Research On The Effect Of State-Owned Shareholders' Cross-Holding On China-Listed Companies' Competitive Behavior

Based on the research on special equipment manufacturing industry,the theory and empirical analysis are conducted respectively to reveal the effect of cross-shareholdings of the state-owned shareholder on competitive behavior of listed companies in China.First of all,the existing literature on cross-shareholding by domestic and foreign scholars are summarized and organized into a brief description of the subject in this paper.Then the definition and the classification of cross-holding are interpreted systematically.Secondly,the current development of cross-holding in China is analyzed after collecting data of listed companies from 2005 to 2016.Thirdly,at the micro level,several major questions are answered:Whether the cross-shareholdings of state-owned shareholders improve the performance of the enterprise,enhance the ability to cope with external economy fluctuations or not,and have the different effect on competitive behavior of a firm between with and without cross-holdings?On the basis of above analysis,this article is focused on studying the special equipment manufacturing industry,using panel data to empirical research,to find influence mechanism of enterprise competition behavior if the state-owned shareholders hold shares.Finally,after completing the theoretical analysis and empirical data analysis,this paper raise some suggestions for company's investment decision and making relevant antitrust policies.