中国企业交叉上市研究

发布时间：2018-02-25 04:23

  本文关键词： 交叉上市 控制权私利 约束假说 溢出效应　出处：《辽宁大学》2014年博士论文　论文类型：学位论文

【摘要】：随着资本市场全球一体化趋势的发展，国际间的资本流动更加迅猛，证券市场上有价证券的发行和交易可通过跨产业、跨区域乃至跨国界进行，其中企业选择在不同的交易所进行交叉上市的现象越来越多。企业交叉上市的动机有很多，如改善企业治理、扩大融资规模、提高企业声誉、提升企业价值等等。但到更严格的境外资本市场交叉上市，就必须服从外部资本市场更高的法律体系和监管约束，提高了企业的上市成本，那么交叉上市是否会为企业带来更大的收益呢？本文将从交叉上市的效应角度去分析企业交叉上市行为。 对交叉上市相关文献进行梳理发现，企业从法律体系和监管标准薄弱的外部环境转移到法律体系和监管标准更严格的证券市场进行交叉上市，必须“承诺”改善企业治理，降低企业控制权过度集中的情况，限制控股股东对中小投资者利益的侵占，把这种承诺作为交叉上市的一种“约束”来换取投资者的投资，良好的投资回报将有利于提高企业绩效，从而实现交叉上市给企业带来的“溢出”效应。而这种溢出效应的实现来自于中小投资者对“约束”的信任。毕竟，一旦中小投资者投资失败，投资者唯一的方法就是向当地的法院系统提起追索诉讼，，而法律体系是否完善是投资者的投资权益能否得到保护的关键。 那么交叉上市是否会通过到更高标准的法律体系和监管标准的证券市场中交叉上市提高了中小投资者保护质量并改善了企业治理结构（降低企业控制权集中度）和提高企业绩效等效应呢？本文通过分析中国采取ADRs模式的172家在美国交叉上市企业和180家未交叉上市的企业数据进行Logit和Cox模型的实证分析，验证了交叉上市行为会带来提高投资者保护水平、降低控股大股东的控制权和提高企业绩效方面的效应。从而支持了本文的观点：交叉上市的实现会给企业带来正的“溢出”效应。 本文分为六部分。第一部分为绪论，首先叙述了本篇论文选题的背景及意义。然后从不同的角度对相关国内外文献进行了综述，最后，阐述了基本范畴界定、研究方法及创新点；第二部分介绍了本文分析中涉及的相关理论：交叉上市相关理论和其他相关理论。其中交叉上市相关理论主要按时间顺序从市场分割假说、投资者认知假说、融资约束假说和监管规避假说进行阐述的；而其他相关理论则主要介绍了后面分析中会用到的企业治理和投资者保护相关理论。其中企业治理相关理论包括控制权理论和大股东行为理论。而投资者保护相关理论则重点介绍了大小股东冲突理论和控制权私利理论；而第三部分是交叉上市分析，具体阐述了交叉上市动因、成本收益分析及交叉上市效应分析。其中，交叉上市动机的分析从微观和宏观两个角度进行阐述。成本收益分析中从交叉上市的成本和收益两方面进行阐述，成本主要从交叉上市给企业带来的直接成本和隐性成本两方面进行分析。收益则从权益资本成本降低、融资规模扩大、企业治理结构改善和企业声誉提高四个方面进行的阐述。交叉上市效应分析中从投资者保护、资本融资、企业治理和企业绩效四个方面进行阐述；第四部分分析了中国企业交叉上市情况，其中包括中国企业交叉上市途径、证券市场选择及存在问题分析；第五部分对交叉上市效应进行了实证分析，首先以数理分析模型对交叉上市决策及溢出效应进行了理论分析；然后通过对中国采取ADRs模式的172家在美国交叉上市企业和180家未交叉上市的企业分别进行logit模型和Cox模型分析，来检验交叉上市是否产生了投资者保护水平、资本融资、企业治理及企业绩效方面的溢出效应。最后第六部分根据前文的分析，给出了推进中国企业更好选择交叉上市的可供参考的对策建议。
[Abstract]:With the development trend of global integration of the capital market, international capital flow more rapidly, the stock market has the issuing and trading of securities price through cross industry, cross regional and cross borders, the phenomenon of more and more companies choose to cross listed in different exchange. Many enterprises cross listing motives, such as improving corporate governance, expand the scale of financing, improve corporate reputation, enhance corporate value and so on. But in the overseas capital market cross listing more stringent, must obey the external capital market higher legal system and regulatory constraints, improve the cost of listed enterprises, then cross listing will bring greater benefits for the enterprise? This article from the perspective of the effect of cross listing to analyze enterprise cross listing.
On the cross listing literature found that enterprises from the legal system and regulatory standards of weak external environment to the legal system and regulation more stringent standards for the stock market cross listing, must promise to improve corporate governance, reduce corporate control over the limit set, the controlling shareholder encroachment on the interests of small investors. This kind of commitment as a "constraint" cross listing for investment, good investment returns will help to improve the performance of enterprises, so as to realize the cross listing brings to the enterprise "spillover" effect. The spillover effect from small investors to "restrain" trust. After all, once a small investors failed, investors, the only way is to bring the local court system and recourse litigation, whether the legal system is perfect for investors The key to the protection of capital rights.
Then the cross listing will pass to a higher standard of legal system and regulatory standards in the securities market cross listing improves investor protection and improves the quality of corporate governance (lower right concentration control of enterprise) and improving enterprise performance effect? This paper through the analysis of ADRs model 172 Logit and Cox in the United States model of cross listed companies and 180 non cross listed companies empirical data China take, verify the cross listing will bring about an increased level of investor protection, reduce the effect of controlling shareholders' control rights and improve the enterprise performance. In order to support this view: the realization of cross listed companies will bring positive the "spillover" effect.
This paper is divided into six parts. The first part is the introduction, the first describes the background and significance of the thesis topic. Then from a different perspective on the related literature at home and abroad were summarized, finally, expounds the basic definition, research methods and innovation; the second part introduces the analysis of the related theory. Cross listing related theory and other related theory. The main theories of cross listed in chronological order from the market segmentation hypothesis, investor recognition hypothesis, financial constraints hypothesis and regulation aversion hypothesis elaborated; and other related theory, mainly introduces the related theories of corporate governance and protection of investors behind the analysis will be used in the related theory of the enterprise. Governance includes the control theory and the behavior of large shareholder and investor protection theory. Related theory mainly introduces shareholder conflicts theory and control Gain theory; and the third part is the analysis of cross listing is described in detail, cross listing motivation, cost-benefit analysis and cross listing effect. Among them, the elaborate analysis of cross listing motivation from two angles of microcosmic and macroscopic. Cost benefit analysis from the cross listing of the costs and benefits of two aspects, mainly from the cost of the cross the direct cost of listing brings to the enterprise and the implicit cost analysis of two aspects. The income from reducing the cost of equity capital, expand the scale of financing, improve corporate governance structure and improve corporate reputation in four aspects in this paper. Analysis of cross listing effect from investor protection, capital financing, the four aspects of corporate governance and corporate performance the fourth part analyzes the Chinese elaboration; enterprises cross listing, including China enterprises cross listing way, stock market selection and problems Analysis; the fifth part is an empirical analysis on the effect of cross listing, the first in the mathematical analysis model of the theoretical analysis of cross listing decisions and spillover effects; then by taking the ADRs mode of the 172 cross listing in the United States and 180 enterprises not cross listed companies are logit model and Cox model analysis of the China, to test cross listing of the level of investor protection, capital financing, the spillover effect of corporate governance and corporate performance. Finally, the sixth part according to the above analysis, given the advance Chinese enterprises better selecting advice for reference of cross listing.

【学位授予单位】：辽宁大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F279.2;F832.51


本文编号：1533008