科技型企业交叉上市资本成本分析

发布时间：2018-03-22 16:06

本文选题：交叉上市　切入点：资产成本分析　出处：《天津财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：近几年来中国资本市场发展迅速,但是,不可否认的是,在市场规模大小、融资范围广度和市场监管力度等方面中国的资本市场发展与美国等发达的资本市场仍然存在比较大的差距。在当今资本趋于一体化的时代,在国际间进行股权融资的公司数目呈上升趋势,其中,交叉上市成为了公司选择国际融资的主要方式。主要原因在于交叉上市可以使经济主体以更低的融资成本来筹集更多的资金,优化公司资本结构,增加公司价值,拓宽融资渠道、提高国际竞争力。西方学者对交叉上市进行了大量的多方面研究,其中包括了利用事件研究法以及基于不同假设的股权资本成本计量模型进行的理论研究及实证检验,但是,交叉上市的资本成本效应还没有在国际范围得到统一认可的估测模型。针对中国公司交叉上市的理论与实践,近年来也引起了中国理论界与企业界的大讨论,展现了各种不同观念的对立和碰撞。最根本的争论点在于交叉上市对公司价值增长的影响问题,即资本成本效应问题。为了突破当今中国企业,尤其是需要不断开拓市场的科技型企业的融资“瓶颈”,对交叉上市融资的研究具有深远的研究意义。本文主要采用了股利贴现模型和基于Ohlson模型推导的股权资本成本估测模型对资本成本进行测算。得出了三个结论：(1)基于Ohlson模型推导的股权资本成本估测模型估算出的资本成本比用股利贴现模型估算出的资本成本低；(2)中国的科技型企业交叉上市有助于降低资本成本；(3)在香港上市的中国科技型企业回归大陆股票市场有助于降低资本成本。这些探究了我国科技型企业交叉上市的资本成本效应,文章最后针对现存不足给出相应的政策建议。
[Abstract]:In recent years, China's capital market has developed rapidly. However, it is undeniable that, in terms of market size, There is still a big gap between the development of China's capital market and that of the developed capital markets such as the United States in terms of the scope of financing and the intensity of market supervision. The number of companies engaged in equity financing in the international community is on the rise, of which, Cross-listing has become the main way for companies to choose international financing. The main reason is that cross-listing can make economic entities raise more funds with lower financing costs, optimize the company's capital structure and increase its value. Broaden financing channels to improve international competitiveness. Western scholars have carried out a large number of cross-listing research, including the use of event research and equity capital cost measurement model based on different assumptions to carry out theoretical research and empirical testing, but, The capital cost effect of cross-listing has not yet been universally recognized as an estimate model. In view of the theory and practice of cross-listing of Chinese companies, in recent years, there has also been a great discussion between the Chinese theorists and the business community. The most fundamental issue is the impact of cross-listing on the growth of corporate value, namely, the cost of capital effect. In order to break through today's Chinese enterprises, Especially the "bottleneck" of technology enterprises which need to open up the market continuously, which has profound significance for the research of cross-listing financing. This paper mainly uses the dividend discount model and the equity capital cost estimation model based on Ohlson model to estimate the capital cost, and draws three conclusions: 1) estimate the equity capital cost estimate model based on Ohlson model. The calculated capital cost is lower than that estimated by the dividend discount model) Cross-listing of Chinese technology enterprises helps to reduce the cost of capital. 3) the return of Chinese technology-based enterprises listed in Hong Kong to the mainland stock market is helpful. In order to reduce the cost of capital, this paper explores the capital cost effect of cross-listing of science and technology enterprises in China. At the end of the article, some policy suggestions are given in view of the existing deficiencies.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275.3;F832.51

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