跨境上市、政治联系与公司治理——基于A+H上市公司的经验数据

Cross-border Listing,Political Connection and Corporate Governance——Experiential Data Based on A+H Listed Company

以2006—2014年A+H上市公司作为研究样本,并以A股上市公司作为对照组进行了实证分析,研究了跨境上市、政治联系与公司治理水平之间的关系。实证结果表明:跨境上市公司面临着更高标准的市场监管和投资者法律保护体系,有利于改善公司治理水平;A+H上市公司的治理水平从整体上高于作为对照组的A股上市公司;与仅在大陆上市的A股上市公司相比,中央政治联系对A+H上市公司治理水平的改善作用更加显著,地方政治联系对公司治理水平的负向作用更为明显。

Take the A＋H listed companies from 2006 to 2014as the research samples and take the A-share list companies as the control group to conduct empirical analysis,research the relationships between crossborder listing,political connection and corporate governance level.Empirical results shows that the crossborder listed companies are facing the market supervision and investors legal protection system with higher standard which is beneficial to improve the corporate governance level;the governance level of A＋H listed companies is higher than the A-share list companies as the control group on the whole;compare with the A-share list companies that only listed in mainland,the central political connection has greater improving effect on the governance level of A＋H listed companies and the negative role of local political connection on corporate governance level is more obvious.