本文關(guān)鍵詞： 交叉上市 審計(jì)質(zhì)量 投資效率 市場(chǎng)環(huán)境 機(jī)構(gòu)投資者　出處：《華中農(nóng)業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：根據(jù)MM理論,全球的資本市場(chǎng)如果是完美的一體化市場(chǎng),上市地點(diǎn)的選擇并不會(huì)引發(fā)差異;但是從現(xiàn)有市場(chǎng)上的交叉上市公司來(lái)看,除去交易信息傳遞和投資障礙的因素,跨境上市的模式對(duì)于處于半效率市場(chǎng)的上市公司來(lái)說(shuō),因?yàn)樾枰邮艿匠墒焓袌?chǎng)環(huán)境的因素影響,在公司經(jīng)營(yíng),公司治理,公司價(jià)值等等方面會(huì)產(chǎn)生差異,在具體的數(shù)據(jù)上本文發(fā)現(xiàn)跨境上市的上市公司在投資行為和資產(chǎn)配置效率上有一個(gè)顯著的差異體現(xiàn)。本文擬選取國(guó)內(nèi)滬深市場(chǎng)與港交所交叉上市的背景,探究企業(yè)在不同的制度環(huán)境下投資經(jīng)營(yíng)受到的影響,以及產(chǎn)生差異的具體環(huán)境因素,并試圖進(jìn)一步探尋市場(chǎng)環(huán)境影響企業(yè)投資行為的途徑渠道。在對(duì)交叉上市環(huán)境探究時(shí),為深入?yún)^(qū)別內(nèi)陸市場(chǎng)和香港市場(chǎng)的具體差異,所以選取了市場(chǎng)微觀結(jié)構(gòu)中的市場(chǎng)參與者代表環(huán)境差異。為了進(jìn)一步探究具體的影響渠道,我們從機(jī)構(gòu)投資者的監(jiān)管與市場(chǎng)信號(hào)釋放角度著手,考慮到審計(jì)的市場(chǎng)職責(zé)即監(jiān)督公司信息公布和促進(jìn)市場(chǎng)信息質(zhì)量,同時(shí)審計(jì)本身會(huì)受到市場(chǎng)環(huán)境的影響,且審計(jì)質(zhì)量會(huì)影響到公司的投資效率,因此我們?cè)噲D從審計(jì)的角度解釋交叉上市環(huán)境影響公司投資行為的具體途徑。得到結(jié)論:1.交叉上市和非交叉上市的公司投資行為存在差異,且兩地市場(chǎng)的機(jī)構(gòu)投資者能夠很大程度的解釋這樣的差異;2.相對(duì)于內(nèi)陸市場(chǎng),香港的市場(chǎng)環(huán)境在資源配置方面具有良好的調(diào)節(jié)作用,可以有效地提高公司資產(chǎn)配置效率,改善和避免投資效率低下的情況,提高資源的利用效率;3.市場(chǎng)的參與者——機(jī)構(gòu)投資者,能夠有效的解釋交叉上市環(huán)境引起的公司投資行為差異;且審計(jì)質(zhì)量是交叉上市環(huán)境影響公司投資行為的重要渠道。同時(shí)提出,加強(qiáng)法律法規(guī)建設(shè),引導(dǎo)健康市場(chǎng)投資;強(qiáng)化國(guó)內(nèi)的機(jī)構(gòu)投資者的監(jiān)管,加快國(guó)內(nèi)機(jī)構(gòu)投資者的建設(shè)和專業(yè)化水平的提升;加速推進(jìn)人民幣國(guó)際化,有序開展離岸人民幣金融市場(chǎng)建設(shè),適時(shí)適量逐步開放金融市場(chǎng),引入海外專業(yè)金融機(jī)構(gòu)參與市場(chǎng)運(yùn)轉(zhuǎn);將有助我國(guó)市場(chǎng)的發(fā)展和完善,提高供給質(zhì)量,推進(jìn)我國(guó)供給側(cè)結(jié)構(gòu)性改革。
[Abstract]:According to the theory of MM, the global capital market if it is a perfect integration market, the choice of listing location and will not lead to the difference; but from the existing market cross listed companies, remove the factors of transaction information transmission and investment barriers, cross-border listing mode for half market efficiency of listed companies, because of the need to accept the influence factors of the mature market environment, corporate governance in the company, the company will produce value, and differences in specific data on the cross-border listing of Listed Companies in investment behavior and asset allocation efficiency reflects a significant difference. This article intends to select the domestic market of Shanghai and Shenzhen and Hong Kong Cross listed companies the background, research enterprise investment business by the impact in different institutional environment, specific environmental factors and the cause of the difference, and attempt to further explore the market environment Channel influence the investment behavior of enterprises. In the exploration of cross listing environment, specific differences for depth difference between inland and Hongkong markets, so select the market participants on behalf of the environmental differences in market microstructure. In order to further explore the impact of specific channels, we from the supervision of institutional investors and market signals released perspective, consider auditing market supervision responsibilities that company information disclosure and promote market information quality, at the same time, the audit itself will be affected by the market environment, investment efficiency and audit quality will affect the company, so we try to explain the specific ways of investment behavior of cross listed companies environmental impact from the angle of audit. Conclusion: there are differences in investment behavior 1. cross listed and non cross listed companies, and both market and institutional investors can largely explain this difference ISO 2.; relative to the inland market, Hongkong market environment has good effect in the allocation of resources, can effectively improve the efficiency of company asset allocation, improve and avoid inefficient investment, improve efficiency of resource utilization; 3. market participants -- institutional investors can effectively explain the differences in investment behavior caused by cross listed environment the company; and the audit quality is an important channel for the investment behavior of cross listed company's environmental impact. At the same time, strengthen the construction of laws and regulations, and guide the healthy market investment; strengthen the supervision of domestic institutional investors, and accelerate the construction of professional level of domestic institutional investors increase; accelerate the internationalization of RMB, in order to carry out offshore RMB financial market construction timely and appropriate, to open the financial market gradually, the introduction of overseas professional financial institutions to participate in market operation; will help me The development and improvement of the national market, improve the quality of supply, and promote the structural reform of the supply side in China.

【學(xué)位授予單位】：華中農(nóng)業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F239.4;F275

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