我国上市公司参股行为对公司绩效影响的实证研究

上海交通大学硕士学位论文我国上市公司参股行为对公司绩效影响的实证研究姓名：罗茜申请学位级别：硕士专业：金融指导教师：陶亚民20081201iAii,,,iiiANEMPIRICALSTUDYOFTHEIMPACTOFTHESHAREPARTICIPATIONONTHEOPERATINGPERFORMANCEOFTHELISTEDCOMPANIESINCHINAABSTRACTShareparticipationisakindofcommonlyusedinvestmentstrategyinChineseStockMarket.Butaccordingtothemarketbehaviorinrecentyears,theapplicationofthismethodinlistedcompanies’resourcecollocationisfarfromrational.Alsotheabsenceofstrictsupervisionfurtherdebasesthevalidityofshareparticipationinvestment.ThisthesisbasedontheactualconditionofChinesemarketprobesintothevalidityofshareholdinginvestmentstrategy,aimingatfiguringoutsomewaytohelplistedcompaniesrealizebetterresourcecollocationandstrongercorecompetence.ThisthesisbeginsatretrospectionofresearchesconductedbyChineseandforeignscholarsandintroducingthedefinationandclassificationofshareparticipation.Basedonthedifferentinvestmentmotivation,shareholdingivinvestmentcanbeclassifiedintotwogeneralsorts.Oneisfinancialshareparticipation,emphysizingtheshort-terminvestmentyield,andtheotherisstrategicshareholding,emphysizingthelong-terminvestmentyield.Thecharacteroftheformeroneistheshortinvestmentperiodandthelowshareparticipationproportion,whilethelaterone’sisthelonginvestmentperiodandthehighshareparticipationproportion.Thestrategicshareparticipationcomesintoeffectthroughitsinfluenceontheinvestedboard,themechanismofwhichisrelativelymorecomplex.Accordingtothestrategicinvestmenttheoryandhistoryofmerger,itcanbefurtherbrokedownintothreesmalltypes,thatis,verticalshareparticipation,horizontalshareparticipation,andirrelevantshareparticipation.Differentmotivationinshareparticipationleadstoitsdifferentinfluenceincompanies’operatingperformance.Afterthevalidclassificationofalltheshareparticipation,thisthesisreviewsthestatusquoofitsdevelopmentinChinesemarket.Statisticalresultsreflectthatcomparedtostrategicshareparticipation,financialparticipationismorecommon,andcompaniesinclinationtowarditchangeswiththemarketperiod.Withinstrategicshareholding,itismorecommonforcompaniestoconductirrelavantshareholding,whichseemsirrational.Besidesthereislargedifferenceamongindustriesinmanyaspects,suchasshareparticipationtypeandwillingnesstoconductsuchinvestment,whichvtallieswiththelifecycletheory.Andthen,thethesisentersthemostimportantpart,athoroughanalysisonthevalidityofshareparticipationbymeansofdemonstration.Thefirstissuetofigureoutiswhethershareparticipationinfluencescompanies’operationperformanceornot.Itturnsoutthatthevalidityisdifferentbetweenfinancialandstrategicsharepariticipationalthoughthesampleasawholeisdistinctlyinfluenced.Companiesshouldbecautiousoffinancialshareparticipationduetoitsuncleareffectindescendingperioddespiteitsobviouspromotingeffectinbullmarket.Asforthestrategicshareparticipation,itspositiveinfluenceoncompaniesoperationperformanceismoreobviouswhenitsmotivationforlong-terminvestmentyieldisstronger.Thesecondissuetofigureoutismainlyabouthowtoraisethevalidityofstrategicshareparticipation.Boththeingredientandregressionanalysisshowthatshareparticipationtypeishighlyrelatedwithoperatingperformance,whiletheinfluenceofshareparticipationproportionisnotclear.Finallythethesisabstractssomeopinionfromthestatisticsanddemonstration.Firstofall,thekeytoraisetheshareparticipationvalidityistoenhanceitsinfluenceontheinvestedcompany.Itwouldbeagoodideatoconductcrossshareholdingonlyifthefinancialandlawsystemarebetterconstructed.Second,havingabetterunderstandingabouttheindustryvilifecyclewouldservetoformabettershareparticipationstrategyinaspectssuchasshareholdingtype.Thelastbutnotleast,itisalwaysthebesttimetoprepareforstrategicshareparticipationwhenthemarketisinitsbadtime.KEYWORDS:financialshareparticipation,strategicshareparticipation,operatingperformance,corecompetenceix1-1...................................................82-1....................................................132-2............................................172-3............................................192-4..........................................203-1..............................................233-2.3.........................................243-3.20042007..........................................263-4..............................................263-5................................................273-6.20075%............................293-7.200720%...........................293-8............................................303-9.2004-2007..............................................333-10...............................................34x3-1........................................243-2....................................313-3......................................324-1.ROE.............................394-2.ROE.................414-3.5%ROE.................424-4.10%ROE................434-5.ROE.....................454-6.2004-200710%ROET...........464-7..................................................485-1..........................................5511.1l.2.3.4.200617829510154.582007A112ST2005120060.175001200712.8451862.6568395%200710340361270868682020