CAJ | 학술논문

本文利用我国上市公司1993～2007年的9813个样本数据，采用数据包络分析方法探讨跨境双重上市能否提高公司的投资效率。研究结果表明，在A＋H双重上市公司所涉及的九个行业中，制造业、电煤水业、信息技术业、银行保险业、房地产业、社会服务业的A＋H公司的投资效率优于行业平均水平，占2007年底51家A＋H公司的68．6％；但果掘业、建筑业、交通运输业的A＋H公司的投资效率低于行业平均水平，占2007年底51家A＋H公司的31．4％。大部分A＋H公司的规模效率小于1但规模报酬递增，DEA表明这些公司应该继续扩大规模。大部分行业的上市公司（包括A＋H公司）的效率均值都逼近或超过0．9，但各行业公司间的效率值比较接近。
본문이용아국상시공사1993～2007년적9813개양본수거，채용수거포락분석방법탐토과경쌍중상시능부제고공사적투자효솔。연구결과표명，재A＋H쌍중상시공사소섭급적구개행업중，제조업、전매수업、신식기술업、은행보험업、방지산업、사회복무업적A＋H공사적투자효솔우우행업평균수평，점2007년저51가A＋H공사적68．6％；단과굴업、건축업、교통운수업적A＋H공사적투자효솔저우행업평균수평，점2007년저51가A＋H공사적31．4％。대부분A＋H공사적규모효솔소우1단규모보수체증，DEA표명저사공사응해계속확대규모。대부분행업적상시공사（포괄A＋H공사）적효솔균치도핍근혹초과0．9，단각행업공사간적효솔치비교접근。
Using the method of data envelopment analysis, we studied the data of 9813 listed companies in China from 1993 to 2007 to discuss whether cross-border dual listings can improve corporate investment efficiency. The results show that, in the nine industries concerned in A＆H dual-listing, the average investment efficiency of the A＆H companies belonging to the industries of manufacturing, electricity ＆ water ＆ coal, information technology, banking and insurance, real estate, social services, is higher than the corresponding industrial average level. The number of these A＆H companies account 68.6% of all the A＆H companies at the end of 2007 （51 companies）. However, the average investment efficiency of the A＆H companies belonging to the industries of excavating, construction, transportation, is lower than the corresponding industrial average level. The number of these A＆H companies account 31.4% of all the A＆H companies at the end of 2007 （51 companies）. Furthermore, the scale efficiency of most A＆H companies is less than 1 and the return to scale is increasing, which means that these companies should expand their scale. The average efficiency values of most industries （including A＆H companies） vary around 0.9, but average efficiency values of all the companies （including A＆H companies） in each industry are very adjacent.