交叉上市、信息环境与经济后果——来自A股、H股市场的经验证据

Cross-listing,Information Environment and Economic Consequence:The Empirical Evidence from A and H Share Market

本文基于A股和H股市场信息环境的差异,以同时在A股和H股市场上市交易的公司作为交叉上市公司的样本,研究交叉上市的经济后果,考察资本成本和企业价值的变化,并用定量的方法分析信息环境变化对交叉上市经济后果的影响。研究发现,交叉上市改善了信息环境,降低了信息不对称风险和企业权益资本成本,信息不对称的降低在交叉上市的资本成本效应中起到积极作用。交叉上市一定程度上提升了企业的价值,但信息不对称的降低在交叉上市估值效应中并未产生直接影响。

This paper takes companies listed on A share and H share market as sample, and analyzes cross-listing and its economic consequence, specifically capital cost and finn value from the perspective of information environment. It finds that cross-listing on mature capital market improves quality of information due to a more rigorous information environment, thus lowering capital cost information asymmetry risk. Besides, cross-listing improves firm value in some degree. Information asymmetry plays a positive role in effect of cross-listing on capital cost while the result of effect of cross-listing on firm values is mixed.