境外上市公司回归A股市场交叉上市动因研究  

Study on the Motivation of Cross Listing in A-share Market of Chinese Oversea-listed Companies

作　　者：丁岚[1] 董秀良[2] 

机构地区：[1]对外经济贸易大学国际商学院,北京100029 [2]华侨大学数量经济研究院,福建泉州362021

出　　处：《中国工业经济》2010年第8期108-117,共10页China Industrial Economics

基　　金：教育部哲学社会科学研究重大课题攻关项目"金融市场全球化下的中国金融监管体系研究"(批准号07JZD0010);对外经济贸易大学科研资助项目(批准号09GLXO4);北京企业国际化经营研究基地资助项目

摘　　要：本文对国外学者关于交叉上市动因的理论假说进行了梳理,对我国境外上市企业回归境内A股市场交叉上市的动因进行了考察,通过对在香港主板上市的120家H股公司的实证分析表明:国内A股市场过高的发行溢价导致低廉资本成本、境内外融资惯例的差异以及政府制度推动是境外上市企业回归A股市场的表层动因,而境外上市企业控股股东追求控制权隐性收益则是推动其回归A股市场的深层动因。对此,本文提出了应该加强回归企业发行监管、改变现行的回归定价方法等保护境内投资者权益的相关政策建议。On the basis of review of reasons for cross listing,this article explores why Chinese oversea-listed companies go back to domestic A-share market.The empirical findings from the 120 H-share firms listed on the Hong Kong main board indicate that the low capital cost which is the consequence of high issue premium in A-share market,the difference between domestic and oversea financing practices,and the promotion of government are direct reasons for the companies’ return.Besides,the holding stockholders in oversea-listed companies may pursue the hidden benefit of control,which is the intrinsic reason of return.Consequently,this study suggests that to better protect the benefits of A-share investors,the government should strengthen the supervision on the issuing policy of returning firms,and improve the current pricing methods for returning issues.

关 键 词：H股回归动因 交叉上市 控制权隐性收益 

分 类 号：F276.6[经济管理—企业管理]