bargain cost,facilitate finance operation,resist corporation takeover and stabilize stock price,it will lead to a series of negative effects such as fake increase of capital,trenchment effect,jeopardizing security market,limiting market competition,and etc.The issues in respect of cross shareholding should be carefully dealt with,and regulatory norms should be applied with a correct and comprehensive understanding of their defects.The shareholder pluralization of state-owned enterprises as well as their collectivization is actually a mission impossible to accomplish for cross shareholding.