H股回归A股交叉上市企业的代理成本分析

发布时间：2018-01-21 16:46

本文关键词： 交叉上市代理成本回归企业理论分析实证检验　出处：《东北财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：自20世纪80年代以来,交叉上市逐渐成为全球资本市场上的一个重要现象,众多学者纷纷对交叉上市企业的代理成本问题加以研究,并构建了较为成熟的理论基础。在我国交叉上市的企业中,以H股回归A股居多,然而此类模式与理论研究的主流模式在路径选择的方面存在差异,其代理成本水平值得人们深究。再加上许多赴港上市的企业尚未返回内地资本市场,相信对回归企业的代理成本研究可以给这些未回归企业一定的参考和指导。由此可见,对本选题的研究具有较高的理论和实用价值。从研究方法看,本文首先对回归企业的代理成本水平展开具体的理论分析,并提出假设。随后,运用了实证方法对假设的正确性加以检验。从分析角度看,本文首先以“先H后A”交叉上市企业与仅在A股发行上市的企业作为研究对象,考察在香港市场交叉上市如何影响我国企业的代理成本水平。随后,相比回归企业在返回A股市场之前,考察回归企业在交叉上市前后代理成本水平的变化情况,借以说明“先H后A”是否影响了H股企业回归A股后的代理成本水平。从论文框架看,本文首先对现有理论进行整理,在此基础上,运用现有理论并结合“先H后A”在路径选择方面的特殊性对回归企业的代理成本水平展开理论分析,并提出本文的研究假设。随后,就假设的正确性进行实证检验。最后本文得出研究结论,提出相关建议,并对后续研究工作进行展望。具体来讲,本文共包括以下五部分内容：第一部分：引言。介绍选题的背景和意义；解释研究思路,列示研究框架；指明本文的创新所在。第二部分：相关概念及文献综述。界定相关概念；整理国内外研究的相关文献。第三部分：回归企业代理成本水平的理论分析。阐明研究的理论基础;灵活运用理论基础并结合我国“先H后A”交叉上市在路径选择方面的特殊性对回归企业的代理成本水平进行具体分析；提出本文的研究假设。第四部分：回归企业代理成本水平的实证分析。运用实证方法验证假设的正确性；对实证分析的结果加以解释说明。第五部分：研究结论及后续研究的展望。总结结论；提出对投资者、企业、政府部门有参考价值的合理性建议；指明本文的不足之处；展望后续研究的方向。
[Abstract]:Since 1980s, cross-listing has gradually become an important phenomenon in the global capital market. Many scholars have studied the agency cost of cross-listed enterprises. And build a more mature theoretical basis. In our cross-listed enterprises, H shares return to A-share is the majority, but this model and the mainstream model of theoretical research in the path choice is different. The level of agency costs is worth exploring. In addition, many companies listed in Hong Kong have not yet returned to the mainland capital markets. It is believed that the research on the agency cost of the returning enterprises can give some reference and guidance to these unreturned enterprises. Thus, the research on this topic has high theoretical and practical value. From the point of view of the research methods, this paper firstly analyzes the agency cost level of the return firm and puts forward the hypothesis. Then, the validity of the hypothesis is tested by using the empirical method. From the point of view of analysis, this paper first takes "first H then A" cross-listed enterprises and only A-share listed enterprises as the research object. To investigate how cross-listing in the Hong Kong market affects the agency cost level of Chinese enterprises. Subsequently, compared with return to the A-share market before the return of enterprises. This paper investigates the change of agency cost level before and after cross-listing of return enterprises, so as to explain whether "first H then A" affects the level of agency cost after H shares return to A shares. From the point of view of the framework of the thesis, this paper first collates the existing theories, and on this basis. By using the existing theory and combining the particularity of "first H then A" in the aspect of path choice, this paper makes a theoretical analysis of the agency cost level of regression enterprises, and puts forward the research hypothesis of this paper. Finally, this paper draws the conclusion of the research, puts forward some relevant suggestions, and prospects the future research work. Specifically, this paper includes the following five parts: The first part: introduction. Introduces the background and significance of the topic, explains the research ideas, lists the research framework, and points out the innovation of this paper. The second part: the related concepts and literature review. Define the related concepts; collate the relevant literature at home and abroad. The third part: the theoretical analysis of the return to the level of agency cost. Flexible use of the theoretical basis and combined with the "first H then A" cross-listing in the path choice of the particularity of the return enterprise agency cost level of specific analysis; The research hypothesis of this paper is put forward. Part 4th: the empirical analysis of the return of agency cost level. The empirical method is used to verify the validity of the hypothesis, and the results of the empirical analysis are explained. Part 5th:. Research conclusions and future research prospects. Summary conclusions; put forward reasonable suggestions for investors, enterprises and government departments with reference value; point out the shortcomings of this paper; look forward to the direction of future research.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275.3;F832.51

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