本文選題：交叉上市 + 投資者保護(hù)��； 參考：《重慶理工大學(xué)》2013年碩士論文

【摘要】：近年來(lái)，跨境交叉上市已經(jīng)成為國(guó)際金融市場(chǎng)的一大亮點(diǎn)和金融領(lǐng)域研究的一大主題。國(guó)內(nèi)外許多學(xué)者從不同的角度對(duì)交叉上市進(jìn)行了研究，形成了有代表性的投資者認(rèn)知假說(shuō)、市場(chǎng)分割假說(shuō)、流動(dòng)性假說(shuō)和投資者保護(hù)假說(shuō)。隨著越來(lái)越多的公司境外上市，投資者保護(hù)問題日益受到國(guó)內(nèi)外學(xué)者們的關(guān)注。在以往文獻(xiàn)中，學(xué)者們大都從對(duì)比境外上市地與上市公司母國(guó)的法律制度出發(fā)，研究公司交叉上市后對(duì)投資者的保護(hù)水平。從經(jīng)濟(jì)層面的研究相對(duì)較少，本課題主要針對(duì)到香港進(jìn)行交叉上市的A+H股公司，從上市公司的股利政策出發(fā)，結(jié)合國(guó)內(nèi)資本市場(chǎng)與香港資本市場(chǎng)法律制度的差異，對(duì)投資者保護(hù)方面做深入的研究。 本課題首先就交叉上市和中小投資者做了界定，對(duì)股利理論和交叉上市的代表性假說(shuō)等理論基礎(chǔ)進(jìn)行回顧，并分析了交叉上市的動(dòng)因，比較了兩地上市公司治理機(jī)制�；谝陨侠碚摶A(chǔ)提出上市公司進(jìn)行交叉上市提高了現(xiàn)金股利支付概率、現(xiàn)金股利支付金額、現(xiàn)金股利支付率等研究假設(shè)，建立實(shí)證模型對(duì)相關(guān)假設(shè)進(jìn)行了實(shí)證檢驗(yàn)，最后得出結(jié)論和建議。 實(shí)證結(jié)果表明，A+H股公司相對(duì)于國(guó)內(nèi)純A股上市公司，更傾向于向投資者支付現(xiàn)金股利，并且支付概率、支付力度顯著大于A股公司。香港資本市場(chǎng)嚴(yán)格的法律制度和完善的投資者保護(hù)體系，迫使上市公司通過(guò)發(fā)放股利“吐出”現(xiàn)金，降低了對(duì)中小投資者的侵害。通過(guò)對(duì)上市公司的股權(quán)集中度和股權(quán)制衡度的分析表明，隨著第一大股東持股比例的增加，A+H股公司的股利增加額顯著小于A股上市公司，但隨著股權(quán)制衡度的增加，交叉上市對(duì)現(xiàn)金股利的強(qiáng)化效應(yīng)減弱。香港資本市場(chǎng)對(duì)第一大股東嚴(yán)格的監(jiān)督機(jī)制，增強(qiáng)了上市公司對(duì)控股股東的監(jiān)督力度，有效避免了大股東對(duì)中小股東的利益侵害，，從而提升了中小股東的保護(hù)水平。 通過(guò)實(shí)證檢驗(yàn)并結(jié)合理論分析，筆者最后提出如下建議來(lái)提升中小投資者的保護(hù)水平，首先，加強(qiáng)我國(guó)資本市場(chǎng)的制度建設(shè)，完善投資者保護(hù)體系；其次，強(qiáng)化投資者教育，樹立科學(xué)理性的投資理念，提升中小投資者的自我保護(hù)能力；最后，加強(qiáng)對(duì)上市公司的監(jiān)督，引導(dǎo)企業(yè)注重投資者回報(bào)水平，增強(qiáng)投資者信心，推動(dòng)我國(guó)資本市場(chǎng)的健康發(fā)展。
[Abstract]:In recent years, cross-listing has become a highlight of international financial markets and a major topic of financial research. Many scholars at home and abroad have studied cross-listing from different angles, forming representative investor cognition hypothesis, market segmentation hypothesis, liquidity hypothesis and investor protection hypothesis. With more and more companies listed abroad, investor protection has been paid more and more attention by scholars at home and abroad. In the previous literature, most scholars have studied the level of investor protection after cross-listing by comparing the legal system between the overseas listed place and the home country of the listed company. There is relatively little research on the economic level. This topic is mainly aimed at A-H shares listed in Hong Kong, starting from the dividend policy of listed companies, combining the differences between the domestic capital market and the legal system of Hong Kong's capital market. Do in-depth research on investor protection. This paper first defines cross-listing and small and medium-sized investors, reviews the theoretical basis of dividend theory and cross-listing hypothesis, analyzes the motivation of cross-listing, and compares the governance mechanism of dual-listed companies. Based on the above theoretical basis, this paper proposes that cross-listing of listed companies improves the probability of cash dividend payment, the amount of cash dividend payment, cash dividend payment rate and other research hypotheses, and establishes an empirical model to test the relevant assumptions. Finally, conclusions and recommendations are drawn. The empirical results show that A / H companies are more likely to pay cash dividends to investors than domestic pure A-share listed companies, and the probability of payment is significantly greater than that of A-share companies. Hong Kong's capital market has a strict legal system and a sound investor protection system, forcing listed companies to "spit out" cash through dividend payments, thus reducing the infringement on small and medium-sized investors. Through the analysis of the ownership concentration and equity balance of listed companies, it is shown that the dividend increase of A-H companies is significantly smaller than that of A-share listed companies, but with the increase of equity checks and balances, with the increase of shareholding ratio of the largest shareholders, the increase of dividend of A-H companies is significantly smaller than that of A-share listed companies. The strengthening effect of cross-listing on cash dividend is weakened. The strict supervision mechanism of the largest shareholder in Hong Kong capital market strengthens the supervision of the listed company to the controlling shareholder, effectively avoids the infringement of the interests of the large shareholder to the minority shareholder, and thus raises the level of protection of the minority shareholder. Through empirical test and theoretical analysis, the author finally puts forward the following suggestions to improve the level of protection of small and medium-sized investors: first, strengthen the system construction of capital market in China, perfect the investor protection system; secondly, strengthen investor education. Finally, we should strengthen the supervision of the listed companies, guide the enterprises to pay attention to the level of investors' returns, enhance investor confidence, and promote the healthy development of our country's capital market.
【學(xué)位授予單位】：重慶理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

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