本文關(guān)鍵詞：交叉上市、股價(jià)信息含量和投資效率　出處：《山西財(cái)經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

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【摘要】：交叉上市(Cross-listing)是指在兩個(gè)或兩個(gè)以上證券市場(chǎng)上市的公司行為。從20世紀(jì)70年代開(kāi)始,全球交叉上市的公司越來(lái)越多,交叉上市現(xiàn)象變得越來(lái)越普遍。交叉上市作為全球金融一體化的一大重要標(biāo)志,成為了學(xué)術(shù)界研究的重點(diǎn)領(lǐng)域。學(xué)者們從市場(chǎng)分割、投資者認(rèn)知、融資約束、投資者保護(hù)、信息披露和監(jiān)管規(guī)避等融資角度研究了交叉上市的動(dòng)因,并形成了一系列的理論假說(shuō)。隨著研究的深入,Foucault and Gehrig(2006)發(fā)現(xiàn)僅從融資角度很難完美解釋交叉上市動(dòng)因,于是提出了從股價(jià)信息角度來(lái)研究交叉上市動(dòng)因,即“信息渠道理論”。信息渠道理論揭示了公司可以通過(guò)交叉上市改變股價(jià)信息,同時(shí)股價(jià)信息的變化可以為公司管理層所用,實(shí)現(xiàn)企業(yè)資源的優(yōu)化配置。而非效率投資的緩解、投資效率的提高是企業(yè)資源優(yōu)化配置的關(guān)鍵。目前國(guó)外已有研究發(fā)現(xiàn)了信息渠道的存在,而國(guó)內(nèi)主要是從投資者保護(hù)角度研究交叉上市對(duì)投資效率的影響,而對(duì)于交叉上市信息渠道的研究還較少。因此,本文在借鑒國(guó)內(nèi)外研究的基礎(chǔ)上,立足于信息渠道理論,從股價(jià)信息的視角,結(jié)合交叉上市公司與內(nèi)地上市公司的差異來(lái)深入研究交叉上市對(duì)于投資效率的影響�？疾霢+H交叉上市公司是否通過(guò)信息渠道提高股價(jià)信息含量,改善公司治理,這對(duì)于國(guó)內(nèi)上市公司投資效率低下的改善具有重要的理論和現(xiàn)實(shí)意義。本文在信息不對(duì)稱理論、委托代理理論、融資約束理論、信息渠道理論的基礎(chǔ)上,對(duì)交叉上市與股價(jià)信息含量、股價(jià)信息含量與投資效率以及交叉上市、股價(jià)信息含量與投資效率間的關(guān)系展開(kāi)理論分析,并根據(jù)理論研究提出相應(yīng)的研究假設(shè)。在實(shí)證研究部分,本文選取了2010-2015年6年間的66家A+H交叉上市公司的249個(gè)觀測(cè)值數(shù)據(jù)作為研究樣本,同時(shí)選取2144家純A股上市公司的13010個(gè)觀測(cè)值數(shù)據(jù)為對(duì)照組,運(yùn)用固定效應(yīng)模型,研究交叉上市和股價(jià)信息含量、股價(jià)信息含量和投資效率的相關(guān)性,并進(jìn)一步研究交叉上市、股價(jià)信息含量和投資效率的信息渠道。研究表明,公司交叉上市能夠通過(guò)提高股價(jià)信息含量,改善投資者與公司之間的信息不對(duì)稱程度,提高投資效率。公司的交叉上市決策通過(guò)改善上市公司的信息渠道來(lái)作用于公司管理層的投資決策,使上市公司的過(guò)度投資與投資不足行為得到改善,公司投資效率得到提高。實(shí)證結(jié)果顯示:(1)內(nèi)地公司通過(guò)A+H股交叉上市可以顯著提高股價(jià)信息含量;(2)股價(jià)信息含量的提高可以有效改善公司的過(guò)度投資問(wèn)題,提高投資效率;(3)股價(jià)信息含量的提高可以有效改善公司的投資不足問(wèn)題,提高投資效率;(4)A+H股交叉上市可以通過(guò)提高股價(jià)信息含量來(lái)緩解公司的過(guò)度投資行為,提高投資效率。(5)A+H股交叉上市可以通過(guò)提高股價(jià)信息含量來(lái)緩解公司的投資不足行為,提高投資效率。從上述研究結(jié)論可以看出:內(nèi)地公司在A+H交叉上市后確實(shí)可以通過(guò)股價(jià)信息含量的提高來(lái)改善投資效率。
[Abstract]:Cross listing (Cross-listing) refers to the company listed in two or more than two of the securities market. From the beginning of 1970s, more and more companies of global cross listing, cross listing is becoming more common. Cross listed as one of the important signs of global financial integration, has become the focus of the field of academic research scholars. From the market segmentation, investor perception, financing constraints, investor protection, information disclosure and supervision to avoid financing angle on cross listing and motivation, formed a series of theoretical hypotheses. With further research, Foucault and Gehrig (2006) found only from the point of view of financing is difficult to perfectly explain the cross listing causes, then put forward to study the cross listing motivation from the stock information point of view, namely "information theory". The information channel theory reveals the company can through the cross city price change At the same time information, price change information can be used for the management of the company, to achieve the optimal allocation of enterprise resources. While the non efficiency investment relief, investment efficiency is the key of optimizing the allocation of enterprise resources. At present the researches have found that the information channels exist in our country are mainly listed on the investment efficiency from investor protection perspective on cross, cross listing information channels are few. Therefore, this paper on the basis of domestic and international research, based on the information channel theory, from the perspective of stock price information, combined with the difference of cross listed companies and mainland listed companies to study the influence of cross listing for the study the efficiency of investment. A+H cross listed companies to improve the information content of stock price through information channels, improve corporate governance, which for the domestic listed company investment efficiency is improved To the theoretical and practical significance. Based on the asymmetric information theory, principal-agent theory, financing constraints theory, based on the theory of information channels, cross listing and information content of stock price, stock price informativeness and efficiency of investment and cross listing, stock price informativeness and efficiency of capital investment relationship between the theoretical analysis, and put forward the research hypothesis according to the relevant theoretical research. In the part of empirical research, this paper selects 249 observations of 66 A+H 2010-2015 and 6 years the value of cross listed companies as the research sample data, the data for the control group 13010 observation and selected 2144 pure A shares of listed companies, using the fixed effect model of cross listing and stock price the information content, information content and the correlation between stock prices and investment efficiency, and further research on cross listing, stock price informativeness and efficiency of investment channels of information. The research shows that the company The fork listing can increase the information content of stock price, improve the degree of information asymmetry between investors and companies, to improve investment efficiency. Cross listing decisions for the company by improving the listed company information channels to the management of the company's investment decision, the excessive investment and insufficient investment behavior of listed companies to improve corporate investment efficiency can be improved. The empirical results show that: (1) the mainland through A+H cross listing can improve the information content of stock price; (2) the information content of stock price increase can improve the problem of excessive investment, improve the efficiency of investment; (3) the information content of stock price increase can effectively improve the problem of insufficient investment, improve the efficiency of investment; (4) A+H cross listed shares to alleviate the over investment behavior of the company through improving the stock price information content, improve the efficiency of investment. (5) A+H cross listing can By improving stock price information content, we can alleviate company's underinvestment behavior and improve investment efficiency. From the above conclusion, we can see that mainland companies can improve investment efficiency through raising stock price information content after A+H cross listing.

【學(xué)位授予單位】：山西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51

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