交叉上市、成长机会与公司股利政策研究

发布时间：2018-01-18 13:18

本文关键词：交叉上市、成长机会与公司股利政策研究　出处：《财会通讯》2017年09期 　论文类型：期刊论文

【摘要】：本文选取1990年到2014年的我国A股上市公司作为研究样本,分析了测试交叉上市、成长机会和股利政策之间的相互关系。研究表明:国内企业海外上市过程政府主导色彩变弱,AH股公司交叉上市后成长机会都明显高于纯A股公司,为追求更高的成长机会和更高的公司价值,交叉上市将成为越来越多企业的首要选择。在制定政策方面,交叉股票上市公司的现金股利水平普遍更低,公司倾向于使用内部资金来资助新的投资项目,以支持公司的长期增长。然而,股票股利水平却下降了,表明交叉上市后,公司将减少使用股息发放手段来传递公司发展良好的市场信息。交叉上市后成长机会的增加未能减少自由现金流。
[Abstract]:This paper selects the A-share listed companies from 1990 to 2014 as the research sample and analyzes the cross-listing test. The relationship between growth opportunities and dividend policy. The research shows that the growth opportunities of AH companies after cross-listing are significantly higher than those of pure A-share companies. In order to pursue higher growth opportunities and higher corporate value, cross-listing will become the first choice for more and more enterprises. In the formulation of policies, the cash dividend level of cross-listed companies is generally lower. Companies tend to use internal funds to fund new investments to support their long-term growth. However, stock dividend levels have declined, indicating cross-listing. The company will reduce the use of dividend payments to convey well-developed market information. Growth opportunities after cross-listing do not reduce free cash flow.
【作者单位】：海南经贸职业技术学院;
【分类号】：F832.51
【正文快照】： 一、引言如今,交叉上市已成为金融研究的热点问题。随着越来越多的公司境外上市,交叉上市问题日益受到国内外学者们的关注。Foucaul and Gehrig(2008)通过模型构建表明,交叉上市使公司能够从股票市场上获得关于成长机会更为准确的信息,因此,交叉上市公司能为其溢价做出更好的

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