交叉上市、审计质量与公司投资

发布时间：2018-03-01 22:03

本文关键词： 交叉上市审计质量投资效率市场环境机构投资者　出处：《华中农业大学》2017年硕士论文　论文类型：学位论文

【摘要】：根据MM理论,全球的资本市场如果是完美的一体化市场,上市地点的选择并不会引发差异;但是从现有市场上的交叉上市公司来看,除去交易信息传递和投资障碍的因素,跨境上市的模式对于处于半效率市场的上市公司来说,因为需要接受到成熟市场环境的因素影响,在公司经营,公司治理,公司价值等等方面会产生差异,在具体的数据上本文发现跨境上市的上市公司在投资行为和资产配置效率上有一个显著的差异体现。本文拟选取国内沪深市场与港交所交叉上市的背景,探究企业在不同的制度环境下投资经营受到的影响,以及产生差异的具体环境因素,并试图进一步探寻市场环境影响企业投资行为的途径渠道。在对交叉上市环境探究时,为深入区别内陆市场和香港市场的具体差异,所以选取了市场微观结构中的市场参与者代表环境差异。为了进一步探究具体的影响渠道,我们从机构投资者的监管与市场信号释放角度着手,考虑到审计的市场职责即监督公司信息公布和促进市场信息质量,同时审计本身会受到市场环境的影响,且审计质量会影响到公司的投资效率,因此我们试图从审计的角度解释交叉上市环境影响公司投资行为的具体途径。得到结论:1.交叉上市和非交叉上市的公司投资行为存在差异,且两地市场的机构投资者能够很大程度的解释这样的差异;2.相对于内陆市场,香港的市场环境在资源配置方面具有良好的调节作用,可以有效地提高公司资产配置效率,改善和避免投资效率低下的情况,提高资源的利用效率;3.市场的参与者——机构投资者,能够有效的解释交叉上市环境引起的公司投资行为差异;且审计质量是交叉上市环境影响公司投资行为的重要渠道。同时提出,加强法律法规建设,引导健康市场投资;强化国内的机构投资者的监管,加快国内机构投资者的建设和专业化水平的提升;加速推进人民币国际化,有序开展离岸人民币金融市场建设,适时适量逐步开放金融市场,引入海外专业金融机构参与市场运转;将有助我国市场的发展和完善,提高供给质量,推进我国供给侧结构性改革。
[Abstract]:According to the theory of MM, the global capital market if it is a perfect integration market, the choice of listing location and will not lead to the difference; but from the existing market cross listed companies, remove the factors of transaction information transmission and investment barriers, cross-border listing mode for half market efficiency of listed companies, because of the need to accept the influence factors of the mature market environment, corporate governance in the company, the company will produce value, and differences in specific data on the cross-border listing of Listed Companies in investment behavior and asset allocation efficiency reflects a significant difference. This article intends to select the domestic market of Shanghai and Shenzhen and Hong Kong Cross listed companies the background, research enterprise investment business by the impact in different institutional environment, specific environmental factors and the cause of the difference, and attempt to further explore the market environment Channel influence the investment behavior of enterprises. In the exploration of cross listing environment, specific differences for depth difference between inland and Hongkong markets, so select the market participants on behalf of the environmental differences in market microstructure. In order to further explore the impact of specific channels, we from the supervision of institutional investors and market signals released perspective, consider auditing market supervision responsibilities that company information disclosure and promote market information quality, at the same time, the audit itself will be affected by the market environment, investment efficiency and audit quality will affect the company, so we try to explain the specific ways of investment behavior of cross listed companies environmental impact from the angle of audit. Conclusion: there are differences in investment behavior 1. cross listed and non cross listed companies, and both market and institutional investors can largely explain this difference ISO 2.; relative to the inland market, Hongkong market environment has good effect in the allocation of resources, can effectively improve the efficiency of company asset allocation, improve and avoid inefficient investment, improve efficiency of resource utilization; 3. market participants -- institutional investors can effectively explain the differences in investment behavior caused by cross listed environment the company; and the audit quality is an important channel for the investment behavior of cross listed company's environmental impact. At the same time, strengthen the construction of laws and regulations, and guide the healthy market investment; strengthen the supervision of domestic institutional investors, and accelerate the construction of professional level of domestic institutional investors increase; accelerate the internationalization of RMB, in order to carry out offshore RMB financial market construction timely and appropriate, to open the financial market gradually, the introduction of overseas professional financial institutions to participate in market operation; will help me The development and improvement of the national market, improve the quality of supply, and promote the structural reform of the supply side in China.

【学位授予单位】：华中农业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F239.4;F275

【参考文献】