投资者保护视角下的交叉上市与股利政策研究

发布时间：2018-05-14 11:38

本文选题：交叉上市 + 投资者保护　；参考：《重庆理工大学》2013年硕士论文

【摘要】：近年来，跨境交叉上市已经成为国际金融市场的一大亮点和金融领域研究的一大主题。国内外许多学者从不同的角度对交叉上市进行了研究，形成了有代表性的投资者认知假说、市场分割假说、流动性假说和投资者保护假说。随着越来越多的公司境外上市，投资者保护问题日益受到国内外学者们的关注。在以往文献中，学者们大都从对比境外上市地与上市公司母国的法律制度出发，研究公司交叉上市后对投资者的保护水平。从经济层面的研究相对较少，本课题主要针对到香港进行交叉上市的A+H股公司，从上市公司的股利政策出发，结合国内资本市场与香港资本市场法律制度的差异，对投资者保护方面做深入的研究。本课题首先就交叉上市和中小投资者做了界定，对股利理论和交叉上市的代表性假说等理论基础进行回顾，并分析了交叉上市的动因，比较了两地上市公司治理机制。基于以上理论基础提出上市公司进行交叉上市提高了现金股利支付概率、现金股利支付金额、现金股利支付率等研究假设，建立实证模型对相关假设进行了实证检验，最后得出结论和建议。实证结果表明，A+H股公司相对于国内纯A股上市公司，更倾向于向投资者支付现金股利，并且支付概率、支付力度显著大于A股公司。香港资本市场严格的法律制度和完善的投资者保护体系，迫使上市公司通过发放股利“吐出”现金，降低了对中小投资者的侵害。通过对上市公司的股权集中度和股权制衡度的分析表明，随着第一大股东持股比例的增加，A+H股公司的股利增加额显著小于A股上市公司，但随着股权制衡度的增加，交叉上市对现金股利的强化效应减弱。香港资本市场对第一大股东严格的监督机制，增强了上市公司对控股股东的监督力度，有效避免了大股东对中小股东的利益侵害，，从而提升了中小股东的保护水平。通过实证检验并结合理论分析，笔者最后提出如下建议来提升中小投资者的保护水平，首先，加强我国资本市场的制度建设，完善投资者保护体系；其次，强化投资者教育，树立科学理性的投资理念，提升中小投资者的自我保护能力；最后，加强对上市公司的监督，引导企业注重投资者回报水平，增强投资者信心，推动我国资本市场的健康发展。
[Abstract]:In recent years, cross-listing has become a highlight of international financial markets and a major topic of financial research. Many scholars at home and abroad have studied cross-listing from different angles, forming representative investor cognition hypothesis, market segmentation hypothesis, liquidity hypothesis and investor protection hypothesis. With more and more companies listed abroad, investor protection has been paid more and more attention by scholars at home and abroad. In the previous literature, most scholars have studied the level of investor protection after cross-listing by comparing the legal system between the overseas listed place and the home country of the listed company. There is relatively little research on the economic level. This topic is mainly aimed at A-H shares listed in Hong Kong, starting from the dividend policy of listed companies, combining the differences between the domestic capital market and the legal system of Hong Kong's capital market. Do in-depth research on investor protection. This paper first defines cross-listing and small and medium-sized investors, reviews the theoretical basis of dividend theory and cross-listing hypothesis, analyzes the motivation of cross-listing, and compares the governance mechanism of dual-listed companies. Based on the above theoretical basis, this paper proposes that cross-listing of listed companies improves the probability of cash dividend payment, the amount of cash dividend payment, cash dividend payment rate and other research hypotheses, and establishes an empirical model to test the relevant assumptions. Finally, conclusions and recommendations are drawn. The empirical results show that A / H companies are more likely to pay cash dividends to investors than domestic pure A-share listed companies, and the probability of payment is significantly greater than that of A-share companies. Hong Kong's capital market has a strict legal system and a sound investor protection system, forcing listed companies to "spit out" cash through dividend payments, thus reducing the infringement on small and medium-sized investors. Through the analysis of the ownership concentration and equity balance of listed companies, it is shown that the dividend increase of A-H companies is significantly smaller than that of A-share listed companies, but with the increase of equity checks and balances, with the increase of shareholding ratio of the largest shareholders, the increase of dividend of A-H companies is significantly smaller than that of A-share listed companies. The strengthening effect of cross-listing on cash dividend is weakened. The strict supervision mechanism of the largest shareholder in Hong Kong capital market strengthens the supervision of the listed company to the controlling shareholder, effectively avoids the infringement of the interests of the large shareholder to the minority shareholder, and thus raises the level of protection of the minority shareholder. Through empirical test and theoretical analysis, the author finally puts forward the following suggestions to improve the level of protection of small and medium-sized investors: first, strengthen the system construction of capital market in China, perfect the investor protection system; secondly, strengthen investor education. Finally, we should strengthen the supervision of the listed companies, guide the enterprises to pay attention to the level of investors' returns, enhance investor confidence, and promote the healthy development of our country's capital market.
【学位授予单位】：重庆理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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