| Cross-shareholdings of related party is, as a company mode of governance in the capital market participants , the governance mode makes the interest relationship between each other holding together. Both strategic arrangement for raw materials acquisition, group, and can also resist malicious mergers and acquisitions, and implement governance decisions within the company group. A coin always have positive and negative, the affiliated party cross-shareholding has brought these advantages, at the same time also clear about the company's equity structure, the main body personality independence poses challenges; Not to enter the capital market to free circulation shares of listed companies can successfully, also affect the medium and small shareholders for the protection of the public investors and securities market. Throughout our country, however, the current company and securities law system for related party cross-shareholdings, neither the principle of limited, and no clear specification. This situation leads to the different market participants to different understanding of cross-shareholdings. In view of the above, this paper takes "agency costs" existing in modern corporate governance as the breakthrough point, analyze the root cause of cross-shareholdings permeated with related party. And explore the reasonable arrangement of regulation and autonomy, and finally puts forward comprehensive countermeasures. |
PDF Full Text Request