| Under the macro background of economic globalization,financial integration,and the continuous increase of China’s national economic GDP,China has gradually relaxed financial controls.The government has promulgated "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect" policies to guide the market opening up.Under the guidance of the policy,many companies choose to go public on the mainland and overseas to broaden their financing channels.This behavior also helps companies expand their international influence.Investors can learn about companies through multiple channels and meet their financing needs.Therefore,in recent years Since the number of dual listings by Chinese companies has gradually increased,dual listings have gradually become a new choice for companies to meet their capital needs.The dual listing of a company in my country means that the company is not only listed on domestic stock exchanges(Shanghai Stock Exchange and Shenzhen Stock Exchange)but also listed on overseas stock exchanges,such as securities trading in Hong Kong,Singapore,New York,London,Frankfurt and other places So.Among them,the phenomenon of cross-border dual listings is the most common and worthy of attention.Among the current dual-listed companies in my country,H-share companies return to A-share dual-listing.On the basis of drawing lessons from various theories and hypotheses at home and abroad,domestic scholars have studied the stock price changes and market value of dual-listed companies in mainland my country.The result is usually a decline after the cross rise,but many dual listing theories and hypotheses indicate that dual listing is a major good news for investors,and this behavior is conducive to the rise of corporate performance.In addition,because my country’s capital market is relatively backward compared with developed countries,the dual listing of Chinese companies is quite different from the dual listing of foreign research.Therefore,based on the unique characteristics of the H+A dual listing of Chinese enterprises,this article analyzes this phenomenon from the performance changes after the dual listing around the financing mechanism of the dual listing and the motivation of the dual listing.China’s previous research conclusions on dual listings are different from the relevant dual listing theories and hypotheses.However,in recent years,China’s capital market has developed better and better,and the situation may be different from the past.Therefore,this article selects the most recent H+A share dual listed companies The representative Qingdao Port,the first listed company to be listed in 2019,is the research object.It introduces the current development status of A-shares and H-shares and the macro background of China’s dual listings,and studies whether the financial data reflected in the dual listings is consistent with the situation.The theories and hypotheses related to listing are consistent.This article first analyzes the reasons for the dual listing of Qingdao Port in 2019,and finds that the company’s value is underestimated,the "H+A" model can broaden financing channels and increase influence,and participate in regional port integration.The three reasons are then analyzed.The short-term and long-term effects of the A-share listing on corporate performance.The analysis of the short-term financing effects is mainly to use the event research method to study it.Through observing the reaction of the capital market,it is found that the cumulative abnormal return during the event period is not very large but greater than zero.Although Qingdao Port’s dual listing activity has caused some concerns among investors,the cumulative stock yield is greater than zero,indicating that it has indeed boosted Qingdao Port’s income in the short term,and the company’s short-term stock price has increased;when analyzing the effect of Qingdao Port’s long-term financing Using univariate performance indicators,multivariate performance indicators and factor analysis methods,in terms of univariate performance indicators,the article selects the total net interest rate(ROA)used to reflect the company’s operating performance in many studies,and the analysis finds that the total asset return The rate of growth has declined,but the value is indeed higher than before the dual listing.Due to the one-sidedness of the univariate indicator analysis,the comprehensive variable performance indicator analysis is further selected.In the comprehensive variable performance indicator analysis,the article chooses to reflect the company’s four major capabilities,namely The twelve financial indicators of the four capabilities of profitability,solvency,operating capabilities,and growth capabilities are analyzed one by one.Because the performance of each capability is different,the factor analysis method is used for overall analysis;finally,the factor analysis method is used to analyze the The overall situation of the company after the dual listing,the two common factor scores are calculated and the comprehensive score of the company’s performance is obtained,and it is found that the score is significantly higher than before the A-share listing.Finally came to the conclusion that "Qingdao Port has brought substantial help to the company’s performance after the dual listing of A shares."... |
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