上市公司交叉持股网络化形成的动因研究——基于社会网络视角

Research on Listed Company Cross-shareholding Networked Formative Motivation: Based on Social Network Theory

基于社会网络视角,以2013年沪深300指数中涉及交叉持股行为的上市公司为样本,实证分析了上市公司交叉持股网络形成和演变的动力因素。研究发现,公司战略与财务需要对上市公司之间交叉持股关系的形成和演变具有显著的促进作用。交叉持股倾向于在股权集中度、股权制衡度、公司发展能力和盈利能力相近的上市公司之间形成,股权结构越相似,公司财务收益越接近的上市公司,交叉持股关系越密切。

This paper makes an empirical analysis of the motivation of listed company crossshareholding networked formative and evolution based on social network theory, taking the crossshareholding CSI300 listed firms in 2013 as research samples. The results show that corporate strategy and financial needs have a positive effect on the listed company cross- shareholding formative and evolution. Cross-shareholding tends to be formed between listed companies that the similar ownership concentration and equity structure. Also, cross- shareholding tends to be formed between listed companies that the similar company development capacity and profitability. So the company＇s ownership structure and financial income are more similar, the cross- shareholding relationships are more closely.