Research On The Model Of Ownership Control And Its Performance In China's A-H Listed Companies

With the prompt developed progress of Chinese capital market and the international stock market of HongKong,the relation among stock listed companies becomes more and more closed.More and more superior-quality enterprises are planning for the international road to go public in HongKong and mainland areas in order to realize offshore financing and the strategy of enlarging business scope.Therefore,it becomes a strategic problem for these superior-quality enterprises to adopt what kind of patten of control power for AH stocks and it brings practical demand for researching the pantten of control power between AH stocks.This thesis is based on all the China-funded stocks which are listed in HongKong main market and the stocks include H stock and red chip stock.Through researching,AH stock listed companies are endowed with the more extensive defination.This paper is the research on the classification of control power of AH stocks and four kinds of the pattens of the control power have been summarized,which are parent patten,brother patten,cousin patten and other patten of control power.This thesis gives a classication which definites four pattens of control power and also classifies 266 AH stock listed companies .At the same time,it has analyzed the characters of the different pattens of the stock control power.This paper adopts the DEA method,drawn the materials from the financial crisis in year 2008 and focus the time to research.It also adopts the financial datas of five years from 2006 to 2010,researched on the efficency of the control power of three kinds of the pattens in many listed companies and concluded the stability and efficency of them.The research shows the results as bellow:Partent patten of control power is stable and it is hardly hit by the finanial crisis,it's resistance to risk is high.It is more easy to take advantage of the stock relation and adjust the effective strategy to realize the steady transition period of prompt development.However brother patten is the most inefficency one with low stability and it is seriously influenced by the financial crisis in a long time and it need longer time to be adjust and recovered.Cousin patten is the most steady one.Both it's stability and efficiency is the middle level among the three pattens,but the whole resistance to risk is stable.Meanwhile,the research find out a rule that pure H stock is much more influenced by the finanicial crisis directly,while A stock is not.The year 2009 is the period that the economy is being recovered after the financial crisis,but the A stock's efficency is rather low behind the H stock and it is still influenced by the financical crisis.To sum up the stategy and my opinoin at the end of this thesis,we can adopt the father patten of stock control power if we pursuit for the high stock efficiency.For the listed companies who have adopt the brother patten of stock control power,we have to improve the reflection and efficiency ,enhance the awareness, manage in a flexible way and face the changement to adjust our strategy.The companies who pursuit the stablity can adopt the cusion patten of stock control power,they have to position the market accurately not pursuit for the diversification.