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论文编号：	8428
作者编号：	2120142506
上传时间：	2016/6/12 9:35:34
中文题目：	双重上市、股权结构与公司价值关系的实证研究
英文题目：	Empirical Study on Dual listing, Ownership Structure and Firm Value
指导老师：	张国萍
中文关键字：	双重上市；股权结构；公司价值
英文关键字：	dual listing; ownership structure; firm value
中文摘要：	全球经济一体化进程加快，各国资本市场的联系日益加强。作为资本市场的主体，上市公司在世界范围内获取资源的需求更加强烈，一个公司在两个或两个以上证券交易所发行股票并上市的行为将更加普遍，双重上市企业日益成为关注和研究的焦点。 股权结构是内部公司治理机制的重要组成部分，不同的股权结构会对公司的发展起到至关重要的作用。国内外关于股权结构与公司价值关系的研究比较深入，但是之前的研究大多基于某一单一市场环境，基于两个或多个市场环境的研究较少。本文着眼于资本市场的发展趋势，以我国双重上市企业为研究重点，重点探究双重上市会对我国公司股权结构与公司价值的关系产生怎样的影响。 文章首先对我国双重上市企业概况以及双重上市相关文献和研究股权结构与公司价值关系的相关文献进行了阐述，接着对股权结构与公司价值的关系及双重上市对两者关系的影响进行了理论分析和实证检验。本文选取我国双重上市企业和与其配对的仅在国内A股上市的企业为样本，选取股权集中度、股权制衡度、管理层持股比例、机构持股比例、最终控制人类型等指标衡量股权结构，托宾Q值衡量公司价值，通过描述性统计、相关性分析和多元回归分析等方法进行实证分析。实证结果表明：双重上市会对股权集中度与公司价值的负向关系产生显著的正向调节作用；双重上市对股权制衡度与公司价值关系的调节作用不显著；双重上市对管理层持股与公司价值的关系产生了显著的正向调节作用；双重上市会对机构持股与公司价值的关系产生显著的正向调节作用。双重上市在一定程度上减弱国有最终控制人对公司价值的负向作用。
英文摘要：	As the global economic integration accelerate, the connection between the international capital market strengthened increasingly. As the main body of the capital market, listed companies are more eager to obtain resources throughout the world. The same company on two or more than two Stock Exchange will become more common. Dual-listed companies has increasingly become the focus of attention and research. Ownership structure is an important part of the internal corporate governance mechanism, different ownership structure will play a crucial role to the development of the company. Domestic and foreign research on relationship between ownership structure and corporate value more deeply, but most of previous studies based on a single market environment. This paper focuses on the development trend of capital market, with dual-listed companies in China as the research focus. We will focus on exploring dual listing will have on the relationship between the ownership structure and corporate value. The article firstly introduces the general situation of Chinese dual-listed companies and the study on the relationship between the ownership structure and corporate value. Then explore the relationship between ownership structure and corporate value and the impact of dual listing on the relationship between them through theoretical analysis and empirical test. This article selects the dual-listed companies and their matching enterprises as samples, choose ownership concentration, ownership balancing degree, managerial ownership shareholding ratio, institutional investor’s investing weight and the state-owned attribute of controlling stockholders measure ownership structure and Tobin Q measure the firm value. By means of descriptive statistics, correlation analysis and regression analysis. The empirical results show that dual listing produced significant positive regulatory role for ownership concentration and firm value negative relationship. Dual listing enhanced the positive relationship between ownership balancing degree and firm value but not significant. Dual listing produced significant positive regulatory role for managerial ownership shareholding ratio and firm value relationship. Dual listing produced significant positive regulatory role for institutional investor’s investing weight and firm value relationship.
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