交叉上市约束效应研究述评与未来展望——基于法律约束和声誉约束视角

A Literature Review of Bonding Effects of Cross-listing and Future Prospects:From the Perspectives of Legal Bonding and Reputational Bonding

近十年来,交叉上市约束效应的研究呈现出新的趋势,主要体现为将约束效应进行了法律约束和声誉约束的细分。根据此研究趋势,本文将相关文献分为两类:一类集中探讨交叉上市的法律约束效应,这类研究强调法律制度的合规性,是早期研究的主流;另一类集中探讨交叉上市的声誉约束效应,这类研究重视市场监督的有效性,正在逐步兴起。本文的文献梳理将有助于理解交叉上市约束效应的作用机理,并为今后的研究提供新的思路。

The studies of bonding effects of cross-listing have presented some new trends during the last ten years, which are mainly manifested by the subdivision of bonding effects into legal bond- ing and reputational bonding. Based on the research trend abovementioned, this paper divides the lit- erature into two categories, one focuses on the legal bonding effect of cross-listing and places empha- sis on the compliance of legal institutions, which is the mainstream in earlier studies; the other con- centrates on the reputational bonding effect of cross-listing and attaches importance to the effective- ness of market supervision, which is gradually emerging. A literature review not only helps to better understand the mechanism of bonding effects of cross-listing, but also proposes a new idea for further research.