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

【摘要】：近年來，跨境交叉上市已經(jīng)成為國際金融市場的一大亮點和金融領域研究的一大主題。國內(nèi)外許多學者從不同的角度對交叉上市進行了研究，形成了有代表性的投資者認知假說、市場分割假說、流動性假說和投資者保護假說。隨著越來越多的公司境外上市，投資者保護問題日益受到國內(nèi)外學者們的關注。在以往文獻中，學者們大都從對比境外上市地與上市公司母國的法律制度出發(fā)，研究公司交叉上市后對投資者的保護水平。從經(jīng)濟層面的研究相對較少，本課題主要針對到香港進行交叉上市的A+H股公司，從上市公司的股利政策出發(fā)，結合國內(nèi)資本市場與香港資本市場法律制度的差異，對投資者保護方面做深入的研究。 本課題首先就交叉上市和中小投資者做了界定，對股利理論和交叉上市的代表性假說等理論基礎進行回顧，并分析了交叉上市的動因，比較了兩地上市公司治理機制�；谝陨侠碚摶A提出上市公司進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，建立實證模型對相關假設進行了實證檢驗，最后得出結論和建議。 實證結果表明，A+H股公司相對于國內(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。香港資本市場嚴格的法律制度和完善的投資者保護體系，迫使上市公司通過發(fā)放股利“吐出”現(xiàn)金，降低了對中小投資者的侵害。通過對上市公司的股權集中度和股權制衡度的分析表明，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，但隨著股權制衡度的增加，交叉上市對現(xiàn)金股利的強化效應減弱。香港資本市場對第一大股東嚴格的監(jiān)督機制，增強了上市公司對控股股東的監(jiān)督力度，有效避免了大股東對中小股東的利益侵害，，從而提升了中小股東的保護水平。 通過實證檢驗并結合理論分析，筆者最后提出如下建議來提升中小投資者的保護水平，首先，加強我國資本市場的制度建設，完善投資者保護體系；其次，強化投資者教育，樹立科學理性的投資理念，提升中小投資者的自我保護能力；最后，加強對上市公司的監(jiān)督，引導企業(yè)注重投資者回報水平，增強投資者信心，推動我國資本市場的健康發(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.
【學位授予單位】：重慶理工大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51

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