發(fā)布時(shí)間：2018-01-21 16:46

  本文關(guān)鍵詞： 交叉上市 代理成本 回歸企業(yè) 理論分析 實(shí)證檢驗(yàn)　出處：《東北財(cái)經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：自20世紀(jì)80年代以來,交叉上市逐漸成為全球資本市場(chǎng)上的一個(gè)重要現(xiàn)象,眾多學(xué)者紛紛對(duì)交叉上市企業(yè)的代理成本問題加以研究,并構(gòu)建了較為成熟的理論基礎(chǔ)。在我國(guó)交叉上市的企業(yè)中,以H股回歸A股居多,然而此類模式與理論研究的主流模式在路徑選擇的方面存在差異,其代理成本水平值得人們深究。再加上許多赴港上市的企業(yè)尚未返回內(nèi)地資本市場(chǎng),相信對(duì)回歸企業(yè)的代理成本研究可以給這些未回歸企業(yè)一定的參考和指導(dǎo)。由此可見,對(duì)本選題的研究具有較高的理論和實(shí)用價(jià)值。 從研究方法看,本文首先對(duì)回歸企業(yè)的代理成本水平展開具體的理論分析,并提出假設(shè)。隨后,運(yùn)用了實(shí)證方法對(duì)假設(shè)的正確性加以檢驗(yàn)。 從分析角度看,本文首先以“先H后A”交叉上市企業(yè)與僅在A股發(fā)行上市的企業(yè)作為研究對(duì)象,考察在香港市場(chǎng)交叉上市如何影響我國(guó)企業(yè)的代理成本水平。隨后,相比回歸企業(yè)在返回A股市場(chǎng)之前,考察回歸企業(yè)在交叉上市前后代理成本水平的變化情況,借以說明“先H后A”是否影響了H股企業(yè)回歸A股后的代理成本水平。 從論文框架看,本文首先對(duì)現(xiàn)有理論進(jìn)行整理,在此基礎(chǔ)上,運(yùn)用現(xiàn)有理論并結(jié)合“先H后A”在路徑選擇方面的特殊性對(duì)回歸企業(yè)的代理成本水平展開理論分析,并提出本文的研究假設(shè)。隨后,就假設(shè)的正確性進(jìn)行實(shí)證檢驗(yàn)。最后本文得出研究結(jié)論,提出相關(guān)建議,并對(duì)后續(xù)研究工作進(jìn)行展望。 具體來講,本文共包括以下五部分內(nèi)容： 第一部分：引言。介紹選題的背景和意義；解釋研究思路,列示研究框架；指明本文的創(chuàng)新所在。 第二部分：相關(guān)概念及文獻(xiàn)綜述。界定相關(guān)概念；整理國(guó)內(nèi)外研究的相關(guān)文獻(xiàn)。 第三部分：回歸企業(yè)代理成本水平的理論分析。闡明研究的理論基礎(chǔ);靈活運(yùn)用理論基礎(chǔ)并結(jié)合我國(guó)“先H后A”交叉上市在路徑選擇方面的特殊性對(duì)回歸企業(yè)的代理成本水平進(jìn)行具體分析；提出本文的研究假設(shè)。 第四部分：回歸企業(yè)代理成本水平的實(shí)證分析。運(yùn)用實(shí)證方法驗(yàn)證假設(shè)的正確性；對(duì)實(shí)證分析的結(jié)果加以解釋說明。 第五部分：研究結(jié)論及后續(xù)研究的展望�？偨Y(jié)結(jié)論；提出對(duì)投資者、企業(yè)、政府部門有參考價(jià)值的合理性建議；指明本文的不足之處；展望后續(xù)研究的方向。
[Abstract]:Since 1980s, cross-listing has gradually become an important phenomenon in the global capital market. Many scholars have studied the agency cost of cross-listed enterprises. And build a more mature theoretical basis. In our cross-listed enterprises, H shares return to A-share is the majority, but this model and the mainstream model of theoretical research in the path choice is different. The level of agency costs is worth exploring. In addition, many companies listed in Hong Kong have not yet returned to the mainland capital markets. It is believed that the research on the agency cost of the returning enterprises can give some reference and guidance to these unreturned enterprises. Thus, the research on this topic has high theoretical and practical value. From the point of view of the research methods, this paper firstly analyzes the agency cost level of the return firm and puts forward the hypothesis. Then, the validity of the hypothesis is tested by using the empirical method. From the point of view of analysis, this paper first takes "first H then A" cross-listed enterprises and only A-share listed enterprises as the research object. To investigate how cross-listing in the Hong Kong market affects the agency cost level of Chinese enterprises. Subsequently, compared with return to the A-share market before the return of enterprises. This paper investigates the change of agency cost level before and after cross-listing of return enterprises, so as to explain whether "first H then A" affects the level of agency cost after H shares return to A shares. From the point of view of the framework of the thesis, this paper first collates the existing theories, and on this basis. By using the existing theory and combining the particularity of "first H then A" in the aspect of path choice, this paper makes a theoretical analysis of the agency cost level of regression enterprises, and puts forward the research hypothesis of this paper. Finally, this paper draws the conclusion of the research, puts forward some relevant suggestions, and prospects the future research work. Specifically, this paper includes the following five parts: The first part: introduction. Introduces the background and significance of the topic, explains the research ideas, lists the research framework, and points out the innovation of this paper. The second part: the related concepts and literature review. Define the related concepts; collate the relevant literature at home and abroad. The third part: the theoretical analysis of the return to the level of agency cost. Flexible use of the theoretical basis and combined with the "first H then A" cross-listing in the path choice of the particularity of the return enterprise agency cost level of specific analysis; The research hypothesis of this paper is put forward. Part 4th: the empirical analysis of the return of agency cost level. The empirical method is used to verify the validity of the hypothesis, and the results of the empirical analysis are explained. Part 5th:. Research conclusions and future research prospects. Summary conclusions; put forward reasonable suggestions for investors, enterprises and government departments with reference value; point out the shortcomings of this paper; look forward to the direction of future research.
【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275.3;F832.51

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本文編號(hào)：1452024