中美交叉上市与权益资本成本研究--基于美国股票交易所上市的A股公司数据

Sino-US Cross-listing and Research on Cost of Equity Capital——Based on Data of A-share Companies Listed at American Stock Exchange

本文基于约束理论研究了中美交叉上市是否会降低A股公司的权益资本成本,通过构建包含立法水平和执法水平的投资者法律保护指数,检验赴美上市对我国A股公司权益资本成本的作用效果。结果表明,中美交叉上市部分降低了权益资本成本,以投资者法律保护指数所代表的约束理论具备一定的解释力,但是由于融资规模等因素的干扰,交叉上市对权益资本成本的降低作用受到某种程度的不利影响。尽管如此,交叉上市对改善公司治理机制具有积极的作用,AN股公司的治理结构有所优化。

This article discussed whether Sino-US cross-listing would reduce cost of equity capital of A-share companies based on the theory of constraints, tthrough building consumer law protection index reflecting both the legislative level and law- enforcement level. The results show that Sino-US cross-listing partly reduced the cost of equity capital, and the theory of constraints which is represented by consumer law protection index could explain the phenomenon to some extent. However, due to the interference of financing scale and other factors, the reduction of cost of Equity Capital from Sino-US cross-listing suffers from some unfavorable effects. Nevertheless, cross-listing has positive effects on the improvement of corporate governance mechanisms, and the governance structure of A-share and N-share companies has been somewhat optimized.