交叉上市与公司违规——来自我国AH股的经验证据

Cross-Listing and Corporate Fraud——Empirical Evidence from AH Shares in China

本文选择2003-2017年我国资本市场中的AH股以及配对的A股公司为研究样本,基于绑定假说,研究交叉上市对公司违规行为的影响。实证结果表明:交叉上市能够显著抑制公司的违规行为,与A股公司相比,交叉上市公司的违规概率更低、违规次数更少;在信息质量较差的情况下,交叉上市对公司违规行为的治理作用更加明显。本文丰富了交叉上市的相关研究,并从公司违规行为这一角度,揭示了交叉上市所发挥的公司治理效用,对促进资本市场发展具有一定的现实意义。

Using the data of AH shares and paired A-share companies in China's capital market from 2003 to 2017, this paper studies the impact of cross-listing on corporate fraud based on the Bonding Hypothesis. The empirical results show that cross-listing can significantly inhibits corporate fraud. Compared with A-share companies, cross-listed companies have lower fraud probability and frequency. Cross-listing has more obvious inhibiting effects on corporates with poor information quality. This paper enriches the literature of cross-listing, and reveals the positive governance effect of cross-listing from the perspective of corporate fraud, which has certain practical significance for the development of capital market.