境外上市、股利政策与投资者保护

Cross-listing,Dividend Policy and Investor Protection

本文以公司股利政策及其变化作为观察点,以2007年到2012年同时发行A股和H股的公司为基础样本,研究了中国企业境外上市对其在内地资本市场股利政策的影响,分析境外上市的公司是否提高了股利发放水平,进而提高了对中小投资者的保护水平。研究发现,境外上市的确提高了公司向内地投资者发放现金股利的倾向和数额,从而提高了投资者保护水平;境外上市的国有控股公司与非国有控股公司相比,其向内地投资者分配股利的倾向和股利分配金额都相对较低。因此,企业境外上市有助于投资者保护水平的提高,但是国有控股公司面临更大程度的非市场因素的影响,导致境外上市的市场化效果在一定程度上被抵消。

Based on a sample of A-share and H-share listed companies, this paper explores the effect of cross-listing on dividend policy and further investor protection. We find that, the tendency and the amount of dividend distribution for A+H-share enterprises are significantly higher, therefore the level of investor protection is higher; comparing to cross-listed non-SOEs, the tendency and the amount of dividend distribution for SOEs are lower. This paper highlights that non-market-factors for SOEs offset the effect of cross-listing on market efficiency and investor protection to some degree.