H股回归A股前后上市公司经营业绩的实证研究

发布时间：2018-04-13 02:18

本文选题：H股回归A股 + 公司业绩　；参考：《天津财经大学》2014年硕士论文

【摘要】：曾经A股市场的高市盈率,对于许多H股公司来说是一个不小的“诱惑”,加之早期的A股市场的相关制度体系并不完善,导致很多H股公司希望借此机会回归A股进行融资。回顾H股回归A股的历史进程,不同的阶段也历经了证监会所代表的政府对于回归的不同态度,从鼓励回归、一企一股、重获认可、观望徘徊到强势归来。现如今,虽然有着政府的政策推动,但在我国证券市场监管机制、披露制度的一步步完善的环境下,H股公司的回归之路远不如最初容易,境内的证券市场不再是仅仅为了满足回归公司融资目的的市场。H股回归A股已走过了20多年的历程,这些上市公司的经营业绩随着政府政策导向的变化出现了怎样的波动。从1993年第一家H股公司——青岛啤酒成功回归一直到2007年回归的总计40家上市公司,分析回归前1年到回归后第5年间上市公司经营业绩的变化。由于政府制度导向和宏观环境的不同,以及为了增强数据间的可比性,本文主要根据不同政策环境的变化将这20多年的时间划分成了三个回归阶段：1993年-1998年；1999年-2005年；2006年-2007年,并分别采用单变量指标分析和综合指标分析的方法来分析呈现出的规律。其中,单变量业绩指标选取了总资产净利率、权益净利率和托宾Q,综合指标分析利用主成分分析法计算出每家上市公司每年的业绩得分。比较并综合以上两种分析方法,所得到的结论基本相同,即这三个阶段的业绩表现与我国证券市场以及外部环境息息相关：1993年-1998年,回归后的公司业绩并未得到优化反而下降；1999年-2005年,公司业绩在回归后有所上升,虽然期间出现了下滑,但总体业绩水平得到提升；2006年-2007年,由于经济危机、次贷危机的影响波及到全球,回归的上市公司的业绩在此期间也出现了比较大的波动,但在后期业绩也能回归到与回归前持平甚至略高于之前。从另一方面讲,H股公司的回归也给我国A股市场带来了“春风”,这些上市公司强大的经济实力以及市场影响力,也反过来促进了A股市场的成长成熟。当然,我国还需要从监管法律化、制度合理化和治理结构有效化等方面上予以不断创新,促使我国证券市场更加成熟有效,最后对此提出了一些政策化的建议。
[Abstract]:The high price-earnings ratio of the once A share market is a big "temptation" for many H-share companies, coupled with the imperfect institutional system of the early A-share market, leading many H-share companies to take the opportunity to return to A-share financing.Reviewing the historical process of the return of H shares to A shares, different stages have also gone through different attitudes of the government represented by the CSRC on the return, from encouraging the return of one company to one share, obtaining recognition again, and wait-and-see to strong return.Nowadays, despite the policy push of the government, the return of H-share companies is not as easy as it was at the beginning under the environment of the regulatory mechanism of our securities market and the gradual improvement of the disclosure system.The domestic securities market is no longer just to meet the purpose of returning to the financing of the company. The return of H shares to A shares has gone through more than 20 years, the operating performance of these listed companies has fluctuated with the change of government policy direction.From 1993 to 2007, a total of 40 listed companies from the first H-share company, Tsing Tao Beer, successfully returned to 2007, and analyzed the changes in the operating performance of listed companies from one year before the return to the fifth year after the return.Because of the difference of government system orientation and macro environment, and in order to enhance the comparability of data, this paper divides the period of more than 20 years into three stages according to the change of different policy environment: 1993-1998, 1999-2005, 2006-2007.Univariate index analysis and comprehensive index analysis are used to analyze the law presented.The univariate performance index selects net interest rate of total assets, net interest rate of equity and Tobin Q.The comprehensive index analysis uses principal component analysis to calculate the annual performance score of each listed company.Comparing and synthesizing the above two analytical methods, the conclusion is basically the same, that is, the performance of these three stages is closely related to China's securities market and the external environment: 1993-1998,After the return, the performance of the company declined rather than optimized; from 1999 to 2005, the performance of the company increased after the return, although there was a decline during the period, the overall performance level was improved; in 2006-2007, due to the economic crisis,The impact of the subprime mortgage crisis spread to the world, the return of listed companies during this period also appeared a relatively large fluctuations, but in the later results can also return to the same or even slightly higher before the return.On the other hand, the return of H-share companies also brings "spring breeze" to the A-share market of our country. The strong economic strength and market influence of these listed companies also promote the growth and maturity of A-share market.Of course, we still need to innovate continuously from the aspects of regulation legalization, system rationalization and effective governance structure, so as to make our securities market more mature and effective. Finally, some policy suggestions are put forward.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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