我国交叉上市公司信息披露质量和证券分析师预测准确度研究

发布时间：2018-05-02 13:11

本文选题：交叉上市 + 信息披露质量　；参考：《吉林大学》2013年硕士论文

【摘要】：近年来，随着经济全球化趋势日益加强，我国作为新兴市场，股市发展较快，，取得了很多可喜的成就，但相对于美国等较为成熟的市场还是有很多需要完善的地方。我国上市公司的内外治理方面都存在一定问题,投资者利益得不到有效的保护。而交叉上市(Cross-listing)作为最新兴起的一种外部治理机制，能否改善上市公司的公司治理水平问题一直是国内外学术界广泛关注的。以往我国针对交叉上市的研究只是参考国外研究，选取与非交叉上市公司进行对比分析。而在中国这个转型兼新兴的市场，公司选择交叉上市有着与国外不同的有特色的市场背景，“先外后内”的交叉上市模式也与其他国家的“先内后外”截然不同。那么，我国企业这种独特的交叉上市对公司治理到底带来了哪些影响？那些选择在香港H股市场上市的公司，是否真的因为香港较为成熟的市场环境与相对完备的法律和监管体系而改善了公司治理水平呢？这些上市公司与自己交叉上市前相比较是否真的提高了对投资者利益的保护水平？这就是本研究将要探讨的问题。本研究主要采用同时在香港H股和国内A股上市的中国交叉上市公司的上市行为作为研究对象，为了证明公司治理变化是交叉上市引起的，本文采取以交叉上市为分界点，采用回归分析的实证手段来研究交叉上市前后的公司治理变化，证明中国公司的交叉上市行为改善了公司治理。本研究中，采用信息披露质量作为分析公司治理水平的影响因素，以证券分析师预测准确度来估计信息披露水平，按“先A后H”和“先H后A”交叉上市模式进行分组，分别对公司治理的影响进行比较分析。研究结果表明：中国公司选择在香港H股市场交叉上市后，能够改善公司治理，提高投资者保护水平。又因为中国上市公司交叉上市方式不同，对证券分析师预测准确度的影响也不同，从而导致了不同程度的公司治理。
[Abstract]:In recent years, with the increasing trend of economic globalization, China as a new market, the stock market has developed rapidly, has made many gratifying achievements, but compared with the more mature markets such as the United States, there are still a lot of needs to be improved. There are some problems in internal and external governance of listed companies in China, and investors' interests can not be effectively protected. Cross-listing Cross-listing as a newly emerging external governance mechanism, whether or not to improve the corporate governance level of listed companies has been widely concerned at home and abroad. In the past, the cross-listing research in our country only referred to the foreign research, and compared with the non-cross-listed companies. In China, which is a transitional and emerging market, cross-listing has its own market background, and the mode of cross-listing is different from that of other countries. So, what impact does this unique cross-listing of Chinese enterprises bring to corporate governance? Do companies that choose to list in Hong Kong's H share market really improve their corporate governance because of the more mature market environment and the relatively complete legal and regulatory system in Hong Kong? Do these listed companies really improve the level of protection of investors' interests compared with their cross-listing? This is the subject of this study. In order to prove that the change of corporate governance is caused by cross-listing, this paper takes cross-listing as the dividing point. The empirical method of regression analysis is used to study the change of corporate governance before and after cross-listing, which proves that the cross-listing behavior of Chinese companies improves corporate governance. In this study, the quality of information disclosure is used as the influencing factor to analyze the level of corporate governance, and the information disclosure level is estimated by the forecasting accuracy of the securities analysts. The information disclosure level is grouped according to the cross-listing mode of "first A then H" and "first H then A". The impact of corporate governance is compared and analyzed. The results show that the cross-listing of Chinese companies in Hong Kong can improve corporate governance and improve the level of investor protection. Because of the different ways of cross-listing of listed companies in China, the impact on the forecasting accuracy of securities analysts is also different, which leads to different degrees of corporate governance.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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