本文關(guān)鍵詞： 交叉上市 公司績(jī)效 主成分分析　出處：《河北大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：交叉上市指同一家公司在兩個(gè)或兩個(gè)以上證券市場(chǎng)發(fā)行股票上市的行為。國(guó)內(nèi)的交叉上市實(shí)踐開(kāi)始得比較晚,而且主要表現(xiàn)為在A股和H股交叉上市。在借鑒國(guó)外研究的相關(guān)理論和方法的基礎(chǔ)上,國(guó)內(nèi)學(xué)者主要關(guān)注我國(guó)內(nèi)地企業(yè)交叉上市的直接后果,即交叉上市引起的短期股價(jià)變化和市場(chǎng)價(jià)值變化,但是對(duì)于交叉上市與公司經(jīng)營(yíng)績(jī)效關(guān)系的研究較少。另外,我國(guó)公司的交叉上市行為與國(guó)外研究的交叉上市行為存在很大差異。因此,本文基于我國(guó)交叉上市的獨(dú)特特點(diǎn),將AH交叉上市公司作為研究對(duì)象,在構(gòu)建交叉上市影響公司績(jī)效的內(nèi)在機(jī)制的基礎(chǔ)上,對(duì)交叉上市與公司績(jī)效的關(guān)系進(jìn)行實(shí)證研究。本文首先對(duì)交叉上市的相關(guān)研究進(jìn)行梳理和歸納,然后基于交叉上市的捆綁理論、公司治理理論和政府干預(yù)理論構(gòu)建出了交叉上市影響公司績(jī)效的機(jī)制框架,分別從資本成本、公司治理和政府干預(yù)等三個(gè)角度詳細(xì)分析了交叉上市影響公司績(jī)效的作用機(jī)理。其次,在理清了交叉上市與公司績(jī)效關(guān)系的基礎(chǔ)上,選取我國(guó)交叉上市公司的主體“先H后A”公司和所有純A股上市公司2010年到2015年的平衡面板數(shù)據(jù)為樣本,利用反映公司發(fā)展能力、償債能力和盈利能力等3個(gè)方面的8個(gè)財(cái)務(wù)指標(biāo)通過(guò)主成分分析法構(gòu)建衡量公司績(jī)效的綜合指標(biāo),然后構(gòu)建多元線性回歸模型檢驗(yàn)交叉上市對(duì)公司績(jī)效的影響,結(jié)果表明:與非交叉上市公司相比,交叉上市公司的績(jī)效水平更低,進(jìn)一步,使用Heckman兩階段處理模型控制交叉上市公司的樣本自選擇問(wèn)題后,結(jié)論依然保持不變;本文還發(fā)現(xiàn)公司的股權(quán)集中度、管理層薪酬以及公司的成長(zhǎng)能力對(duì)于公司績(jī)效都有正向的增加作用,而公司的負(fù)債率卻起到反向的降低作用。因此,本文認(rèn)為西方學(xué)者提出的交叉上市理論不適合解釋我國(guó)特殊的交叉上市情況,而國(guó)內(nèi)學(xué)者提出的政府干預(yù)理論更加符合我國(guó)交叉上市的現(xiàn)實(shí)情況。
[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.
【學(xué)位授予單位】：河北大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F275

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本文編號(hào)：1480440