中國企業跨港上市對資本結構之影響

The Impacts of Cross-Listing Decisions on Capital Structures of Chinese Listed Firms

蔡函芳(Han-Fang Tsai) ； 林翠蓉(Tsui-Jung Lin) ； 張力(Li Chang) ； 陳怡中(Yi-Chung Chen) ； 洪榮華(Jung-Hua Hung)

《商管科技季刊》 13卷3期 (2012/09) Pp. 281-319

https://doi.org/10.30083/CMQ.201209.0003

摘要

本研究首先探討中國上市公司的負債比率是否會受到跨港上市決策的影響。其次，針對已跨港上市企業，觀察其跨港上市一段時間後，負債比率的變化。同時，針對上述兩項探討企業的負債比率是否受到國家控制程度的影響。以1996年至2009年間中國跨港上市公司為樣本，利用未跨港上市之配對樣本與OLS迴歸模型檢測。實證結果發現：（1）跨港上市企業之負債比率低於未跨港上市企業。（2）跨港上市企業中，國家控制程度越高的企業，其負債比率下降的程度較少。（3）跨港上市超過三年的企業，其負債比率高於跨港上市三年以下的企業，顯示跨港上市一段時間後，企業負債比率有回升的現象。（4）國家控制程度越高的企業，其負債比率回升的程度越大。

關鍵字

跨港上市 ； 負債比率 ； 國家控制

並列摘要

This study first examines whether cross-listing decisions would affect the capital structures of Chinese listed firms. Second, we focus on the Chinese cross-listed firms to observe the changes in the debt ratios after cross-listing. Meanwhile, we address the above two issues by examining whether the debt ratios are affected by the degree of state control. The sample is comprised of Chinese listed firms cross-listing on the Hong Kong Exchanges between 1996 and 2009, and the matched sample is Chinese listed firms not cross-listing on Hong Kong Exchanges. An ordinary least squares method is applied. The results indicate that (1) the debt ratios of cross-listed firms are lower than those of non-cross-listed firms, and (2) for cross-listed firms, the higher the degree of state control, the less the decrease of debt ratio would be after cross-listing; (3) the debt ratios of firms cross-listing on Hong Kong Exchanges over three years are higher than those of firms cross-listing less than three years, suggesting that the debt ratio would rise again three years after cross-listing, and also (4) the higher the degree of state control, the higher the increase in debt ratio would be after cross-listing.

並列關鍵字

Cross-listing ； Debt Ratio ； State Control

參考文獻

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