境外上市战略与企业绩效动态性研究——基于中国在美上市公司的经验证据

Study on the Strategy of Listing Abroad and the Dynamics of Firm Performance——Evidence from Chinese Firms Listed in American Stock Exchanges

以中国在美国上市的企业为样本,实证检验了境外上市战略与企业绩效动态变化的关系。研究结果表明,中国企业在美上市前后,企业绩效先是大幅增长,而后显著下降;另外,中国企业境外上市并不能持续提升企业绩效。因此,中国企业必须谨慎选择在美国的资本市场上市,已经在美国资本市场上市的企业,应在自主适应外部治理环境的前提下,切实完善公司内部治理,提高公司治理水平。

Listing abroad has become a new kind of strategy selection for firms＇ internationalization on the background of economy globalization. This study takes Chinese finns listed in American stock exchanges as the sample and empirically studies the relationship between the strategy of listing abroad and the dynamics of firm performance. The empirical results indicate that Chinese firms＇ performance rises significantly before listing in American stock exchanges, but then falls sharply during the listing year. In addition, listing abroad for Chinese firms can not produce an enduring increase in firm performance. Therefore, Chinese firms should prudentially select to list in American stock exchanges. Chinese firm listed in in American stock exchanges should perfect internal corporate governance and improve corporate governance to adapt to external governance environment.