CAJ | 학술논문

从纵向和横向两个维度,用单指标（ROA和托宾Q）和综合指标（采用主成分分析法将11个财务指标合成而得）两种比较方法,对2007年以前完成A＋H双重上市的45家非金融类公司在A股市场上市后的业绩变化进行实证研究。单指标和综合指标的纵向比较发现,整体而言,双重上市后公司业绩并未得到提高。为每一家双重上市公司按一定规则选取单纯A股上市公司作为对照样本,继续采取单指标和综合指标进行横向比较。结果表明,双重上市第1年的ROA明显低于对照组,双重上市后各年的综合业绩均值也没有表现出显著优势;而从托宾Q值看,双重上市公司明显不如对照组。在中国特殊的制度背景下,双重上市的积极效应难以发挥,导致双重上市难以提高公司业绩。
종종향화횡향량개유도,용단지표（ROA화탁빈Q）화종합지표（채용주성분분석법장11개재무지표합성이득）량충비교방법,대2007년이전완성A＋H쌍중상시적45가비금융류공사재A고시장상시후적업적변화진행실증연구。단지표화종합지표적종향비교발현,정체이언,쌍중상시후공사업적병미득도제고。위매일가쌍중상시공사안일정규칙선취단순A고상시공사작위대조양본,계속채취단지표화종합지표진행횡향비교。결과표명,쌍중상시제1년적ROA명현저우대조조,쌍중상시후각년적종합업적균치야몰유표현출현저우세;이종탁빈Q치간,쌍중상시공사명현불여대조조。재중국특수적제도배경하,쌍중상시적적겁효응난이발휘,도치쌍중상시난이제고공사업적。
The study is focused on the performance change of China′s 45 non-financial companies,which were dual-listed both on A stock market and H stock market before 2007.We used both single indicator（ROA and Tobin Q） and comprehensive indicator（using principal component analysis） from the vertical and horizontal dimensions.The result of vertical comparison shows that the performance of dual-listed companies is not improved overall.We selected a pure A-share listed company as the control sample for each dual-listed company to make comparable study.The results show that ROA of the dual-listed companies is significantly lower than the compared group,and the comprehensive performance after dual-listing has no significant advantage.As to Tobin Q,dual-listed companies are apparently not as good as the compared group.This paper argues that the positive role of dual-listing is hard to play in the special background of China and then the dual-listed companies′ performance can not be improved.