逆向交叉上市可以改善公司治理吗?

Can Reverse cross-listing Improve Corporate Governance?

本文以在香港和内地"先港后内"的交叉上市中国公司为主要研究样本,采用2008-2015年的数据,从公司价值(Tobin_q)角度考察逆向交叉上市是否有助于公司治理的改善。研究结果表明:逆向交叉上市相较于单一上市A股公司有更高的公司价值,且公司治理明显优于非交叉上市公司;从公司自身角度看,逆向交叉上市后,公司治理水平也得到了显著提高。逆向交叉上市作为一种非典型交叉上市途径也同样对公司治理的改善起到促进作用,同时有助于提升国内股票市场的有效性。

Based on the ＂Fist H after A＂ Chinese companies as the main research sample, using data from 2008-2015, from the perspective of company value （Tobin_q） examine whether reverse cross-listings tends to the improvement of corporate governance. The results showed： Reverse cross-listings have a higher corporate value than single listed A company, and corporate governance is significantly better than non-cross- listed companies; From the company＇s own perspective, the level of corporate governance has also improved significantly after the reverse cross-listing. Reverse cross-listings as a means of atypical cross-listing may also play a role on the improvement of the corporate governance, and helps to improve the effectiveness of the domestic stock market.