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《Securities Market Herald》 2017-01
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The Interactive Impact among Cross-holding,Company Size and Management Power

Wang Na;Yang Renmei;  
Cross-holding is effective for bigger size and performance improving in short turn. This effect will be stronger under bull-market situation for the reason that market value will increase with the stock price climbing at the same time. Previous studies reviewed the infl uencing factors like preventing malicious acquisition, strategic alliance and the short-sighted management behavior, this paper contributes to a better understanding about the determinants of cross-holding behavior and discusses the relationship between management power and cross-holding phenomena. We further consider the moderating effects of firm size in this relationship. Using samples of Chinese listed firms during 2004-2015 from Wind database, the empirical model for hypothesis test is based on Liand Liu(2010). The results are consistent with conjectures that the crossholding behavior increases with the management power and firm size.
【CateGory Index】: F275;F272.91;F272.92
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