关于上市公司交叉持股对其盈利水平影响的研究

Research about Cross-shareholding Effects on the Profitability of Listing Corporation

交叉持股在我国证券市场上发挥着越来越重要的作用。通过对我国沪深两市存在交叉持股的上市公司进行面板数据检验得出:上市公司交叉持股对其盈利能力具有促进作用,但是这种促进水平的大小取决于交叉持股的比例和该公司所处的行业。完善相关立法,针对不同行业的上市公司规定不同的交叉持股比例,可以促使上市公司交叉持股对其盈利水平发挥更好的作用。

T he cross shareholding in the securities market in China is playing an increasingly important role .Based on cross -shareholdings of listed companies in China＆#39;s Shanghai and Shenzhen securities market ,listed companies in China are verified by panel data model on the impact of cross -shareholdings on its profitability ,the results show that the cross -shareholdings of listed companies have promoted effect on its profitability ,but the promotion level depends on the size of the cross shareholding pro-portion and the company in the industry .To perfect relevant legislation and to set different cross shareholding proportion of listed companies according to different industry rules will boost cross -shareholdings of listed companies to play a better role in promoting its earnings .