摘要
本文以35家采用"先H后A"方式上市的中国企业作为研究样本,建立横截面数据模型,运用广义矩方法对H股公司选择回归A股市场的原因进行实证研究。研究结果表明:国有化程度、上市时机、融资能力以及估值水平是H股公司选择回归A股市场的主要因素。
This paper examines the motivation in H - shares company back to china stock market. The sample consists of 35 firms which listed in H - shares before A - shares over the period 1990 to now. By using GMM method, we show some reasons that effect H - shares firms back to A - shares. Overall, the result provides empirical support for the hypoth- esis that local priority, list opportunity, the capability of finance and evaluation are main effective factors.
出处
《经济与管理研究》
CSSCI
北大核心
2011年第8期27-33,共7页
Research on Economics and Management
基金
国家社科基金项目"证券市场波动与宏观经济波动的关系研究"(10BGL056)的支持
