| Financing from the stock market listed companies, the purpose is to the sustainable development of enterprises and enhance enterprise value. To meet the ever-changing market and the need to adjust the investment structure, it is too hard to avoid changing the use of proceeds (the following is"Changing Behavior"for short) .Meanwhile, enterprises can maximize the value, So making such a change is also understandable. However, from 1994, the Changing Behavior has spread to a large range in A share listed companies (including the amounts ,industries and areas ).as a result ,"Changing Behavior"has attracted the attention of academics and investment regulatory bodies.Currently the study of the Changing Behavior based on the A share listed companies'behavior and information disclosure. So we chose Mainland of china companies which allowed to be listed on the Stock Exchange of Hong Kong called H share listed companies to study there Changing Behavior .Then compare the performance of the Changing Behavior between H-share listed companies the A-share listed companies. Analyse the supervise notion , legislation and regulatory between the two securities market. Expect to inspire the A-share market supervision.Except Introduction, this paper is divided into four chapters, The main content and viewpoints are as follows:Chapter 1, the system background of H-share listed companies'Changing Behavior. This chapter reveals the listed companies has differences information disclosure system due to different stock market , and then arose different legislation and regulatory .Moreover, different concepts of supervise made the legislation and regulatory about Changing Behavior a different status in the entire legal framework and the regulatory system.Chapter 2, the characteristics of Changing Behavior by H-share listed companies. The existing H-share listed companies totaling 124 from January 1999 to February 2007 are as the entire Statistics study sample, The statistics at this time within the regional of Changing Behavior is Total 15 times . To reveal the different stock market wether has different characteristics about Changing Behavior, and laid a foundation to the empirical research later .Chapter 3, The market reaction of Changing Behavior by H-share listed companies. Empirically analyze the market conductibility of the Changing Behavior. The empirical results show that the fluctuating of samples'average residuals during the window(-5,5)are distinct. So the announcement of Changing Behavior can transfer valuable information.Chapter 4, the main conclusions and policy recommendations. The innovation and contribution are as follows :Fistly , This paper analyzes the system background about Changing Behavior by the A-share market and the H-share market listed companies . Sum up the H-share market regulations on the Changing Behavior to the four characteristics. These differences lead to double listed companies in different market selective disclosure the accounting information in different market; meanwhile, Based on the concept of regulators and regulations have led to a different economic consequences . This study about Changing Behavior provids another logical thinking and a new perspective to the correlative research.Secondly, This paper Sorts out the samples in the period, Research shows that H-share listed companies Changing Behavior shows little change in the number of companies, changes in distribution of a long time, small proportion of the amount of change, after the change of orientation relative concentration characteristics.Thirdly, this paper empirically analyzes the market conductibility of the Changing Behavior by H share listed companies for the first time . And the empirical results show that the fluctuating of samples'average residuals during the window(-5,5)are distinct. So the announcement of Changing Behavior can transfer valuable information.Fourthly, this paper advance policy recommendations about Changing Behavior from regulators and enterprises two dimensions . |
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