海外上市地点和企业投资：纳斯达克、香港、新加坡上市企业比较  

Overseas Listing Location and Firm Investment: Comparison of Firms Listed in NASDAQ, Hong Kong and Singapore

作　　者：李培馨[1] 谢伟[1] 王宝链[2] 

机构地区：[1]清华大学经济管理学院 [2]纽约大学斯特恩商学院

出　　处：《南开管理评论》2012年第2期81-91,共11页Nankai Business Review

基　　金：国家自然科学基金面上项目(71073092);国家自然科学基金重大项目(70890082)资助

摘　　要：本文研究海外上市地点与企业投资之间的关系。香港和新加坡在信息环境和制度环境方面相差不大,而纳斯达克在这两个方面均存在显著优势。良好的信息环境和制度环境可以减弱信息不对称的程度,缓解企业面临的代理问题,从而减少企业投资不足或者投资过度的行为。与此相一致,我们发现相比在香港和新加坡上市而言,在纳斯达克上市的企业其投资—现金流敏感性更低,规模小、上市时间短、应计项高、杠杆率低的企业受影响更大。进一步研究发现,在纳斯达克上市既可以缓解企业的投资不足,也可以降低企业的投资过度,这表明纳斯达克信息环境优势和制度环境优势共同作用提高了企业的投资效率。In this article, we study the relationship between overseas listing locations and firm investment of Chinese firms. Hong Kong and Singapore are similar with respect to information environment （e.g. disclosure level, earnings timeliness, earning transparency, freedom of press and analyst coverage） and institutional environ- ment （e.g. shareholder rights, judicial efficiency, rule of law and insider trading enforcement）, but NASDAQ has significant advan- tages. Information asymmetry problem can cause adverse selec- tion problem and increase the costs of external capital, which can potentially lead to underinvestment problem. Agency problem can cause empire building of the managers, which can potentially lead to overinvestment problem. Better information environment and institutional environment can mitigate both information asymmetry problem and also the agency problem, thus decrease the problems of underinvestment and overinvestrnent. Consistent with these ar- guments, we find that, comparing with firms listed in Hong Kong and Singapore, firms listed in NASDAQ have lower investment- cash flow sensitivity. These results are robust after controlling other characteristic differences of firms listed in different exchanges, such as firm size, leverage and Tobin＇s q. Consistent with the ar- guments that better information environment and institutional environment can mitigate the information asymmetry problem and agency problem, we also find that smaller, younger, higher accrual and lower leveraged firms benefit more by listing in NASDAQ. Using Richardson （2006）＇s investment model, we decompose firm investment to normal fraction and under/overinvestrnent fraction. The results show direct evidence that listing in NASDAQ can in- deed decrease both underinvestment and overinvestrnent. Mergers and acquisitions are very important investment decisions of firms and firms are mandatory to announce their merger and acquisition activities, thus they are not contaminated by self-selection problem. T

关 键 词：海外上市 企业投资 现金流 投资效率 

分 类 号：F831.51[经济管理—金融学] F832.51