境外H股公司回归A股市场交叉上市的总体价值效应比较研究-企业管理专业论文.docxVIP

I I 摘 要 受国家制度安排和政策导向的影响，我国的交叉上市行为在时间分布上呈现 出“集群式”特点。2013 年 8 月 22 日，以金融试点改革为侧重点的上海自贸区 的成立再次触动了境外企业的回归热情。然而，学术界关于是否应该支持这一行 为一直存在争议。 本文从分析中国交叉上市行为的特征出发，通过理论梳理和文献回顾找到了 争议之根源。为解释上述争议，本文选取 1993-2013 年间的 52 家交叉回流公司 作为检验样本，采用比较研究法，从总体视角综合分析了交叉回流这一行为本身 所具有的不同价值效应。实证结果表明：H 股公司的交叉回流行为同时引发了“交 叉溢价”和“交叉折价”，两者共同作用于公司的总体价值。“交叉溢价”的程 度受市场因素的影响，而“交叉折价”的程度则取决于交叉上市的成本以及上市 后的“非效率投资”。 我国交叉回流行为表现出的在国内市场溢价，香港市场折价的现象进一步验 证了境外企业以赚取价差和追求控制权隐性收益为目的回归 A 股的短期资本导 向动因。本文的结果将有助于境外企业更好地做出是否回流的选择，同时为政府 及已实现交叉回流企业如何充分发挥交叉上市的积极作用提供了建议。 关键词：交叉回流，总体价值，外资股溢价，交叉溢价，交叉折价 II II Abstract Under the influence of government policy control, the behavior of Chinese cross-listing shows a cluster feature on the time distribution. In the year of 2013, Shanghai FTA which focuses on the financial reform of China was formally set up. It can be expected that this policy will again ignite the enthusiasm of H-share companies for cross-listing in A-share market. However, the attitude on whether to support this behavior or not has always been controversial in the academic world. This paper begins with the analysis of characteristics of Chinese cross-listing through classifying and judging the present theories based on literature review and finally finds the root of the dispute. To explain the dispute, the paper uses Chinese “H+A” cross-listing companies within the period 1993 to 2013 as a sample to analyze the different valuation effects of cross-listing from an overall perspective. The empirical result shows that both cross-listing premium and cross-listing discount exists when the H-share companies go back to domestic A-share market. The degree of cross-listing premium is affected by market factors while the cross-listing discount depends on the listing cost and “inefficient investment” after cross-listing. It is the difference of these two effects which determine whether the overall company value is increased or decreased because of cross-listing. The existence of “cross-listing premium” in the domestic market and “cross-li