管制条件下的跨境上市公司市场时机研究

Market Timing of Dual Listed with Issue Regulation

文章以1998—2008年间的A股和H股上市公司为样本,研究了双重上市公司在发行管制条件下的择时行为。结果证明,在H股上市的公司回归A股市场存在显著的择时行为,表现为对市场条件和政策的择机行为显著。同时也证明,研究期间的汇率变动也是显著影响H股回归的因素。

With the dual listed sample between 1998 and 2008, we focus on the behavior of market timing when H shares＇ return domes- tic market under the long - term regulation environment. We find regulation environment and market condition are two important and sig- nificant factors which influent the timing motivation. We further find that the exchange rate of HKD/CNY is one of key factors motivating n shares＇ return.