导　　师： 吴文锋

学科专业： 1202

授予学位： 硕士

作　　者： ;

机构地区： 上海交通大学

摘　　要： 随着我国经济体制的改革与发展和中国证券市场的规范和成熟，上市公司间的投资模式也发生了很大变化，持有竞争对手股权的现象在我国A股市场日益频繁。持有竞争对手股权既是一种资本运作方法，又是企业发展扩张的一种常见手段。它对上市公司的经营和管理也产生了重大影响。 本文以我国上市公司竞争对手间持股为题进行研究，理清竞争对手间持股的概念、并以上市公司为主要研究对象，分析我国上市公司同行业竞争者之间持股的现状，通过典型案例剖析和总结了我国上市公司竞争者之间持股的主要特征，并在此基础上实证研究了上市公司持有竞争对手股权的影响因素及其动机。 研究结果发现，本文对我国A股市场上影响上市公司持有竞争对手股权的动机主要包括：/(1/)为了企业的战略扩张以及企业间的协同效应;/(2/)财务型投资;/(3/)稳定股价抵御恶意收购。对影响上市公司是否会持有竞争对手股权的因素研究发现，公司的资产规模和营业利润会产生正面影响，股权集中度会产生反面影响。 With the reform and development of China's economic system, China'ssecurities market is becoming standardized and mature and the investmentpatterns of the listed firms have changed a lot. It is increasingly frequent thata company is in procession of the competitors' shares in China's A-sharemarket. Holding the competitors' shares is not only a capital operationmethod but also a company growth and expansion way, which has significantinfluence on the operation and management of the listed firms. This thesis is to study the shareholdings between the competitors of thelisted companies. The author first clarified the concept of the shareholdingsbetween the competitors and made the listed firms as the object to analyze China's current situation of the shareholdings between the competitors of thelist firms of the same industry. Then by typical cases, the author analyzed andsummarized the main features of the shareholdings between the competitorsof the listed firms, so as to study the motivations and factors influencing theshareholdings between the competitors of the listed firms. The results show that the main motivations affecting the shareholdingsbetween the competitors of the listed companies in China's A-share marketinclude:/(1/) strategic expansion of enterprises and synergies betweenenterprises;/(2/) financial investment;/(3/)stabling the stock price to resist hostiletakeovers. As for the factors that influence whether the companies will holdthe competitors' options or not, the study shows that the scale and operatingprofits will have a positive impact while the ownership concentration willhave a negative impact.

关 键 词： 上市公司 竞争对手 交叉持股 动机

领　　域： [经济管理] [经济管理] [经济管理] [经济管理]