中国企业双重上市影响因素及经济后果研究——来自香港联交所的经验证据

发布时间：2018-11-14 19:36

【摘要】：本文以香港联交所99家H股公司为经验数据,旨在考察中国境内企业境外上市与境内回归的影响因素及经济后果。全文基于上市公司股权集中并多被政府终极所有的控制结构特点为研究起点,以控股股东和最终控制人分别作为公司层面和国家层面解释此双重上市的动因。研究发现,公司控股股东持股比例与双重上市显著负相关,而政府控制的公司与双重上市显著正相关;在控制了公司规模、绩效、财务杠杆和关系到国家安全和国民经济命脉的行业因素后,上述结论依然成立。进一步研究发现,境外上市公司在境内双重上市后其经营业绩与上市之前相比显著下滑。本文的研究表明,控股股东支持公司赴法律环境更好、监管约束更严的境外市场上市是一种治理动机,但政府出于政治动机干预其实际控制的公司在境内双重上市损害了公司绩效,企业与政府之间目标的不一致性折射出了当前中国企业境外上市、境内回归面临的冲突与困境。
[Abstract]:Based on the empirical data of 99 H-share companies in the Stock Exchange of Hong Kong, this paper aims to investigate the influencing factors and economic consequences of overseas listing and domestic return of Chinese domestic enterprises. Based on the characteristics of the ownership concentration of listed companies and the ultimate ownership by the government, the thesis takes controlling shareholders and ultimate controllers as the motivation to explain the dual listing at the company level and the national level, respectively. It is found that the shareholding ratio of controlling shareholders is negatively correlated with dual listing, while that of government-controlled companies is positively correlated with dual listing. After controlling for company size, performance, financial leverage and industry factors related to national security and national economic lifeline, the above conclusions still hold true. Further research shows that the operating performance of foreign listed companies after dual listing is significantly lower than that before listing. The research in this paper shows that it is a kind of governance motivation for controlling shareholders to support the company to go to the foreign market with better legal environment and more strict supervision. However, the government interferes with the dual listing of the companies under its actual control because of political motivation, and the inconsistency of the objectives between the enterprises and the government reflects the conflicts and difficulties that Chinese enterprises are facing when they are listed abroad.
【作者单位】：西南财经大学;西华大学管理学院;
【分类号】：F832.51;F224

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