本文選題：交叉上市 + 信息披露質(zhì)量��； 參考：《吉林大學(xué)》2013年碩士論文

【摘要】：近年來，隨著經(jīng)濟全球化趨勢日益加強，我國作為新興市場，股市發(fā)展較快，，取得了很多可喜的成就，但相對于美國等較為成熟的市場還是有很多需要完善的地方。我國上市公司的內(nèi)外治理方面都存在一定問題,投資者利益得不到有效的保護。而交叉上市(Cross-listing)作為最新興起的一種外部治理機制，能否改善上市公司的公司治理水平問題一直是國內(nèi)外學(xué)術(shù)界廣泛關(guān)注的。以往我國針對交叉上市的研究只是參考國外研究，選取與非交叉上市公司進行對比分析。而在中國這個轉(zhuǎn)型兼新興的市場，公司選擇交叉上市有著與國外不同的有特色的市場背景，“先外后內(nèi)”的交叉上市模式也與其他國家的“先內(nèi)后外”截然不同。那么，我國企業(yè)這種獨特的交叉上市對公司治理到底帶來了哪些影響？那些選擇在香港H股市場上市的公司，是否真的因為香港較為成熟的市場環(huán)境與相對完備的法律和監(jiān)管體系而改善了公司治理水平呢？這些上市公司與自己交叉上市前相比較是否真的提高了對投資者利益的保護水平？這就是本研究將要探討的問題。 本研究主要采用同時在香港H股和國內(nèi)A股上市的中國交叉上市公司的上市行為作為研究對象，為了證明公司治理變化是交叉上市引起的，本文采取以交叉上市為分界點，采用回歸分析的實證手段來研究交叉上市前后的公司治理變化，證明中國公司的交叉上市行為改善了公司治理。本研究中，采用信息披露質(zhì)量作為分析公司治理水平的影響因素，以證券分析師預(yù)測準確度來估計信息披露水平，按“先A后H”和“先H后A”交叉上市模式進行分組，分別對公司治理的影響進行比較分析。 研究結(jié)果表明：中國公司選擇在香港H股市場交叉上市后，能夠改善公司治理，提高投資者保護水平。又因為中國上市公司交叉上市方式不同，對證券分析師預(yù)測準確度的影響也不同，從而導(dǎo)致了不同程度的公司治理。
[Abstract]:In recent years, with the increasing trend of economic globalization, China as a new market, the stock market has developed rapidly, has made many gratifying achievements, but compared with the more mature markets such as the United States, there are still a lot of needs to be improved. There are some problems in internal and external governance of listed companies in China, and investors' interests can not be effectively protected. Cross-listing Cross-listing as a newly emerging external governance mechanism, whether or not to improve the corporate governance level of listed companies has been widely concerned at home and abroad. In the past, the cross-listing research in our country only referred to the foreign research, and compared with the non-cross-listed companies. In China, which is a transitional and emerging market, cross-listing has its own market background, and the mode of cross-listing is different from that of other countries. So, what impact does this unique cross-listing of Chinese enterprises bring to corporate governance? Do companies that choose to list in Hong Kong's H share market really improve their corporate governance because of the more mature market environment and the relatively complete legal and regulatory system in Hong Kong? Do these listed companies really improve the level of protection of investors' interests compared with their cross-listing? This is the subject of this study. In order to prove that the change of corporate governance is caused by cross-listing, this paper takes cross-listing as the dividing point. The empirical method of regression analysis is used to study the change of corporate governance before and after cross-listing, which proves that the cross-listing behavior of Chinese companies improves corporate governance. In this study, the quality of information disclosure is used as the influencing factor to analyze the level of corporate governance, and the information disclosure level is estimated by the forecasting accuracy of the securities analysts. The information disclosure level is grouped according to the cross-listing mode of "first A then H" and "first H then A". The impact of corporate governance is compared and analyzed. The results show that the cross-listing of Chinese companies in Hong Kong can improve corporate governance and improve the level of investor protection. Because of the different ways of cross-listing of listed companies in China, the impact on the forecasting accuracy of securities analysts is also different, which leads to different degrees of corporate governance.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51

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