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论文编号：	607
作者编号：	2120062000
上传时间：	2008/6/20 0:42:18
中文题目：	中国上市公司双重上市行为的实证
英文题目：	An Empirical Study on the Infl
指导老师：	马连福
中文关键字：	双重上市;公司价值;H股市场;A股<
英文关键字：	Dual Listing;Value of Corporat
中文摘要：	双重上市（Dual Listing）是指同一家公司分别在两个不同的证券交易所挂牌上市的行为。从1993年青岛啤酒在香港联交所上市开始，中国企业双重上市己经有十几年的历史。自20世纪70年代，西方学术界就开始对双重上市行为进行大量研究，而我国仅有10多年的研究历史，目前国内学术界对这个现象的研究大多停留在表面描述。随着中国经济国际化程度加大以及双重上市政策的开放，会有更多需要融资的海外上市企业选择回归A股市场上市融资，本研究希望探讨双重上市的股权融资决策如何影响以及其公司价值提高途径。 因此，本文展开对中国双重上市公司行为的理论和实践研究，作者收集了1993年1月—2008年3月我国56家双重上市公司的有关资料和数据，结合双重上市公司的政策、法律以及市场反应背景分析，阐述了中国双重上市公司独特的“先走出去”到H股上市，而后再“返回来”到内地A股上市的模式，并提出了中国双重上市公司价值提升有效途径。 本文第一部分为绪言，通过对研究对象的界定，研究背景的描述，提出了文章的研究意义、研究目的、研究思路和研究不足与创新。 本文第二部分是研究的主体，首先通过对国内外双重上市公司文献的回顾，阐述双重上市公司的内在动因与行为特征，接着通过对中国双重上市公司的政策、法律以及市场背景因素分析，推导出中国双重上市独特路径选择的原因，然后通过对比分析的方法，对56家中国双重上市公司样本（截至2008年3月）进行了实证检验，说明双重上市行为的短期价值。最后通过对中国双重上市行为影响作用的分析，归纳总结出提升中国双重上市公司价值的具体途径。 本研究第三部分是总结与建议。优质大型内地企业的回归A股并以此为基础打造内地市场的蓝筹股就构成了未来中国资本市场发展新战略的核心内容。这一战略的实施不仅是中国内地资本市场发展与功能转型的内在要求，而且对于推动中国内地金融体系现代化进程以及中国内地资本市场的国际化都至关重要。
英文摘要：	Dual-listed (Dual Listing) is the same company in two different listed on the Stock Exchange Markets. From 1993 Qingdao Beer listed on the Stock Exchange of Hong Kong, Chinese enterprises with dual listing have been more than 10 years of history. Since the 1970s, the Western academics began to make a considerable amount of research on the dual listing, but China only 10 years of research history, the current domestic academic research on this phenomenon is lack of in-depth analysis and empirical study. As China's economy linked with the world economy more close than before, and the open market finance policy, there will be more financing needs for the oversea listed companies to choose return to the A-share market for listing and financing. The paper also explores double the impact of the financing decision-making. Therefore, such as whether China should be encouraged to return to A-share market, and whether the desire for money is the motivation for dual listing companies, have been discussed between the academic sector and government agencies. Therefore, this study collected the relevant information and data on the behaiver of 56 listed Chinese companies from January 1993 to March 2008. With the dual listed company policy, legal and market background analysis, it adopted the method of comparative analysis. The study also collected 56 samples of A-share listed company (before March 2008) to make empirical examination. Finally, it analysed the Chinese dual listing effects of short ang long time, summarized dual listing company will enhance the value of comanies listed specific ways in china. At last, it also proposed an effective way to enhance the value of a dual-listed Chinese company. The last part of this study is summarized and recommendations. High-quality large mainland enterprises return to A-shares will be the core development strategy in the chineae future capital market. The implementation of this strategy is not only the Chinese mainland capital market development and function of the inherent requirement of finance for companies, but also for promoting the modernization process of the Mainland's financial system.
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