逆向跨境上市产生信息效应吗?——基于H股公司返回境内上市的研究  

Does Reverse Cross-listing Lead to Information Effect?A Study Based on H-share Companies Returning to Domestic Stocks Market

作　　者：常嵘[1] 

机构地区：[1]南开大学经济学院,天津300071

出　　处：《财经研究》2014年第4期90-102,共13页Journal of Finance and Economics

基　　金：教育部人文社会科学研究青年基金项目(13YJC790159)

摘　　要：跨境上市的信息效应源于境外市场更严格的信息披露规则和更高的市场信息需求。通过抑制大股东的控制权私利、提高公司在境内的信息透明度,信息效应可以给跨境上市公司带来市场价值溢价。与国外的跨境上市公司不同,中国的跨境上市公司大多先在较发达的中国香港市场发行H股上市,然后返回境内发行A股。这种逆向跨境上市行为能否产生信息效应需要进一步分析。文章的实证检验结果表明,H股公司返回境内上市后,在较发达的中国香港市场上市并没有减弱控股股东谋取控制权私利,而且公司在A股市场的信息透明度也没有提高甚至还不及仅发行A股的公司,但这类公司仍具有更高的A股市值。文章研究结论为跨境上市相关理论及揭示投资者行为在公司治理改革中的重要作用提供了经验证据。Information effect of cross-listing comes from stricter information disclosure rules and higher market information demand on overseas markets,and can bring market value premium to cross-listed companies through the suppression of private benefits of control of blockholders and the improvement of corporate information transparency in domestic market.Different from foreign cross-listed companies,the majority of Chinese cross-listed companies first issue H-share stocks in developed Hong Kong stock market,and then return to domestic A-share market.The existence of information effect of reverse cross-listing requires further analysis.It comes to the following empirical results:after H-share companies return to domestic A-share market,listing on developed Hong Kong stock market fails to weaken private benefits of control of blockholders;these companies do not have higher information transparency on A-share market or even lower information transparency than companies which only issue A-shares,but they enjoy higher A-share market values.It provides evidence for cross-listing theories,and the revelation of the important role of investor behavior in corporate governance reform.

关 键 词：逆向跨境上市 信息效应 控制权私利 信息透明度 

分 类 号：F832.51[经济管理—金融学]