跨境上市對所有權的影響 : 以香港H股為例

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Title:	跨境上市對所有權的影響 : 以香港H股為例
Other Titles:	The impact of cross-listing on corporate ownership : empirical evidence of Hong Kong listed Chinese companies
Authors:	李運萱;Li, Yun-Hsuan
Contributors:	淡江大學財務金融學系碩士班邱建良;張鼎煥
Keywords:	跨境上市;股權結構;公司績效;Cross Listing;ownership structure;Firm Performance
Date:	2015
Issue Date:	2016-01-22 14:46:54 (UTC+8)
Abstract:	企業跨境上市動機常基於上市地擁有較高的市場地位，藉此提升企業知名度，亦提供企業便利的籌資平台，改善企業公司治理與投資者保護，提升企業競爭力等等動因。中國內地企業存在代理問題、國有控股上市公司內部人問題、非國有控股上市公司大股東對小股東剝削問題，赴香港上市較能發揮跨境上市的約束效用，降低資訊不對稱的效果，改善代理問題，降低資金成本，更加提升企業國際競爭力，故自1997年以來中國企業赴港上市家數及市值呈成長趨勢。過去學者對於跨境上市已多有研究，跨境上市可以提高流動性，促進公司所有權和控制權的移轉，但多忽略所有權的改變對小股東的影響，本研究將針對中國企業至香港跨境上市前後，前十大股東和外資機構持股變化，說明是否改變公司的所有權，以及是否為小股東帶來利益。 Recent research finds that for the motivation of cross-listing, financial, and business motives are the main reasons for cross-listing of Chinese firms. The Chinese company have agency problems exist, state-controlled listed company insider problem, major shareholders of listed non-state-owned holding company for exploitation of small shareholders, went to Hong Kong-listed should be able to reduce information asymmetry effects, improving agent problems, reduce the cost of capital, and more to enhance the international competitiveness of enterprises, so that the Chinese companies listed in Hong Kong since 1997. This paper examines whether controlling shareholders of Chinese firms user a Hong Kong cross-listing to facilitate changes in ownership and control.
Appears in Collections:	[Graduate Institute & Department of Banking and Finance] Thesis

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