联系我们

论文查询结果	返回搜索

论文编号：	4207
作者编号：	2220100546
上传时间：	2012/6/5 16:59:32
中文题目：	双重上市对公司经营业绩的影响——来自大唐发电的案例分析
英文题目：	The status of business performance before and after dual listing
指导老师：	覃家琦
中文关键字：	大唐发电，经营业绩，A+H双重上市，纯A股上市
英文关键字：	Datang Power Generation, business performance, A+H-share dual-listed, A-share listed
中文摘要：	双重上市，是指同一家上市公司，分别在国内外两个不同的证券交易所挂牌上市的融资行为。由于全世界经济融合度进一步加大，这样一个现象开始逐渐增多，那就是各国上市公司纷纷寻求到国外资本市场上市：拿美国市场来说，许多非美国本土的上市公司采取ADR的方式在美国上市。据统计，在纽约证券交易所双重上市的非美国上市公司从1994年的8.5%增长到了2009年的21%。在各个国家的公司双重上市现象不断升温的同时，国际经济学界与财务学界也关注到了这一研究热点。对比国外公司，中国公司的双重上市的历史仅有十几年。青岛啤酒作为中国公司双重上市的先驱，在1993年率先返回国内，在上海证券交易所发行A股上市。自此以后，越来越多的中国公司在发行H股之后再度返回A股市场上融资。因此，对中国双重上市上市公司的政策背景及动因进行研究和分析的研究具有非常重要的意义，并将研究的重点落在中国上市公司的经营业绩是否存在着双重上市之后业绩下滑的现象。本文以大唐发电为研究对象，拟从两个角度分析大唐发电双重上市前、后经营业绩的变化。第一，分析大唐发电双重上市前、后，公司经营业绩的变化；第二，比较大唐发电与纯A股上市的发电集团公司之间经营业绩的差异，从而确保大唐发电与对比组的可比性。文中采集的数据的时间范围为大唐发电双重上市前、后各3年，总期间跨度为7年的财务数据，来分析大唐发电双重上市前、后公司经营业绩的变化。最后得出大唐发电上市之后经营业绩下滑的结论，并在文章最后提出了相应的对策。
英文摘要：	A dual-listed company or DLC is a financial behavior in which a listed company list at both domestic and overseas stock exchange based on financing needs. With the advancement of the economic integration, there is growing phenomenon that various countries’ listed companies seek to list in foreign capital markets:a lot of non-US listed companies take the ADR’s listed in the U.S. statistics show that the percentage of non-US listed companies listed for dual listed companies of the New York Stock Exchange increase to 21% in 2009 from 8.5% in 1994.At the same time the international economic circles and financial circles also concern this hot spot research. Compared to foreign companies,Chinese companies only have ten years history of dual listed. At 27th August 1993, Tsingtao Brewery became China’s first dual listed company by issuing A-share to Shanghai Stock Exchange. After that more and more Chinese companies which had issued H-share issued A-share market for financing. Therefore, there is a need for researching and analyzing the motivation for dual listing of Chinese companies. Also it need to pay attention to whether there is the phenomenon of declining performance of Chinese companies after the dual listing based on the motivation for dual listing of Chinese companies. This paper used Datang Power Generation for study to analysis the changes of Datang Power Generation business performance before and after the dual listing in two perspectives. First perspective is to analysis the changes of Datang Power Generation business performance before and after the dual listing. The second one is to compare the difference in business performance between Datang Power Generation and other power generation group companies that only have A-share listed to ensure the comparability of Datang Power Generation and comparison groups. The time period of the data collected is dual-listed Datang Power Generation before and after 3 years, and there is total 7 years of financial data for analyzing the changes of Datang Power Generation before and after dual listing. At last come to the conclusion that after dual listing Datang Power Generation’s business performance declined and the research list out some countermeasures.
查看全文：	预览  下载(下载需要进行登录)