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交叉持股是公司资本运作的常见手法。自2007年1月1日起实施的企业会计准则对投资收益作了重新界定,上市公司交叉持股产生的投资收益体现在账面价值中,加速了上市公司交叉持股的发展。本文建立以企业价值为被解释变量、交叉持股比例为解释变量的企业价值模型,研究上市公司交叉持股对企业价值产生的影响。实证结果表明,上市公司交叉持股比例对企业价值具有显著的正向放大作用。
Cross-shareholdings are common practices in corporate capital operations. The January 1, 2007 implementation of the Accounting Standards for Business made a new definition of investment income, listed companies cross-shareholdings generated investment income reflected in the book value, accelerated the development of cross-shareholdings in listed companies. This paper establishes an enterprise value model with enterprise value as explanatory variable and cross-shareholding ratio as explanatory variables, and studies the impact of cross-shareholdings of listed companies on enterprise value. The empirical results show that the proportion of cross-shareholdings of listed companies has a significant positive impact on the value of the enterprise.