Gümüşhane University Journal of Social Sciences

1309-7423 1309-7423

Gumushane University

Valuation of Cross Listed Stocks: Panel Data Analysis on Shanghai and Hong Kong Stock Exchange

Çapraz Kayıtlı Hisse Senetlerinin Değerlemesi: Şanghay ve Hong Kong Borsaları Üzerine Panel Veri Analizi

Dayı

Faruk

KASTAMONU ÜNİVERSİTESİ Aksoy

Ahmet

GAZİ ÜNİVERSİTESİ

10 23 2019

10 3 492 507 07 31 2018 10 01 2019

2010

Gümüşhane University Journal of Social Sciences

Trading a company's stocks in twodifferent stock exchanges in the same country is stated as cross-listed. Whilefinancial statements and cash flow of cross-listed companies are same, pricesof stocks vary in each stock exchange. The price difference in the stockexchanges causes the market value of the company to be calculated differently.Because the price difference can affect the investors' decision, the reasonsfor price differences of cross-listed stocks are researched. Panel Dataanalysis is done by least squares method in the model by using the 6-years dataof 40 companies that are traded in the Shanghai and Hong Kong Stock Exchangefor 2010-2015 period. In the model; stock prices and variables such as interestrate, inflation rate, exchange rate, gold price, oil price, return on assetsratio, return on equity ratio and current ratio are used annual data. As aresult of analysis, it is determined that the stocks price on the Hong KongStock Exchange are affected at the rate of 52,57% by the stock price on theShanghai Stock Exchange. The stocks price on the Shanghai Stock Exchange areaffected at the rate of %38,80 by the stock price on the Hong Kong StockExchange.

Bir şirketin aynı ülke sınırlarıiçerisinde ikinci bir borsada işlem görmesi çapraz kayıt olarak ifadeedilmektedir. Çapraz kayıtlı şirketlerin finansal tabloları ve nakit akımlarıaynı olmasına rağmen, hisse senetlerinin borsa fiyatları farklılık göstermektedir.Hisse senetlerinin borsalardaki fiyat farklılığı, şirketin piyasa değerinin defarklı hesaplanmasına neden olmaktadır. Bu nedenle çalışmada çapraz kayıtlıhisse senetlerinin borsa fiyatlarındaki farklılığın nedenleriaraştırılmaktadır. Uygulamada Şanghay ve Hong Kong Borsalarına kayıtlı 40şirketin, 2010-2015 dönemine ait 6 yıllık verileri kullanılmıştır. Hisse senedifiyatı, faiz oranı, enflasyon oranı, döviz kuru, altın fiyatı, aktif kârlılıkoranı, özsermaye kârlılık oranı ve cari oran değişkenleri modelde kullanılmıştır.Panel veri en küçük kareler yöntemiyle analiz yapılmıştır. Analiz sonucundaŞanghay Borsasındaki hisse senetlerinin fiyatının, Hong Kong Borsasındaki hissesenetlerinin fiyatından %38,8; Hong Kong Borsasındaki hisse senetlerinin fiyatınınŞanghay Borsasındaki hisse senetlerinin fiyatından %52,57 oranında etkilendiğitespit edilmiştir.

Uluslararası Portföy Yönetimi Çapraz Kayıt Hisse Senedi Değerlemesi Panel Veri Analizi

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