交叉持股对公司业绩影响的评述与研究展望

A Review and Prospects of Research on the Impact of Cross-holding on Corporate Performance

随着我国上市公司交叉持股数量和股权投资金额的不断增多,交叉持股行为对公司业绩的影响逐渐成为学术界和实务界关注的热点。在界定"交叉持股"的概念和研究范畴的基础上,系统回顾了有关交叉持股与公司业绩关系的文献,特别对具体的影响路径、产生研究结论差异的原因进行了系统梳理和述评。基于我国上市公司交叉持股的现状和特点,对未来研究进行了展望。

With the increasing number of cross-holdings and the amount of equity investment of listed companies in China,the impact of cross-holding behavior on corporate performance has gradually become a hot topic in academia and practice. This paper first defines the concept of cross-holding and research areas. Then systematically reviews the literatures on the relationship between cross-holdings and corporate performance,in particular,systematically combs and reviews the specific impact path and the reason for resulting the differences in the research conclusion,and prospects for future research based on the current situation and characteristics of cross-holding of listed companies in China.