An Empirical Study On AH Shares Of China's Dual-Listed Company Capital Structure And Corporate Performance

In recent years, China's listed companies dual listed on a very rapid implementation has become China's securities market development in eye-catching now, especially since 2005, with the dual-listing policy gradually liberalized, China dual listing of a growing phenomenon more generally, its impact on China's securities market is also growing.Compared with the foreign companies, the company's dual listing in China is still a new thing. Tsingtao Brewery from 1993 to become China's first dual-listed companies run, so far only a short span of 15 years. With the dual listing of foreign-related research is very rich in contrast, the dual-listed Chinese research or small, should be strengthened.In this paper, the dual listed companies in China based on the special system in which the background and market environment, as well as dual-listed Chinese companies in international practice with regard to different objective facts, will focus on the dual listed companies in China's capital structure and corporate performance as a research object, conduct an in-depth analysis. First of all, combined with the capital structure theory and performance evaluation theory, analysis of the dual listed company's capital structure and performance relationship, and thus carried out the relationship between the two empirical studies. China's dual-listed companies for the status quo business to examine the capital structure and the correlation between corporate performances will help to optimize its capital structure and improve business performance. By studying the dual listed company's capital structure, the dual listed companies trying to find the optimal capital structure of the interval, and for the practical conditions of our country's reform measures, will contribute to the dual listed company stakeholders (such as business, banking, etc. organizations) understand and adjust their conduct of operations, as well as China's dual-listed companies to optimize the capital structure of the model played a very good effect.Resorting to the western Capital Structure and the reference of the latest research output in China, this thesis offers through empirical analysis study of the correlation between China's Dual Listing enterprises' capital structure and their performance. Based on the analysis above, an explanation to empirical results is followed, based upon which concrete countermeasures and advices to refine the Dual Listing enterprises' capital structure. The whole thesis consists of five parts:The first part is Introduction about the research background, research status, and the definition of research subjects, research ideas and methods as well as research to briefly introduce the framework.The second part is the theoretical study, based on capital structure theory and business performance related theories, select the suitable dual-listed company of China's capital structure and performance of the relevant indicators.The third part introduces the status quo of the A&H share dual listed company in China's. The capital structure describes a simple analysis through selected indicators and performance indicators of China's dual-listed companies.Part IV are empirical studies, select appropriate samples and study variables, descript statistics to make, then process the capital of the A&H share dual listed company structure and operating performance of empirical analysis, and empirical results for analysis.Fifth, based in part on analysis of previous empirical studies have concluded, in view of improving the AH shares double the operating performance of listed companies to optimize the capital structure of the relevant policy recommendations.