国内企业海外上市对公司价值的影响研究——来自中国“A+H”股的经验数据

Overseas Listing and Firm Value:Evidence from "A+H" Shares

以1998～2008年间同时在A股和H股上市的公司及按行业、规模和年度选择配对的仅在A股市场上市的公司为样本,构建计量模型对海外上市对公司价值的影响进行实证检验。结果表明,一方面,国内企业海外上市降低了市场分割程度,但公司价值并未增加,另一方面,海外上市增强了投资者法律保护和信息披露质量,促进了公司价值上升。

Using the data from the companies which issue stocks both in A-share marekt and H-share market , and the data from the matched companies in A-share market, the model has been built to evaluate the impacts of overseas listing on firm value. As the result, on one hand, overseas listing reduces market segmentation while keep the firm value stable; on the other hand, overseas listing guarantees the quality of information disclosure, which promotes the firm value.