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论文编号：	3230
作者编号：	2120092369
上传时间：	2011/6/5 15:25:06
中文题目：	中国A+H双重上市公司的IPO抑价研究——基于融资规模和控制权私利视角
英文题目：	A Research about IPO underpricing of China A+H Cross-listed Companies: Based on Financing Size and Private Benefits of Control
指导老师：	肖沂
中文关键字：	双重上市;IPO抑价;融资规模;控制权私利;随机边界分析
英文关键字：	Cross-listing; IPO Underpricing; Financing Size; Private Benefits of Control; Stochastic Frontier Approach (SFA)
中文摘要：	近年来，双重上市的企业在我国越来越多，而其中绝大部分都是A+H双重上市，也即既在香港上市，又在内地上市。双重上市在国外已经很普遍，而中国双重上市历史较短，但是呈现出很多和国外双重上市不同的特征。一般认为，双重上市主要是为了获得更多的监管，从而提高资金的使用效率。所以双重上市的过程普遍呈现先在监管不那么成熟的市场上市，然后再到监管较成熟的市场上市。而中国的A+H双重上市却多为先境外再境内的过程。此外A+H双重上市公司的融资规模非常大，屡次刷新历史记录，但是资金的使用效率却不高，很多公司融资后都没有按照招股说明书使用，产生了双重上市“圈钱”说。 目前国内对A+H双重上市行为的研究较少，已有的一些主要是针对A、H股价差、A+H双重上市的市场反应及长期绩效的研究，但对A+H双重上市抑价行为的研究较为稀缺。本研究回顾了双重上市及IPO抑价的相关理论，对A+H双重上市的IPO抑价现象进行了定性分析，并搜集了我国36家A+H双重上市公司及1122家只在A股上市的公司的相关数据，对A+H双重上市的IPO抑价现象作了定量分析。运用近年来较为学者承认的定价效率的方法来度量抑价，并运用随机边界分析技术对定价效率做估计，比较A+H双重上市公司的定价效率与只在A股上市的公司的定价效率，研究其抑价现象。 论文通过定性分析，提出了三个相关假设，其中两个假设得到了实证数据支持，一个假设没有得到支持。最后笔者的研究成果认为A+H双重上市公司境外再融资陷入困境，所以回归A股，并且通过抑价吸引更多投资者，故A+H双重上市公司比只在A股上市公司的IPO抑价更高。另外，A+H双重上市公司的控制权股东会为了继续攫取控制权私利，而通过抑价产生超额需求，吸引更多小投资者，故A+H双重上市公司中股权越集中，抑价越大。 论文认为A+H双重上市公司融资规模巨大，但定价效率却相对于只在A股上市的公司更低，最终损害的是公司原有股东的利益。所以论文最后针对A+H双重上市的特征，对完善我国上市制度提出了一些建议，认为政策应关注A+H双重上市公司的定价，并在制度上对融得资金的使用制订相应的监督措施，同时注意对公司高层的监管，注重培养企业的核心竞争力，规范管理，使公司各方面的运作都有序、高效进行，提高公司的长期业绩，既保证国有资产不流失，又保障投资者利益。
英文摘要：	Recent years, Cross-listing is more popular in China, most of the cross-listing behaviors in China are A+H Cross-listing, that is going public in both HongKong and Mainland China market. Cross-listing is popular abroad, but in China cross-listing is new, though have lots of special characteristics. Generally, cross-listing is for more regulation in order to improve the efficiency of the use of funds. So cross-listing always starts at home, and then go to more mature markets abroad. But in China, things are different, companies often go in public abroad, then come back to Mainland China market. Also, A+H Cross-listed companies can raise huge size of money, but have lower efficiency of using. People start to doubt the motion of cross-listing. There is little research about A+H Cross-listing. Most of related researches are about the price difference between A and H-share of Chinese cross-listed companies, and market reaction and long-term performance of A+H Cross-listings. But there is no research about IPO underpricing of A+H Cross-listings. This research reviewed related researches about cross-listing and IPO underpricing, analyzed IPO underpricing of A+H cross-listing, then collected 36 A+H cross-listed companies’ data and 1122 A-share companies’ data, test the analysis. This research use price efficiency to calculate underprice, and use stochastic frontier approach (SFA) to estimate the price efficiency, and compare those price efficiency. In this paper, author raised three hypothesis, two of which were proved by the data. Finally, author think because of the difficulty of financing in HongKong market, companies come back to mainland market. To attract more invester, A+H cross-listed companies bear more underpricing than A-share companies. Also, the controlling shareholders will attract more minority shareholders to disperse the shares to reduce regulation, so they can continue getting private benefits of control. So author think the more ownership concentration the more underpricing of A+H cross-listed companies. Huge financing size, but lower efficiency, this will lead to fortune loss of the original shareholders. So author gave some advices about regulation of A+H cross-listed companies.
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