河南财经学院本科生毕业论文交叉持股对上市公司价值的影响分析姓名景源博学号2004409405专业会计学指导教师薛玉莲教授2008年4月27日摘要新实施的《企业会计准则》在企业对外股权投资的会计处理上进行了改革，对流动性较强的股权投资采用了以公允价值计价进行会计确认和计量，这对交叉持股的上市公司业绩产生较大影响，并在一定程度上影响了对上市公司的价值评价。我国资本市场正处于上升期，上市公司股权投资随之增值，这就引发了股权投资重估的进程。投资者对市场信息的误读，不利于证券市场的稳定发展，同时也会分散上市公司的经营重心。所以，正确认识交叉持股对我国资本市场的发展和完善公司治理结构具有重要作用。本文结合新会计准则对交叉持股的相关规定，在国内外专家学者研究的基础上，首先分析了交叉持股具有降低交易成本、方便财务运作、对抗公司收购和稳定公司股价的功能；其次探讨了交叉持股的危害，即交叉持股不仅虚增资本、妨碍证券市场正常交易秩序、不利于公司治理结构的完善还影响上市公司价值评价；然后通过对比分析，针对我国的现状提出了对交叉持股进行法律规制的构想。关键词：交叉持股；虚增资本；交易性金融资产；可供出售金融资产AbstractTheimplementationofthenewaccoutingstandardshasreformedthedealofforeignequityinvestment,whichadoptstheconceptofassetsandliabilitiestorecognizeandmeasurethestrongflowequityinvestmentbyfairvaluemeasurement.Thenewaccoutingstandardsareimportantfortheperformanceofcompanies,whichhavecross-shareholdings.Thenalistedcompany'sequityinvestmentvalue,whichtriggeredareassessmentoftheequityinvestmentprocess.Investorsinthemarketinformationmisunderstandingisnotconducivetothestabledevelopmentofthesecuritiesmarket,butalsoscatteredlistedcompany'sbusinessfocus.Soacorrectunderstandingofcross-shareholdingsplayanimportantroleinchina'scapitalmarketdevelopmentandimprovementofthecorporategovernancestructure.Combinedwiththenewaccountingstandardsontheprovisionsofcross-shareholdingsanddomesticandforeignexperts’research,thispapermainlyintroducesthefollowingelements:Firstly,cross-shareholdingshavefunctionofloweringtransactioncosts,facilitatingfinancialoperations,resistingtheacquisitionandstabilizingthecompanyshares’prize;Secondly,cross-shareholdingshavenegativeeffectsofinflatingcapital,hamperingthenormaltradeorderandtheconsummationofcorporategovernancestructureandaffectingperformanceevaluation;Thirdly,thispaperaccomplishstheseriesoflegalregulationthroughcomparativeanalysis,inviewofpresentstatus.KeyWords:Cross-shareholdings；Inflatedcapital；Transactionsoffinancialassets；Financialassetsavailableforsale目录TOC\o"1-3"\h\z\uHYPERLINK\l"_Toc200687869"