本文選題：交叉上市　切入點(diǎn)：資產(chǎn)成本分析　出處：《天津財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：近幾年來中國資本市場發(fā)展迅速,但是,不可否認(rèn)的是,在市場規(guī)模大小、融資范圍廣度和市場監(jiān)管力度等方面中國的資本市場發(fā)展與美國等發(fā)達(dá)的資本市場仍然存在比較大的差距。在當(dāng)今資本趨于一體化的時代,在國際間進(jìn)行股權(quán)融資的公司數(shù)目呈上升趨勢,其中,交叉上市成為了公司選擇國際融資的主要方式。主要原因在于交叉上市可以使經(jīng)濟(jì)主體以更低的融資成本來籌集更多的資金,優(yōu)化公司資本結(jié)構(gòu),增加公司價值,拓寬融資渠道、提高國際競爭力。 西方學(xué)者對交叉上市進(jìn)行了大量的多方面研究,其中包括了利用事件研究法以及基于不同假設(shè)的股權(quán)資本成本計(jì)量模型進(jìn)行的理論研究及實(shí)證檢驗(yàn),但是,交叉上市的資本成本效應(yīng)還沒有在國際范圍得到統(tǒng)一認(rèn)可的估測模型。針對中國公司交叉上市的理論與實(shí)踐,近年來也引起了中國理論界與企業(yè)界的大討論,展現(xiàn)了各種不同觀念的對立和碰撞。最根本的爭論點(diǎn)在于交叉上市對公司價值增長的影響問題,即資本成本效應(yīng)問題。為了突破當(dāng)今中國企業(yè),尤其是需要不斷開拓市場的科技型企業(yè)的融資“瓶頸”,對交叉上市融資的研究具有深遠(yuǎn)的研究意義。 本文主要采用了股利貼現(xiàn)模型和基于Ohlson模型推導(dǎo)的股權(quán)資本成本估測模型對資本成本進(jìn)行測算。得出了三個結(jié)論：(1)基于Ohlson模型推導(dǎo)的股權(quán)資本成本估測模型估算出的資本成本比用股利貼現(xiàn)模型估算出的資本成本低；(2)中國的科技型企業(yè)交叉上市有助于降低資本成本；(3)在香港上市的中國科技型企業(yè)回歸大陸股票市場有助于降低資本成本。這些探究了我國科技型企業(yè)交叉上市的資本成本效應(yīng),文章最后針對現(xiàn)存不足給出相應(yīng)的政策建議。
[Abstract]:In recent years, China's capital market has developed rapidly. However, it is undeniable that, in terms of market size, There is still a big gap between the development of China's capital market and that of the developed capital markets such as the United States in terms of the scope of financing and the intensity of market supervision. The number of companies engaged in equity financing in the international community is on the rise, of which, Cross-listing has become the main way for companies to choose international financing. The main reason is that cross-listing can make economic entities raise more funds with lower financing costs, optimize the company's capital structure and increase its value. Broaden financing channels to improve international competitiveness. Western scholars have carried out a large number of cross-listing research, including the use of event research and equity capital cost measurement model based on different assumptions to carry out theoretical research and empirical testing, but, The capital cost effect of cross-listing has not yet been universally recognized as an estimate model. In view of the theory and practice of cross-listing of Chinese companies, in recent years, there has also been a great discussion between the Chinese theorists and the business community. The most fundamental issue is the impact of cross-listing on the growth of corporate value, namely, the cost of capital effect. In order to break through today's Chinese enterprises, Especially the "bottleneck" of technology enterprises which need to open up the market continuously, which has profound significance for the research of cross-listing financing. This paper mainly uses the dividend discount model and the equity capital cost estimation model based on Ohlson model to estimate the capital cost, and draws three conclusions: 1) estimate the equity capital cost estimate model based on Ohlson model. The calculated capital cost is lower than that estimated by the dividend discount model) Cross-listing of Chinese technology enterprises helps to reduce the cost of capital. 3) the return of Chinese technology-based enterprises listed in Hong Kong to the mainland stock market is helpful. In order to reduce the cost of capital, this paper explores the capital cost effect of cross-listing of science and technology enterprises in China. At the end of the article, some policy suggestions are given in view of the existing deficiencies.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275.3;F832.51

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