【作者】 赵文瑞；

【导师】 孙烨；

【作者基本信息】 吉林大学 ， 会计学， 2006， 硕士

【摘要】 本文结合股票市场分割理论和融资决策理论,对我国企业通过吸纳国外资本进行跨境融资的背景和优点加以分析;运用1999到2002年我国同时发行A股、H股或B股和只发行A股的上市公司的财务报表数据,采用二项逻辑回归等统计推断方法,结合描述性统计,对我国上市公司中进行跨境融资企业的财务特征进行分析研究。本文通过实证分析,验证了企业规模和海外依存度与企业跨境融资行为正相关;而资产扩充程度和成长力与企业跨境融资行为无显著关系。企业在资产扩充程度和成长力这些财务特征上的表现,无法作为预测企业是否进行跨境融资的因素。更多还原

【Abstract】 With the development of economic globalization, the issuing market of the securities and trading activity also extend to cross-sector, cross-region and even cross-border. Increasing globalization of capital markets has brought closer relationship between the financial markets, and capital flows have become more frequent. Under such background, the internationalization of the Chinese companies accelerated since the 1990’s, and funding has increased with production and marketing activities towards internationalization development.Therefore, the dissertation targets the cross-border financing which Chinese companies tended to adopt in recent years. In combination with the stock market segmentation theory and the financing decision-making theory, it analyzes the advantages and background of cross-border financing through dual listing as to Chinese companies. We use the financial data of Chinese dual listing companies which issued A share, H share or A share, B share at the same time during the period from 1999 to 2002, analyze the financial characteristics of Chinese cross-border financing companies, with the help of statistical method such as binary logistic regression and the descriptive statistics.The dissertation can be divided into six main parts as follows:The first part is an introduction to the background and motivation of the study, research purposes, and so on.The second part is an overview of the literature, mainly focusing on the stock market segmentation theory and the financing decision-making theory. For the stock market segmentation theory, the dissertation has introduced the theory and empirical research results on the world capital markets made by Vihang Errunza and Etienne Losq (1985), Mustafa N.Gultekin, N.Bulent Gultekin, and Alessandro Penati (1989), Yasushi Hamao (1992), and other scholars, Warren Bailey and Julapa Jagtiani (1994) are specially mentioned because of their research Puzzles in the Chinese Stock Markets on the Chinese A & B share stock market. As to the financing decision-making theory, the dissertation has introduced the Capital Cost Theory of更多还原