“A+H”股交叉上市对公司代理成本的影响金融学专业论文.docxVIP

I I 摘要 交叉上市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。 国外学术界对交叉上市行为的研究可以追溯到上个世纪中后期，当时全世界数 百家企业纷纷的交叉上市使“交叉上市”成为学术界的一个热门议题。到现在 为止，国外的交叉上市理论比较丰富成熟，相比之下，由于中国公司交叉上市 只有短短 20 年的历史，目前国内学术界对这一问题的研究，大多都限于对交叉 上市动因及其资本成本效应的研究。在交叉上市对公司代理成本的影响这个问 题上，鲜有人研究。而且，除了李豫湘，目前学术界还没有人把代理成本进行 细分来研究交叉上市对代理成本的影响。有鉴于此，笔者将代理成本细分为管 理层代理成本、大股东代理成本和债务代理成本，收集了 2010-2012 年我国 47 家“A+H”股交叉上市公司的有关资料和数据，根据一定的配对原则，选取了 118 个配对样本，结合我国公司交叉上市的动因、背景、历程、特征等，利用 捆绑理论和计量实证探讨了“A+H”股交叉上市对公司代理成本的影响。最终的 研究结果发现交叉上市对管理层代理成本和大股东代理成本都有一定的抑制作 用，但是债务代理成本并不会因为公司交叉上市而有所降低。根据这样的研究 结果，本文最后从证券监管部门和上市公司本身这两个角度提出了一些建议。 关键词：交叉上市，代理成本，捆绑理论 II II Abstract “Cross-listing” refers to the listing of the same company on two different stock exchanges. The practice of crossing-listing originated in Western capital markets. Since the 1970s, the Western academic community has conducted a large amount of research on companies’ cross-listing behaviors, resulting in a large body of research findings. In comparison, crossing-listing of Chinese companies only has a short year of 20 years. A lot of scholars show interest in crossing-listing of Chinese companies and conducted amounts of research. However, the current domestic academic research on this issue is mostly limited to motives of cross-listing and its effects on capital cost. Few studies the impact of crossing-listing on agency cost. Given this research gap, this paper divides the agency cost into management agency cost, big stockholders cost and debt agency cost, and conducted theoretical and empirical research on the impact of Chinese companies’ crossing-listing on agency cost. In relation to the model, the paper collected data from 2010 to 2012 of Chinese companies which listed in both home and HK and selected companies which only issues A stocks as paired samples according to certain principle. Finally, the paper found that cross-listing can reduce management agency cost and big shareholder agency cost , not including the debt agency cost and puts forward some suggestions to securities regulators and