基于EVA視角的交叉上市對公司業(yè)績的影響研究
發(fā)布時間：2019-06-15 20:12
【摘要】：隨著經(jīng)濟全球化的發(fā)展，國際間資本流動越來越頻繁，為了在激烈競爭中生存發(fā)展，很多企業(yè)開始走出國門，選擇去國際市場上融資以支持企業(yè)的發(fā)展。由于地理條件、文化、政治等方面的因素，香港成為我國企業(yè)海外上市的首選。國家為促進我國資本市場的發(fā)展，積極鼓勵海外上市企業(yè)回歸國內(nèi)市場，而這些海外上市企業(yè)為解決融資需求，也紛紛響應(yīng)號召回歸A股市場交叉上市。自1993年青島啤酒拉開我國企業(yè)交叉上市序幕以來，交叉上市問題備受各界的關(guān)注。已有的文獻指出交叉上市可以提高投資者對公司股票的認知度以及股票的流動性，提高公司的治理水平，緩解市場分割和信息不對稱問題，使企業(yè)獲得更多的外援融資機會。有關(guān)交叉上市是否能提高公司業(yè)績的研究較少，已有的研究也只是局限在傳統(tǒng)的業(yè)績評價指標，單純的會計指標容易被企業(yè)操縱，這在一定程度上使得研究結(jié)果的可信性受到質(zhì)疑。EVA包含更多的信息量，，它對公司業(yè)績的解釋能力更為全面，它不僅能用于公司業(yè)績的評價，更是一個綜合的財務(wù)管理系統(tǒng)，因此本文擬采用EVA來衡量企業(yè)業(yè)績，同時也選取ROE作為對比，研究交叉上市對公司業(yè)績的影響。 本文采用規(guī)范分析與實證研究相結(jié)合的方法來研究交叉上市對公司業(yè)績的影響。文章首先闡述了本文的研究背景、意義、研究方法以及思路；然后回顧了國內(nèi)外有關(guān)交叉上市問題的研究現(xiàn)狀；已有文獻主要從流動性假說、投資者認知假說、約束假說等方面研究了交叉上市對公司治理以及資本成本的影響。研究發(fā)現(xiàn)交叉上市提高了股票的流動性和投資者對公司的認知度，有利于降低資本成本，改善經(jīng)營業(yè)績。文章第三部分在文獻回顧基礎(chǔ)上做了理論分析，接著采用實證方法對本文的假設(shè)做了驗證，結(jié)果發(fā)現(xiàn)交叉上市的確可以提高公司業(yè)績，但企業(yè)交叉上市時間越長其業(yè)績反而下降，即交叉上市后企業(yè)的長期業(yè)績呈下滑的趨勢；在股權(quán)集中度高、股權(quán)制衡度較低以及董事會規(guī)模較大這三種情況下，A+H股交叉上市公司業(yè)績增加顯著高于純A股上市企業(yè)，而獨立董事所占比越大，交叉上市公司業(yè)績增加額反而低于非交叉上市公司，這主要是因為我國企業(yè)的獨立董事未能真正履行職責，不能有效發(fā)揮獨立董事的監(jiān)督作用。文章最后對本文的研究結(jié)論作了總結(jié)，在此基礎(chǔ)上提出了一些政策建議，但由于時間和本人能力有限，文章還存在一些局限性，有待進一步提高。
[Abstract]:With the development of economic globalization, international capital flows become more and more frequent. In order to survive and develop in the fierce competition, many enterprises begin to go abroad and choose to finance in the international market to support the development of enterprises. Due to geographical conditions, cultural, political and other factors, Hong Kong has become the first choice for overseas listing of Chinese enterprises. In order to promote the development of China's capital market, the state actively encourages overseas listed enterprises to return to the domestic market. In order to meet the financing needs, these overseas listed enterprises have also responded to the call to return to the A-share market cross-listing. Since Tsing Tao Beer opened the prelude to cross-listing of Chinese enterprises in 1993, the issue of cross-listing has attracted much attention from all walks of life. The existing literature points out that cross-listing can improve investors' recognition of corporate stocks and liquidity of stocks, improve the level of corporate governance, alleviate the problems of market segmentation and information asymmetry, and enable enterprises to obtain more opportunities for foreign aid financing. There are few studies on whether cross-listing can improve the performance of the company, and the existing research is limited to the traditional performance evaluation index, and the simple accounting index is easy to be manipulated by the enterprise, which makes the credibility of the research results questioned to a certain extent. Eva contains more information, and its ability to explain the performance of the company is more comprehensive, which can not only be used to evaluate the performance of the company. It is also a comprehensive financial management system, so this paper intends to use EVA to measure corporate performance, and also select ROE as a comparison to study the impact of cross-listing on corporate performance. This paper uses the combination of normative analysis and empirical research to study the impact of cross-listing on corporate performance. This paper first expounds the research background, significance, research methods and ideas of this paper, and then reviews the research status of cross-listing at home and abroad. The existing literature mainly studies the impact of cross-listing on corporate governance and capital cost from the aspects of liquidity hypothesis, investor cognitive hypothesis, constraint hypothesis and so on. It is found that cross-listing improves the liquidity of stocks and investors' recognition of the company, which is beneficial to reduce the cost of capital and improve the operating performance. The third part of the article makes a theoretical analysis on the basis of literature review, and then uses empirical methods to verify the hypothesis of this paper. The results show that cross-listing can indeed improve the performance of the company, but the longer the time of cross-listing, the performance of the company decreases, that is, the long-term performance of the enterprise shows a downward trend after cross-listing. In the three cases of high ownership concentration, low equity system and large board of directors, the performance of A and H shares cross-listed companies is significantly higher than that of pure A-share listed enterprises, and the larger the proportion of independent directors, the lower the increase of performance of cross-listed companies is lower than that of non-cross-listed companies, which is mainly because the independent directors of Chinese enterprises fail to truly perform their duties and can not give full play to the supervisory role of independent directors. Finally, the paper summarizes the research conclusions of this paper, on the basis of which some policy suggestions are put forward, but due to the limited time and my ability, there are still some limitations in the article, which need to be further improved.
【學位授予單位】：重慶理工大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F276.6;F275;F832.51
本文編號：2500478
[Abstract]:With the development of economic globalization, international capital flows become more and more frequent. In order to survive and develop in the fierce competition, many enterprises begin to go abroad and choose to finance in the international market to support the development of enterprises. Due to geographical conditions, cultural, political and other factors, Hong Kong has become the first choice for overseas listing of Chinese enterprises. In order to promote the development of China's capital market, the state actively encourages overseas listed enterprises to return to the domestic market. In order to meet the financing needs, these overseas listed enterprises have also responded to the call to return to the A-share market cross-listing. Since Tsing Tao Beer opened the prelude to cross-listing of Chinese enterprises in 1993, the issue of cross-listing has attracted much attention from all walks of life. The existing literature points out that cross-listing can improve investors' recognition of corporate stocks and liquidity of stocks, improve the level of corporate governance, alleviate the problems of market segmentation and information asymmetry, and enable enterprises to obtain more opportunities for foreign aid financing. There are few studies on whether cross-listing can improve the performance of the company, and the existing research is limited to the traditional performance evaluation index, and the simple accounting index is easy to be manipulated by the enterprise, which makes the credibility of the research results questioned to a certain extent. Eva contains more information, and its ability to explain the performance of the company is more comprehensive, which can not only be used to evaluate the performance of the company. It is also a comprehensive financial management system, so this paper intends to use EVA to measure corporate performance, and also select ROE as a comparison to study the impact of cross-listing on corporate performance. This paper uses the combination of normative analysis and empirical research to study the impact of cross-listing on corporate performance. This paper first expounds the research background, significance, research methods and ideas of this paper, and then reviews the research status of cross-listing at home and abroad. The existing literature mainly studies the impact of cross-listing on corporate governance and capital cost from the aspects of liquidity hypothesis, investor cognitive hypothesis, constraint hypothesis and so on. It is found that cross-listing improves the liquidity of stocks and investors' recognition of the company, which is beneficial to reduce the cost of capital and improve the operating performance. The third part of the article makes a theoretical analysis on the basis of literature review, and then uses empirical methods to verify the hypothesis of this paper. The results show that cross-listing can indeed improve the performance of the company, but the longer the time of cross-listing, the performance of the company decreases, that is, the long-term performance of the enterprise shows a downward trend after cross-listing. In the three cases of high ownership concentration, low equity system and large board of directors, the performance of A and H shares cross-listed companies is significantly higher than that of pure A-share listed enterprises, and the larger the proportion of independent directors, the lower the increase of performance of cross-listed companies is lower than that of non-cross-listed companies, which is mainly because the independent directors of Chinese enterprises fail to truly perform their duties and can not give full play to the supervisory role of independent directors. Finally, the paper summarizes the research conclusions of this paper, on the basis of which some policy suggestions are put forward, but due to the limited time and my ability, there are still some limitations in the article, which need to be further improved.
【學位授予單位】：重慶理工大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F276.6;F275;F832.51
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