基于EVA视角的交叉上市对公司业绩的影响研究
发布时间：2019-06-15 20:12
【摘要】：随着经济全球化的发展，国际间资本流动越来越频繁，为了在激烈竞争中生存发展，很多企业开始走出国门，选择去国际市场上融资以支持企业的发展。由于地理条件、文化、政治等方面的因素，香港成为我国企业海外上市的首选。国家为促进我国资本市场的发展，积极鼓励海外上市企业回归国内市场，而这些海外上市企业为解决融资需求，也纷纷响应号召回归A股市场交叉上市。自1993年青岛啤酒拉开我国企业交叉上市序幕以来，交叉上市问题备受各界的关注。已有的文献指出交叉上市可以提高投资者对公司股票的认知度以及股票的流动性，提高公司的治理水平，缓解市场分割和信息不对称问题，使企业获得更多的外援融资机会。有关交叉上市是否能提高公司业绩的研究较少，已有的研究也只是局限在传统的业绩评价指标，单纯的会计指标容易被企业操纵，这在一定程度上使得研究结果的可信性受到质疑。EVA包含更多的信息量，，它对公司业绩的解释能力更为全面，它不仅能用于公司业绩的评价，更是一个综合的财务管理系统，因此本文拟采用EVA来衡量企业业绩，同时也选取ROE作为对比，研究交叉上市对公司业绩的影响。 本文采用规范分析与实证研究相结合的方法来研究交叉上市对公司业绩的影响。文章首先阐述了本文的研究背景、意义、研究方法以及思路；然后回顾了国内外有关交叉上市问题的研究现状；已有文献主要从流动性假说、投资者认知假说、约束假说等方面研究了交叉上市对公司治理以及资本成本的影响。研究发现交叉上市提高了股票的流动性和投资者对公司的认知度，有利于降低资本成本，改善经营业绩。文章第三部分在文献回顾基础上做了理论分析，接着采用实证方法对本文的假设做了验证，结果发现交叉上市的确可以提高公司业绩，但企业交叉上市时间越长其业绩反而下降，即交叉上市后企业的长期业绩呈下滑的趋势；在股权集中度高、股权制衡度较低以及董事会规模较大这三种情况下，A+H股交叉上市公司业绩增加显著高于纯A股上市企业，而独立董事所占比越大，交叉上市公司业绩增加额反而低于非交叉上市公司，这主要是因为我国企业的独立董事未能真正履行职责，不能有效发挥独立董事的监督作用。文章最后对本文的研究结论作了总结，在此基础上提出了一些政策建议，但由于时间和本人能力有限，文章还存在一些局限性，有待进一步提高。
[Abstract]:With the development of economic globalization, international capital flows become more and more frequent. In order to survive and develop in the fierce competition, many enterprises begin to go abroad and choose to finance in the international market to support the development of enterprises. Due to geographical conditions, cultural, political and other factors, Hong Kong has become the first choice for overseas listing of Chinese enterprises. In order to promote the development of China's capital market, the state actively encourages overseas listed enterprises to return to the domestic market. In order to meet the financing needs, these overseas listed enterprises have also responded to the call to return to the A-share market cross-listing. Since Tsing Tao Beer opened the prelude to cross-listing of Chinese enterprises in 1993, the issue of cross-listing has attracted much attention from all walks of life. The existing literature points out that cross-listing can improve investors' recognition of corporate stocks and liquidity of stocks, improve the level of corporate governance, alleviate the problems of market segmentation and information asymmetry, and enable enterprises to obtain more opportunities for foreign aid financing. There are few studies on whether cross-listing can improve the performance of the company, and the existing research is limited to the traditional performance evaluation index, and the simple accounting index is easy to be manipulated by the enterprise, which makes the credibility of the research results questioned to a certain extent. Eva contains more information, and its ability to explain the performance of the company is more comprehensive, which can not only be used to evaluate the performance of the company. It is also a comprehensive financial management system, so this paper intends to use EVA to measure corporate performance, and also select ROE as a comparison to study the impact of cross-listing on corporate performance. This paper uses the combination of normative analysis and empirical research to study the impact of cross-listing on corporate performance. This paper first expounds the research background, significance, research methods and ideas of this paper, and then reviews the research status of cross-listing at home and abroad. The existing literature mainly studies the impact of cross-listing on corporate governance and capital cost from the aspects of liquidity hypothesis, investor cognitive hypothesis, constraint hypothesis and so on. It is found that cross-listing improves the liquidity of stocks and investors' recognition of the company, which is beneficial to reduce the cost of capital and improve the operating performance. The third part of the article makes a theoretical analysis on the basis of literature review, and then uses empirical methods to verify the hypothesis of this paper. The results show that cross-listing can indeed improve the performance of the company, but the longer the time of cross-listing, the performance of the company decreases, that is, the long-term performance of the enterprise shows a downward trend after cross-listing. In the three cases of high ownership concentration, low equity system and large board of directors, the performance of A and H shares cross-listed companies is significantly higher than that of pure A-share listed enterprises, and the larger the proportion of independent directors, the lower the increase of performance of cross-listed companies is lower than that of non-cross-listed companies, which is mainly because the independent directors of Chinese enterprises fail to truly perform their duties and can not give full play to the supervisory role of independent directors. Finally, the paper summarizes the research conclusions of this paper, on the basis of which some policy suggestions are put forward, but due to the limited time and my ability, there are still some limitations in the article, which need to be further improved.
【学位授予单位】：重庆理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.6;F275;F832.51
本文编号：2500478
[Abstract]:With the development of economic globalization, international capital flows become more and more frequent. In order to survive and develop in the fierce competition, many enterprises begin to go abroad and choose to finance in the international market to support the development of enterprises. Due to geographical conditions, cultural, political and other factors, Hong Kong has become the first choice for overseas listing of Chinese enterprises. In order to promote the development of China's capital market, the state actively encourages overseas listed enterprises to return to the domestic market. In order to meet the financing needs, these overseas listed enterprises have also responded to the call to return to the A-share market cross-listing. Since Tsing Tao Beer opened the prelude to cross-listing of Chinese enterprises in 1993, the issue of cross-listing has attracted much attention from all walks of life. The existing literature points out that cross-listing can improve investors' recognition of corporate stocks and liquidity of stocks, improve the level of corporate governance, alleviate the problems of market segmentation and information asymmetry, and enable enterprises to obtain more opportunities for foreign aid financing. There are few studies on whether cross-listing can improve the performance of the company, and the existing research is limited to the traditional performance evaluation index, and the simple accounting index is easy to be manipulated by the enterprise, which makes the credibility of the research results questioned to a certain extent. Eva contains more information, and its ability to explain the performance of the company is more comprehensive, which can not only be used to evaluate the performance of the company. It is also a comprehensive financial management system, so this paper intends to use EVA to measure corporate performance, and also select ROE as a comparison to study the impact of cross-listing on corporate performance. This paper uses the combination of normative analysis and empirical research to study the impact of cross-listing on corporate performance. This paper first expounds the research background, significance, research methods and ideas of this paper, and then reviews the research status of cross-listing at home and abroad. The existing literature mainly studies the impact of cross-listing on corporate governance and capital cost from the aspects of liquidity hypothesis, investor cognitive hypothesis, constraint hypothesis and so on. It is found that cross-listing improves the liquidity of stocks and investors' recognition of the company, which is beneficial to reduce the cost of capital and improve the operating performance. The third part of the article makes a theoretical analysis on the basis of literature review, and then uses empirical methods to verify the hypothesis of this paper. The results show that cross-listing can indeed improve the performance of the company, but the longer the time of cross-listing, the performance of the company decreases, that is, the long-term performance of the enterprise shows a downward trend after cross-listing. In the three cases of high ownership concentration, low equity system and large board of directors, the performance of A and H shares cross-listed companies is significantly higher than that of pure A-share listed enterprises, and the larger the proportion of independent directors, the lower the increase of performance of cross-listed companies is lower than that of non-cross-listed companies, which is mainly because the independent directors of Chinese enterprises fail to truly perform their duties and can not give full play to the supervisory role of independent directors. Finally, the paper summarizes the research conclusions of this paper, on the basis of which some policy suggestions are put forward, but due to the limited time and my ability, there are still some limitations in the article, which need to be further improved.
【学位授予单位】：重庆理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.6;F275;F832.51
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