交叉上市与盈余管理:基于以ADR赴美上市企业的证据

Cross Listing and Surplus Management: Evidence from the Chinese ADR Listed Companies in the U. S.

以沃顿研究数据服务(WRDS)、发行美国存托凭证(ADR)的存托银行官方网站为主要数据来源,搜集了1996-2011年间通过ADR在美上市的中国企业样本,实证研究了交叉上市对盈余管理的影响。通过对比交叉和非交叉上市企业两组样本发现,在上市后的十年里,两组样本盈余调低趋势明显,越是非交叉上市的企业,其盈余管理幅度就越大,且是否交叉上市变量对上市当年的盈余管理影响最为显著,控制上市所在地与企业总部所在地后的结果整体稳健。

By collecting the sample of Chinese American Depositary Receipt( ADR) listed companies from 1996 to 2011 from Wharton Research Data Services( WRDS),the official website of depositary banks that issue ADR,we positively study how cross-listing impacts surplus management. By comparing two samples called cross-listing and non-listing firms,we find that surplus managements for those two samples are manipulated downward after being listed for ten years. The bigger possibility of non-crossing-listing,the bigger surplus management degree. Meanwhile,the impact of cross-listing variable on surplus management in the listing year is the most significant. The results are steady after controlling listing places and headquarter of enterprises.