中国上市公司交叉持股的效应:财务特征与业绩

The Cross-shareholdings' Effects on Listed Companies in China:Financial Characteristics and Corporate Performance

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。

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 relationship between cash dividends,earnings level and the cross-shareholding.Further,this paper also studies the performance of cross-holding company with matching methods.The author finds out that the cross-shareholding has a positive correlation with corporate performance.The discussion about the motivation of cross-holding reveals that the major target of cross-shareholding is speculative,so the improvement of performance is non-continuous.