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Research on the Cost of Capital Effect of Chinese Cross-Listed Corporations

Author: ZouYing
Tutor: WangPing
School: Capital University of Economics
Course: Business management
Keywords: Cross-listing The cost of capital Effect International Capital Asset Pricing Model
CLC: F832.51
Type: PhD thesis
Year: 2009
Downloads: 529
Quote: 1
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Abstract


With the intensification of the pace of economic globalization and financial integration, information technology has been widely used in the financial markets, cross-border flow of international capital easier and more rapid. After 30 years of reform and opening up process, China has been deeply integrated into the world economic system, and gradually seek more international investment to promote economic development. Due to the limited capacity of the domestic market, more and more Chinese companies to enter the international stock markets for financing. At the same time, the rapid expansion of China's rapid economic development in recent years, as well as the mainland stock market has attracted a number of overseas-listed Chinese companies to return to the domestic market, cross-listing as an increasingly important strategic company has developed into the development of the securities market in China today a striking phenomenon. Thus, the cross-listing become a hot issue for the scholars. The cost of capital is the required rate of return required by investors, is an extremely important concept in modern financial theory. The effect of cross-listing of the cost of capital is studied from the perspective of corporate finance core areas of cross-listing, market segmentation hypothesis, liquidity hypothesis, investors cognitive hypothesis and bind hypothesis four important theory to explain the effect of cross-listing capital costs. Event study method and the cost of equity capital measurement model Western scholars over the past decade, a large number of theoretical exploration and empirical test, but the calculation of the cost of capital in the international capital market is an important and difficult issues of long-standing financial area, so cross-listing of the cost of capital effect today, not yet made public comments in an international context. Firstly, from a theoretical hypothesis, the empirical test, measurement methods comprehensive combed the cost of capital effect of cross-listing, and then construct the Chinese companies cross-listed on the cost of capital effects of the theoretical model - the international capital asset pricing model (ICAPM). Issue A shares in mainland China from July 1993 to December 2008 and issued H shares in Hong Kong Stock Exchange, the company's cost of capital effect empirical test and multiple regression analysis. However, the study sample is subject to survivorship bias. The final results and conclusions are as follows: 1, the Chinese company AH cross-listing reduces the cost of capital. 2 Chinese companies through cross-listing, and enhance stock liquidity and reduce the cost of capital, they have a significant negative correlation. 3 Chinese companies through cross-listing, increased investor cognitive, and reduce the cost of capital, but the relationship between the two was not significant. 4, Chinese companies through cross-listing improve the level of investor protection, reduce the cost of capital, they have a significant negative correlation. Subvert the traditional sense from one angle, the conclusions of this study abroad cross-listing can improve mobility, expanding investor awareness, enhance investor protection, reduce the cost of capital point of view. Pointed out the direction for the future for the study of income and the impact of cross-listed companies in China. In this study, there are the following contributions: 1, and do limited research in the past predecessors, used in this study the ICAPM assess cross-listed Chinese companies cost of capital effect. 2, confirmed that cross-listing in Hong Kong have the effect of the cost of capital, and to provide evidence for this conclusion. 3, although a lot of cross-listing research, sample selection of this article may be subject to survivorship bias, but this study is to establish the cross-listing of Chinese companies in Hong Kong based on the largest possible sample.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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