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Research on Effect of Cross-shareholdings to Enterprise Value of Chinese Listed Companies

Author: MaBing
Tutor: ZhangYuMing
School: Shandong University
Course: Accounting
Keywords: Cross-shareholdings Enterprise value The Return on net assets rate Risk coefficient
CLC: F272
Type: Master's thesis
Year: 2009
Downloads: 438
Quote: 6
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Abstract


Cross-shareholdings in the development of our country originated in the early 1990s. At that time, our company funds a general lack of established legal cross-shareholding relationship can effectively play the role of inflated capital, making many large state-owned companies to quickly reach the scale of capital requirements listed in the early stage of joint-stock reform, corporate cross-shareholdings by ventilation is not listed highlight the role of operators Group, while at the same time maintain the joint-stock reform on the basis of \With modern shareholding structure of the Company is growing more and more complex, our company is entering a period of high incidence of mergers and acquisitions, capital operation practices and techniques emerging, changing, especially the split share structure reform carried out in 2005, the securities market regulatory capital operation increasing difficulty. Cross-holdings of both capital operation of a common approach and a common means of growth and expansion of the company, the corporate cross-shareholdings behavior is extremely important. The object of this paper is the impact of corporate cross-shareholding ratio of enterprise value, for the establishment of the enterprise value to the enterprise value of the dependent variable, the proportion of cross-shareholdings as independent variables model. In the investigation of the enterprise value model, respectively, with the full sample and sub-divided according to the nature of different enterprises sample data regression model. The same time, in order to fully reflect the cross-shareholding enterprise value, but also the establishment of the enterprise performance model and market risk model to examine the impact of cross-shareholding enterprise value from the different perspectives of the enterprise value. The paper selected 225 A-share listed companies in Shanghai and Shenzhen have cross-shareholdings phenomenon as the study sample, collected from these listed companies the proportion of cross-shareholdings in the three years of 2006-2008, the enterprise value data, performance data, market risk data and other relevant indicators data, and on the basis of the analysis of cross-shareholdings theory assumptions associated with the three models, the relevant data into the model to run based on the results of this data by analysis concluded that the proportion of cross-shareholding enterprise value has a significant positive amplification of the conclusions of the study model of corporate performance and market risk model that, the proportion of cross-shareholdings and corporate performance on a high level of significance a positive correlation, negative correlation between corporate performance and market risk, market risk and enterprise value has a direct relationship, therefore, behind the model study concluded confirms the conclusions drawn in the enterprise value model. Cross-shareholdings behavior is increasingly common in China's listed companies, causing countries and many business concerns, but the study of theory and practical circles on cross-holdings still out of its infancy, many issues to be in-depth study, this is also the author In follow-up studies need to continue exploring.

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CLC: > Economic > Economic planning and management > Enterprise economy > Enterprise planning and management decision - making
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