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论文编号：	4486
作者编号：	2120102264
上传时间：	2012/6/11 20:46:13
中文题目：	双重上市对境内同行业公司的影响——基于我国先A后H股上市公司的研究
英文题目：	The Effects of Dual-listing on the Domestic Rival Firms:Based on Chinese First A-share Latter H-share Companies
指导老师：	覃家琦
中文关键字：	双重上市，境内同行业公司，先A后H股上市公司，市场反应
英文关键字：	Dual Listing, Domestic Rival Firms, First A-share Latter H-share Companies, Market Reaction
中文摘要：	本文采用事件研究法，通过样本公司的CAR来考察先A后H模式下的公司双重上市对境内同行业其他公司的影响。同时，将样本公司分成了信息技术业，医药、生物制品业，造纸、印刷业，机器、设备、仪表业和金融、保险业共五个行业来考察双重上市时境内同行业公司的市场反应。 总体上，先A后H双重上市公司在H股招股公告日以及上市日期间均对境内同行业公司产生消极的影响。H股上市一般在招股公告日的较短的事件窗口里，如[0，1]的CAR显著为正；而在较长的事件窗口里，如[-10，10]的CAR却显著为负。这表明了先A后H双重上市H股上市对境内同行业公司存在正面的影响，但这种影响很小。在与负面的影响共同作用时，其主导作用只是在H股招股公告日较短的窗口里出现。在公告日较长的事件窗口以及上市日的事件窗口里，负面的影响又占主导作用。此外，同行业首家先A后H双重上市公司H股上市时这种正面的作用更大。 由此，本文使用OLS回归模型来检验H股上市时境内同行业公司市场反应的影响因素，选取H股招股公告日和上市日两个事件日的四个事件窗口下的累积超额收益率进行回归分析。分析结果得出两个事件日期间行业内首家H股上市对境内同行业公司的影响显著强于后续H股上市对境内同行业公司的影响。境内同行业公司股票与先A后H公司A股股票的相关系数与其在H股上市期间的累积超额收益率负相关。这种情况可能源于H股较对应A股的严重折价状况而使得投资者在先A后H双重上市公司H股上市期间并不看好其A股股票，从而引起其在部分事件窗口下收益率下滑。由此减弱了A股公司赴港上市对境内同行业公司的风险分散效应。此外，境内同行业公司的市现率与其在先A后H公司H股上市期间的累积超额收益率正相关。在招股公告日期间，境内同行业公司的市盈率与其在先A后H公司H股招股公告日期间的累积超额收益率负相关。在上市日期间，样本公司的净资产收益率越高、股东户数越多、总市值越大以及营业收入增长率越低，境内同行业公司的累积超额收益率就越高。 关键字：双重上市 境内同行业公司 先A后H股上市公司 市场反应
英文摘要：	Using an empirical event study approach, we analyze the stock price impact of firms’ HK cross-listing on home-market rival firms. We separate the sample firms into the information technology industry, pharmaceuticals & biological products industry, paper-making & printing industry, machinery, equipments & instruments industry and financial & insurance industry to examine the market reaction of rival firms. The thesis demonstrates negative cumulative average abnormal returns for the rival firms around both announcement of listing dates and the listing dates. Around announcement of H-share listing dates, there are statistically significant positive cumulative average abnormal returns in the short event windows, such as in [0,1]; there are statistically significant negative cumulative average abnormal returns in the long event windows, such as in [-10,10]. The evidence suggests a positive impact on rival firms. Together with the negative impact, its leading role appears in the short event windows around announcement of H-share listing dates. In the long event windows around announcement of H-share listing dates and in the event windows around the listing dates, the negative cumulative average abnormal returns is the leading role. In addition, the H-share listing of the first A+H dual listings in the industry exerts more positive cumulative abnormal returns of the rival firms. According to the analysis, this article uses OLS regression model to test factors affecting cumulative abnormal returns of the rival firms in four event windows around the listing dates and in four event windows around announcement of H-share listing dates. The evidence suggests that the H-share listing of the first A+H dual listings in the industry exerts significantly stronger influence than the H-share listing of the subsequent A+H dual listings in the same industry on cumulative abnormal returns of the rival firms. There is negative correlation between cumulative abnormal returns of the rival firms and the correlation coefficient between the A+H dual listings’ returns and their rival firms’ returns. There is negative correlation between cumulative abnormal returns of the rival firms and the PCF of rival firms. In particular, around announcement of H-share listing dates, there is negative correlation between cumulative abnormal returns of the rival firms and the PE of rival firms. In particular, around the listing dates, there is negative correlation between cumulative abnormal returns of the rival firms and the number of shareholders, the rate of return on common stockholders’ equity and total market capitalization of rival firms. Besides, there is negative correlation between cumulative abnormal returns of the rival firms and operating income growth rate of the rival firms. Key words: Dual Listing, Domestic Rival Firms, First A-share Latter H-share Companies, Market Reaction
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