双重上市股票更有投资价值吗?——基于H+A股与A股的对比分析
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摘要
通过对比先在H股上市、后回到A股上市的股票(简记为H+A股)与仅在A股上市的股票上市首日收益率、上市后短期和长期收益的差异,探讨两类股票的投资价值。结果显示:相较于A股股票,H+A股上市首日收益更高,但上市后的短期收益和长期收益更低。究其原因,H+A股更高的上市首日收益与其发行定价低相关,短期和长期市场收益低既与公司的业绩不好相关,也与投资者的不认可相关,表明相较于仅在A股上市的股票,H+A股更不具备投资价值。
By comparing the differences in IPO initial returns,short-term returns and long-term returns,this paper analyzes the investment value of shares that are listed in Hong Kong firstly and then return to Chinese A-share market (denoted as H +A shares) and the similar A shares. Specifically,compared to A shares,the IPO initial returns of H + A shares are higher while the short-term and long-term market performances of them are lower. The reasons behind these are that the higher IPO return of H + A shares are related to the lower issuance pricing. The lower short-term and long-term earnings are related to both the worse corporate performances and the worse investor recognitions,which means H + A shares do not have investment value,compared with similar A shares.
By comparing the differences in IPO initial returns,short-term returns and long-term returns,this paper analyzes the investment value of shares that are listed in Hong Kong firstly and then return to Chinese A-share market (denoted as H +A shares) and the similar A shares. Specifically,compared to A shares,the IPO initial returns of H + A shares are higher while the short-term and long-term market performances of them are lower. The reasons behind these are that the higher IPO return of H + A shares are related to the lower issuance pricing. The lower short-term and long-term earnings are related to both the worse corporate performances and the worse investor recognitions,which means H + A shares do not have investment value,compared with similar A shares.
引文
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[2]董秀良,曹凤岐.交叉上市、股价反应与投资者预期---基于H股回归A股的经验研究[J].财贸经济,2009(8):29-35.
[3]Sarkissian S,Schill M J.Are there permanent valuation gains to overseas listing?[R].Working Papers,2004.
[4]Lang M,Raedy J S,WILSON W.Earnings management and cross listing:Are reconciled earnings comparable to USearnings?[J].Journal of Accounting&Economics,2006,42(1):255-283.
[5]Fernandes N,Ferreira M A.Does international cross-listing improve the information environment?[J].Journal of Financial Economics,2008,88(2):216-244.
[6]袁德利,陈小林.企业跨境上市、战略风险治理与竞争优势[J].管理评论,2018,30(6):184-195.
[7]Jain B A,Kini O.The post-issue operating performance of IPO firms[J].Journal of Finance,1994,49(5):1699-1726.
[8]Fan J P H,Wong T J,Zhang T.Politically connected CEOs,corporate governance,and post-IPO performance of China's newly partially privatized firms[J].Journal of Financial Economics,2007,84(2):330-357.
[9]Dechow P M,Skinner D J.Earnings management:Reconciling the views of accounting academics,practitioners,and regulators[J].Accounting Horizons,2000,14(2):235-250.
[10]Mauer D C,Wang S,Wang X,et al.Global diversification and IPO returns[J].Journal of Banking&Finance,2015,58:436-456.
[11]韩鹏,沈春亚.研发投入、风险资本与IPO抑价---基于创业板IPO公司的实证研究[J].管理评论,2017(4):12-24.
[12]朱宏泉,朱露.异常审计费用、审计质量与IPO定价---基于A股市场的分析[J].审计与经济研究,2018(4):55-65.
[13]Amihud Y.Illiquidity and stock returns:Cross-section and time-series effects[J].Journal of Financial Markets,2002,5(1):31-56.
[14]Meng R,Ning X,Zhou X,et al.Do ESOPs enhance firm performance?Evidence from China's reform experiment[J].Journal[J].Journal of Banking and Finance,2011,35(6):1541-1551.
(1)64只股票包括2只在H股和A股同时上市的股票和现已在香港退市的经纬纺机(00350.HK)。如果去除这3只股票,结果没有质的差异。2012年之后也有少数A股上市公司赴香港上市,但先A后H的公司不在本文研究范围之中。此外,由于需要考虑股票上市后6年的表现,加之2013年IPO暂停发行一年,本文选取的是1992-2012年的IPO公司,数据相当于截至2018年。
(2)本文用超额累计收益(cumulative abnormal return)作为公司上市后20、40、60天以及12、24、36、72个月累计收益的测度指标,如果用买入持有收益(buy and hold return)来分析,结果没有质的差异。
(1)本文用总资产收益率作为公司绩效的测度指标,但如果用净资产收益率等指标,结果也没有质的差异。
(2)H+A股上市公司存在因受到比A股上市公司更严苛的监管,从而导致在不成熟的A股市场中换手率等指标下降,表现不活跃的可能性。因此,进一步考察H+A股和对应A股上市后1至72个月累计收益的变化趋势可得,H+A股上市后收益下降,且长期收益为负,对应A股上市后收益上升,且长期收益为正,而H+A股和A股收益的差异越来越大。这显然不是由H+A股上市公司受到比A股上市公司更严苛的监管造成的,而是因为H+A股上市公司具有更差的质量和经营业绩。
[2]董秀良,曹凤岐.交叉上市、股价反应与投资者预期---基于H股回归A股的经验研究[J].财贸经济,2009(8):29-35.
[3]Sarkissian S,Schill M J.Are there permanent valuation gains to overseas listing?[R].Working Papers,2004.
[4]Lang M,Raedy J S,WILSON W.Earnings management and cross listing:Are reconciled earnings comparable to USearnings?[J].Journal of Accounting&Economics,2006,42(1):255-283.
[5]Fernandes N,Ferreira M A.Does international cross-listing improve the information environment?[J].Journal of Financial Economics,2008,88(2):216-244.
[6]袁德利,陈小林.企业跨境上市、战略风险治理与竞争优势[J].管理评论,2018,30(6):184-195.
[7]Jain B A,Kini O.The post-issue operating performance of IPO firms[J].Journal of Finance,1994,49(5):1699-1726.
[8]Fan J P H,Wong T J,Zhang T.Politically connected CEOs,corporate governance,and post-IPO performance of China's newly partially privatized firms[J].Journal of Financial Economics,2007,84(2):330-357.
[9]Dechow P M,Skinner D J.Earnings management:Reconciling the views of accounting academics,practitioners,and regulators[J].Accounting Horizons,2000,14(2):235-250.
[10]Mauer D C,Wang S,Wang X,et al.Global diversification and IPO returns[J].Journal of Banking&Finance,2015,58:436-456.
[11]韩鹏,沈春亚.研发投入、风险资本与IPO抑价---基于创业板IPO公司的实证研究[J].管理评论,2017(4):12-24.
[12]朱宏泉,朱露.异常审计费用、审计质量与IPO定价---基于A股市场的分析[J].审计与经济研究,2018(4):55-65.
[13]Amihud Y.Illiquidity and stock returns:Cross-section and time-series effects[J].Journal of Financial Markets,2002,5(1):31-56.
[14]Meng R,Ning X,Zhou X,et al.Do ESOPs enhance firm performance?Evidence from China's reform experiment[J].Journal[J].Journal of Banking and Finance,2011,35(6):1541-1551.
(1)64只股票包括2只在H股和A股同时上市的股票和现已在香港退市的经纬纺机(00350.HK)。如果去除这3只股票,结果没有质的差异。2012年之后也有少数A股上市公司赴香港上市,但先A后H的公司不在本文研究范围之中。此外,由于需要考虑股票上市后6年的表现,加之2013年IPO暂停发行一年,本文选取的是1992-2012年的IPO公司,数据相当于截至2018年。
(2)本文用超额累计收益(cumulative abnormal return)作为公司上市后20、40、60天以及12、24、36、72个月累计收益的测度指标,如果用买入持有收益(buy and hold return)来分析,结果没有质的差异。
(1)本文用总资产收益率作为公司绩效的测度指标,但如果用净资产收益率等指标,结果也没有质的差异。
(2)H+A股上市公司存在因受到比A股上市公司更严苛的监管,从而导致在不成熟的A股市场中换手率等指标下降,表现不活跃的可能性。因此,进一步考察H+A股和对应A股上市后1至72个月累计收益的变化趋势可得,H+A股上市后收益下降,且长期收益为负,对应A股上市后收益上升,且长期收益为正,而H+A股和A股收益的差异越来越大。这显然不是由H+A股上市公司受到比A股上市公司更严苛的监管造成的,而是因为H+A股上市公司具有更差的质量和经营业绩。