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论文编号：	4300
作者编号：	2120102276
上传时间：	2012/6/6 21:01:29
中文题目：	双重上市、公司治理与投资效率——来自A+H公司的证据
英文题目：	Dual-listing, corporate governance and investment efficiency—Evidence from A+H companies
指导老师：	覃家琦
中文关键字：	双重上市;公司治理;投资效率
英文关键字：	Dual-listing; corporate governance; investment efficiency
中文摘要：	随着经济全球化步伐的加快，各个国家和地区资本市场之间的联系与合作也日益紧密。上市公司作为资本市场的主要参与者，将会在全球范围内获取资源，其主要表现就是上市公司在多个不同的证券交易所上市，即实现了交叉上市（Cross Listing）。关于交叉上市的动机和效应，国外学者进行了全面而深入的研究，得出了一系列的经典理论，如市场分割假说、流动性假说、投资者认知假说、信息披露假说和约束假说等。分析国外关于交叉上市的研究，我们发现这些研究解释的都是从新兴市场到成熟完善市场的交叉上市的动机，而我国A+H双重上市多为从H股回归A股，也就是说是从一个相对完善的资本市场回归到一个相对不成熟的资本市场进行双重上市。我国A+H公司的实际情况是否与国外经典理论相一致呢？国内学者对A+H双重上市的效应进行了广泛的研究。国内学者的研究集中在IPO溢价、股价波动和公司价值等方面，本文主要以公司治理为切入点来研究A+H双重上市对企业投资效率的影响。 本文首先收集了关于双重上市、公司治理和投资效率的文献，并从公司治理的不同视角分析了双重上市和公司治理关系、公司治理和投资效率关系、双重上市和投资效率关系的相关文献。在分析现有文献的基础上，我们提出本文的研究假设：A+H双重上市与公司治理水平显著正相关；公司治理水平与投资效率水平显著正相关；A+H双重上市会通过改善公司治理水平来提升其投资效率。然后，本文使用主成分分析法计算公司治理得分，使用超效率DEA值衡量投资效率，搜集相关控制变量的数据，构建回归模型并进行回归分析，以验证A+H双重上市是否会通过改善公司治理水平来提升企业的投资效率。最后，本文得出结论：A+H双重上市和公司治理显著正相关；公司治理与投资效率正相关，但并不显著；双重上市、公司治理、二者交叉项与投资效率呈正相关关系，但并不显著。总之，本文没有发现A+H双重上市会通过公司治理对企业投资效率产生显著的积极影响，企业应该从管理和治理两方面入手来提升其投资效率。
英文摘要：	With the acceleration of the economic globalization, the contacts and cooperation between capital markets from various countries and regions are also becoming closely. Cross-listing companies, which are main players in capital markets, are trying to get resources from the whole world. The main manifestation is to achieve cross-listing. The foreign scholars have conducted comprehensive study of the motives and effects of cross-listing and obtained a series of classical theories, such as market segmentation hypothesis, liquidity hypothesis, investor recognize hypothesis, information disclosure hypothesis and bonding hypothesis. Analysis the foreign research of cross-listing, we found that these studies explain the motivation of Cross Listing from emerging market to mature market. However, in China, A+H companies are mostly from H shares to A shares, namely from a relatively perfect capital markets to a relatively immature capital market. Is this situation consistent with the foreign classical theories? Domestic scholars have conducted extensive research on the effect of the A + H dual-listing. Domestic studies focused on the IPO premium, stock price volatility and the value of the company, we use corporate governance as the starting point to study the impact of A+H dual listing on the investment efficiency. This article first collected the literature about dual-listing, corporate governance and investment efficiency, and analysis the relationship of dual-listing and corporate governance, corporate governance and investment efficiency, dual-listing and investment efficiency. We propose the hypothesis of this article on the basis of analysis the existing literature: A+H dual-listing and corporate governance are significantly positively correlated; corporate governance and investment efficiency has a significant positive correlation; A+H dual-listing will improve investment efficiency through corporate governance. Then, we use principal component analysis method to calculate the corporate governance score and use DEA to measure investment efficiency. We collect the data of related control variables, build the regression model and do regression analysis. Finally, the paper draw the conclusion that: A+H dual-listing and corporate governance have a significant positive correlation; corporate governance and investment efficiency is positively correlated, but not significantly; dual-listing, corporate governance, the cross terms of two were positively correlated with the efficiency of investment , but not significant. In short, this article did not find that A+H dual-listing will have a significant positive impact on the investment efficiency through corporate governance. Enterprises should improve their investment efficiency through improving management and governance.
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