Research on The Influence of Cross-Shareholding Behavior and Enterprise Value of Listed Companies

Cross-shareholding refers to the investment behavior of corporate legal persons holding each others' shares and forming strategic alliances. The use of cross-shareholdings in Chinese companies is later than in European and American countries. In recent years, with the rapid development of China's economy and the implementation of mixed ownership reform, the phenomenon of cross-shareholding among listed companies in China is not uncommon. More and more listed companies choose cross-shareholding for the common goal of pursuing long-term interests. As an important way to further develop, a community of interests is formed. This article takes the Shanghai and Shenzhen stock companies as the research object, and selects data from 2014 to 2016 to study the influence of the cross-shareholding behavior of listed companies on the value of the company. The research shows that cross-shareholding has a significant positive correlation with corporate value, and a reasonable cross-shareholding scheme between enterprises has a positive effect on corporate value.