交叉上市与公司绩效关系的实证研究

发布时间：2018-02-01 00:40

本文关键词： 交叉上市公司绩效主成分分析　出处：《河北大学》2017年硕士论文　论文类型：学位论文

【摘要】：交叉上市指同一家公司在两个或两个以上证券市场发行股票上市的行为。国内的交叉上市实践开始得比较晚,而且主要表现为在A股和H股交叉上市。在借鉴国外研究的相关理论和方法的基础上,国内学者主要关注我国内地企业交叉上市的直接后果,即交叉上市引起的短期股价变化和市场价值变化,但是对于交叉上市与公司经营绩效关系的研究较少。另外,我国公司的交叉上市行为与国外研究的交叉上市行为存在很大差异。因此,本文基于我国交叉上市的独特特点,将AH交叉上市公司作为研究对象,在构建交叉上市影响公司绩效的内在机制的基础上,对交叉上市与公司绩效的关系进行实证研究。本文首先对交叉上市的相关研究进行梳理和归纳,然后基于交叉上市的捆绑理论、公司治理理论和政府干预理论构建出了交叉上市影响公司绩效的机制框架,分别从资本成本、公司治理和政府干预等三个角度详细分析了交叉上市影响公司绩效的作用机理。其次,在理清了交叉上市与公司绩效关系的基础上,选取我国交叉上市公司的主体“先H后A”公司和所有纯A股上市公司2010年到2015年的平衡面板数据为样本,利用反映公司发展能力、偿债能力和盈利能力等3个方面的8个财务指标通过主成分分析法构建衡量公司绩效的综合指标,然后构建多元线性回归模型检验交叉上市对公司绩效的影响,结果表明:与非交叉上市公司相比,交叉上市公司的绩效水平更低,进一步,使用Heckman两阶段处理模型控制交叉上市公司的样本自选择问题后,结论依然保持不变;本文还发现公司的股权集中度、管理层薪酬以及公司的成长能力对于公司绩效都有正向的增加作用,而公司的负债率却起到反向的降低作用。因此,本文认为西方学者提出的交叉上市理论不适合解释我国特殊的交叉上市情况,而国内学者提出的政府干预理论更加符合我国交叉上市的现实情况。
[Abstract]:Cross-listing refers to the behavior of the same company issuing shares in two or more stock markets. The practice of cross-listing in China began relatively late. Based on the relevant theories and methods of foreign research, domestic scholars mainly pay attention to the direct consequences of cross-listing of mainland enterprises in China. That is, cross-listing caused by short-term changes in stock prices and changes in market value, but for cross-listing and corporate performance of the relationship between less research. The cross-listing behavior of Chinese companies is very different from the cross-listing behavior of foreign countries. Therefore, based on the unique characteristics of cross-listing in China, AH cross-listed companies are taken as the research object. On the basis of constructing the internal mechanism of cross-listing affecting corporate performance, this paper makes an empirical study on the relationship between cross-listing and corporate performance. Then, based on the bundling theory of cross-listing, corporate governance theory and government intervention theory, the mechanism framework of cross-listing affecting corporate performance is constructed, respectively from the cost of capital. Corporate governance and government intervention are three angles to analyze the mechanism of cross-listing affecting corporate performance in detail. Secondly, on the basis of clarifying the relationship between cross-listing and corporate performance. Select the cross-listed companies in China "first H after A" company and all pure A-share listed companies from 2010 to 2015 as a sample of balanced panel data, using to reflect the development of the company. Through principal component analysis, 8 financial indicators in three aspects of solvency and profitability are constructed to measure corporate performance, and then multiple linear regression models are constructed to test the impact of cross-listing on corporate performance. The results show that the performance level of cross-listed companies is lower than that of non-cross-listed companies. Further, Heckman two-stage model is used to control the self-selection of cross-listed companies. Conclusions remain unchanged; This paper also found that the company's equity concentration, management compensation and the growth ability of the company have a positive effect on corporate performance, while the debt ratio of the company plays a reverse role. This paper holds that the cross-listing theory put forward by western scholars is not suitable to explain the special cross-listing situation in China, while the government intervention theory put forward by domestic scholars is more in line with the reality of cross-listing in China.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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