Research On The Influence Of Cross-shareholding On The Performance Of Angang Steel

Cross-shareholdings originated from the Yanghe real estate event in Japan in the middle of last century and gradually emerged in western developed countries.China's cross-shareholding originated from several stock separation reform,and now nearly 20%of China's a-share listed companies have cross-shareholding behaviors between enterprises.Although it started late,the high growth and growth ability of cross-shareholding has become an important breakthrough for Chinese listed companies to realize strategic alliance with the continuous development of economy.In China,the research on cross-shareholdings started late and has not reached maturity.It is still in the primary stage,and the influence brought by cross-shareholdings has not been fully understood and recognized.Therefore,it is necessary to carry out a more systematic and in-depth study and discussion on the influence of cross-shareholding behaviors among listed companies on enterprise performance.This paper takes Angang Steel Company Limited as the research object to analyze the impact of the cross-shareholding behaviors of Angang Steel and Petrochina on the performance of Angang Steel Company.Combed the domestic and foreign about the cross shareholding of cross-shareholdings and impact on business performance of the relevant literature,literature data method,event study method and the mathematical economic model method,combining with the characteristics of Shanghai and Shenzhen two city market in China,the qualitative and quantitative analysis of the current of cross-shareholdings of listed companies in our country has such problems as theoretical basis and the effects of cross-shareholdings.Using event study method respectively to study the cross shareholding of Angang market performance,market performance from the profitability,operation efficiency,solvency and growth four aspects analysis cross-shareholdings impact on financial performance of Angang Steel,and compared the samples of the company's market performance evaluation results and the financial performance evaluation results,the cross shareholding could bring Angang Steel is the consistent conclusion market effect,and then further analyzes the impact of cross-shareholdings on angang steel performance function path.Finally,Suggestions and inspirations are put forward based on the research conclusions,which provide references for the performance research under the background of cross-shareholding of enterprises in the same industry.