上市公司交叉持股是把双刃剑

• 作 者: 陈政
• 机 构: 厦门大学管理学院,
• 出 处: 新财经
• 发表日期: 2007年07期
• 关键词: 上市公司 交叉持股 账面价值 上证指数 公司股价 财富效应 投资 水涨

上市公司交叉持股具有财富放大效应,在投资者心理预期或持续资金流入的推动下,它成为神奇的“永动机”,积聚着股市的泡沫上证指数从2005年底开始一路飙升,绝大多数公司股价早已翻番。与此呼应,上市公司交叉持股的投资使账面价值水涨船高,形成诱人的财富效应。2007年以来,交叉持股的财富效应对股价的推动表现得更加淋漓尽致。然而,它也是把双刃剑,如果不能审慎对待,将助长一部分股票的估值泡沫。

The cross-shareholdings of listed companies have the wealth amplification effect. Under the anticipation of investors or continuous capital inflows, they become magical “perpetual motion machines” and accumulate the bubbles in the stock market. Since the end of 2005, the Shanghai Composite Index has soared, and the vast majority of companies The share price has already doubled. In response, the cross-shareholdings of listed companies make the book value soared, forming an attractive wealth effect. Since 2007, the wealth effect of cross-shareholdings has driven the stock price more vividly. However, it is also a double-edged sword that, if not treated with caution, will fuel some of the stock’s valuation bubble.