企业交叉上市、股票信息量与现金持有决策  

Cross-listing, Price Informativeness and the Value of Excess Cash

作　　者：刘晓曦 董凯 陈慰 LIU Xiaoxi;DONG Kai;Chen Wei

机构地区：[1]金陵科技学院商学院 [2]南京晓庄学院商学院 [3]江南农村商业银行博士后创新实践基地

出　　处：《金融监管研究》2020年第9期66-80,共15页Financial Regulation Research

摘　　要：本文以管理者学习理论为基础,基于2007-2018年上市公司样本,使用特质波动率衡量股票信息量,检验交叉上市行为是否能够提高现金决策水平。研究结果显示,交叉上市行为可以有效提升超额现金价值;进一步的分析表明,这是由于交叉上市公司股票拥有更高的信息量,公司管理者在进行现金决策时能够获得更多有效信息。本文的主要贡献有二:一是丰富了交叉上市理论,管理者学习理论可以有效解释我国实际;二是验证了股票市场可以为公司管理者决策提供有效信息,为以后研究公司决策提供了新的思路。Based on managers learning hypothesis,by using the data of listed companies across the year 2007 to 2018 and applying idiosyncratic volatility to measure the stock price information,this paper examines whether and how a A+H cross-listing enhance the company's capability of cash management.It is founded that the A+H cross-listing can effectively raise the value of excess cash.Further it shows the premium stems from the increasing amount of stock information,which helps managers obtain valuable information for cash decision from the stock market.This paper proves that managers learning hypothesis can effectively explain A+H cross-listing and the increase in the amount of stock information effectively improve the company's capability of cash management.It sheds more lights on implication of cross-listing decision for firm's cash policy.

关 键 词：交叉上市 超额现金 股票信息 管理者学习理论 

分 类 号：F832[经济管理—金融学]