本文關(guān)鍵詞： 交叉上市 控制權(quán)私利 約束假說 溢出效應(yīng)　出處：《遼寧大學(xué)》2014年博士論文　論文類型：學(xué)位論文

【摘要】：隨著資本市場全球一體化趨勢的發(fā)展，國際間的資本流動(dòng)更加迅猛，證券市場上有價(jià)證券的發(fā)行和交易可通過跨產(chǎn)業(yè)、跨區(qū)域乃至跨國界進(jìn)行，其中企業(yè)選擇在不同的交易所進(jìn)行交叉上市的現(xiàn)象越來越多。企業(yè)交叉上市的動(dòng)機(jī)有很多，如改善企業(yè)治理、擴(kuò)大融資規(guī)模、提高企業(yè)聲譽(yù)、提升企業(yè)價(jià)值等等。但到更嚴(yán)格的境外資本市場交叉上市，就必須服從外部資本市場更高的法律體系和監(jiān)管約束，提高了企業(yè)的上市成本，那么交叉上市是否會為企業(yè)帶來更大的收益呢？本文將從交叉上市的效應(yīng)角度去分析企業(yè)交叉上市行為。 對交叉上市相關(guān)文獻(xiàn)進(jìn)行梳理發(fā)現(xiàn)，企業(yè)從法律體系和監(jiān)管標(biāo)準(zhǔn)薄弱的外部環(huán)境轉(zhuǎn)移到法律體系和監(jiān)管標(biāo)準(zhǔn)更嚴(yán)格的證券市場進(jìn)行交叉上市，必須“承諾”改善企業(yè)治理，降低企業(yè)控制權(quán)過度集中的情況，限制控股股東對中小投資者利益的侵占，把這種承諾作為交叉上市的一種“約束”來換取投資者的投資，良好的投資回報(bào)將有利于提高企業(yè)績效，從而實(shí)現(xiàn)交叉上市給企業(yè)帶來的“溢出”效應(yīng)。而這種溢出效應(yīng)的實(shí)現(xiàn)來自于中小投資者對“約束”的信任。畢竟，一旦中小投資者投資失敗，投資者唯一的方法就是向當(dāng)?shù)氐姆ㄔ合到y(tǒng)提起追索訴訟，，而法律體系是否完善是投資者的投資權(quán)益能否得到保護(hù)的關(guān)鍵。 那么交叉上市是否會通過到更高標(biāo)準(zhǔn)的法律體系和監(jiān)管標(biāo)準(zhǔn)的證券市場中交叉上市提高了中小投資者保護(hù)質(zhì)量并改善了企業(yè)治理結(jié)構(gòu)（降低企業(yè)控制權(quán)集中度）和提高企業(yè)績效等效應(yīng)呢？本文通過分析中國采取ADRs模式的172家在美國交叉上市企業(yè)和180家未交叉上市的企業(yè)數(shù)據(jù)進(jìn)行Logit和Cox模型的實(shí)證分析，驗(yàn)證了交叉上市行為會帶來提高投資者保護(hù)水平、降低控股大股東的控制權(quán)和提高企業(yè)績效方面的效應(yīng)。從而支持了本文的觀點(diǎn)：交叉上市的實(shí)現(xiàn)會給企業(yè)帶來正的“溢出”效應(yīng)。 本文分為六部分。第一部分為緒論，首先敘述了本篇論文選題的背景及意義。然后從不同的角度對相關(guān)國內(nèi)外文獻(xiàn)進(jìn)行了綜述，最后，闡述了基本范疇界定、研究方法及創(chuàng)新點(diǎn)；第二部分介紹了本文分析中涉及的相關(guān)理論：交叉上市相關(guān)理論和其他相關(guān)理論。其中交叉上市相關(guān)理論主要按時(shí)間順序從市場分割假說、投資者認(rèn)知假說、融資約束假說和監(jiān)管規(guī)避假說進(jìn)行闡述的；而其他相關(guān)理論則主要介紹了后面分析中會用到的企業(yè)治理和投資者保護(hù)相關(guān)理論。其中企業(yè)治理相關(guān)理論包括控制權(quán)理論和大股東行為理論。而投資者保護(hù)相關(guān)理論則重點(diǎn)介紹了大小股東沖突理論和控制權(quán)私利理論；而第三部分是交叉上市分析，具體闡述了交叉上市動(dòng)因、成本收益分析及交叉上市效應(yīng)分析。其中，交叉上市動(dòng)機(jī)的分析從微觀和宏觀兩個(gè)角度進(jìn)行闡述。成本收益分析中從交叉上市的成本和收益兩方面進(jìn)行闡述，成本主要從交叉上市給企業(yè)帶來的直接成本和隱性成本兩方面進(jìn)行分析。收益則從權(quán)益資本成本降低、融資規(guī)模擴(kuò)大、企業(yè)治理結(jié)構(gòu)改善和企業(yè)聲譽(yù)提高四個(gè)方面進(jìn)行的闡述。交叉上市效應(yīng)分析中從投資者保護(hù)、資本融資、企業(yè)治理和企業(yè)績效四個(gè)方面進(jìn)行闡述；第四部分分析了中國企業(yè)交叉上市情況，其中包括中國企業(yè)交叉上市途徑、證券市場選擇及存在問題分析；第五部分對交叉上市效應(yīng)進(jìn)行了實(shí)證分析，首先以數(shù)理分析模型對交叉上市決策及溢出效應(yīng)進(jìn)行了理論分析；然后通過對中國采取ADRs模式的172家在美國交叉上市企業(yè)和180家未交叉上市的企業(yè)分別進(jìn)行l(wèi)ogit模型和Cox模型分析，來檢驗(yàn)交叉上市是否產(chǎn)生了投資者保護(hù)水平、資本融資、企業(yè)治理及企業(yè)績效方面的溢出效應(yīng)。最后第六部分根據(jù)前文的分析，給出了推進(jìn)中國企業(yè)更好選擇交叉上市的可供參考的對策建議。
[Abstract]:With the development trend of global integration of the capital market, international capital flow more rapidly, the stock market has the issuing and trading of securities price through cross industry, cross regional and cross borders, the phenomenon of more and more companies choose to cross listed in different exchange. Many enterprises cross listing motives, such as improving corporate governance, expand the scale of financing, improve corporate reputation, enhance corporate value and so on. But in the overseas capital market cross listing more stringent, must obey the external capital market higher legal system and regulatory constraints, improve the cost of listed enterprises, then cross listing will bring greater benefits for the enterprise? This article from the perspective of the effect of cross listing to analyze enterprise cross listing.
On the cross listing literature found that enterprises from the legal system and regulatory standards of weak external environment to the legal system and regulation more stringent standards for the stock market cross listing, must promise to improve corporate governance, reduce corporate control over the limit set, the controlling shareholder encroachment on the interests of small investors. This kind of commitment as a "constraint" cross listing for investment, good investment returns will help to improve the performance of enterprises, so as to realize the cross listing brings to the enterprise "spillover" effect. The spillover effect from small investors to "restrain" trust. After all, once a small investors failed, investors, the only way is to bring the local court system and recourse litigation, whether the legal system is perfect for investors The key to the protection of capital rights.
Then the cross listing will pass to a higher standard of legal system and regulatory standards in the securities market cross listing improves investor protection and improves the quality of corporate governance (lower right concentration control of enterprise) and improving enterprise performance effect? This paper through the analysis of ADRs model 172 Logit and Cox in the United States model of cross listed companies and 180 non cross listed companies empirical data China take, verify the cross listing will bring about an increased level of investor protection, reduce the effect of controlling shareholders' control rights and improve the enterprise performance. In order to support this view: the realization of cross listed companies will bring positive the "spillover" effect.
This paper is divided into six parts. The first part is the introduction, the first describes the background and significance of the thesis topic. Then from a different perspective on the related literature at home and abroad were summarized, finally, expounds the basic definition, research methods and innovation; the second part introduces the analysis of the related theory. Cross listing related theory and other related theory. The main theories of cross listed in chronological order from the market segmentation hypothesis, investor recognition hypothesis, financial constraints hypothesis and regulation aversion hypothesis elaborated; and other related theory, mainly introduces the related theories of corporate governance and protection of investors behind the analysis will be used in the related theory of the enterprise. Governance includes the control theory and the behavior of large shareholder and investor protection theory. Related theory mainly introduces shareholder conflicts theory and control Gain theory; and the third part is the analysis of cross listing is described in detail, cross listing motivation, cost-benefit analysis and cross listing effect. Among them, the elaborate analysis of cross listing motivation from two angles of microcosmic and macroscopic. Cost benefit analysis from the cross listing of the costs and benefits of two aspects, mainly from the cost of the cross the direct cost of listing brings to the enterprise and the implicit cost analysis of two aspects. The income from reducing the cost of equity capital, expand the scale of financing, improve corporate governance structure and improve corporate reputation in four aspects in this paper. Analysis of cross listing effect from investor protection, capital financing, the four aspects of corporate governance and corporate performance the fourth part analyzes the Chinese elaboration; enterprises cross listing, including China enterprises cross listing way, stock market selection and problems Analysis; the fifth part is an empirical analysis on the effect of cross listing, the first in the mathematical analysis model of the theoretical analysis of cross listing decisions and spillover effects; then by taking the ADRs mode of the 172 cross listing in the United States and 180 enterprises not cross listed companies are logit model and Cox model analysis of the China, to test cross listing of the level of investor protection, capital financing, the spillover effect of corporate governance and corporate performance. Finally, the sixth part according to the above analysis, given the advance Chinese enterprises better selecting advice for reference of cross listing.

【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2014
【分類號】：F279.2;F832.51


本文編號：1533008