新经济企业为什么偏好交叉上市?——来自美国中概股公司的证据  

Why New Economy Firms Prefer Cross-Listing——Evidence from US-Listed Chinese Companies

作　　者：郑志刚[1,2] 蔡茂恩 李邈 黄继承 胡晴[1,2] ZHENG Zhigang;CAI Maoen;LI Miao;HUANG Jicheng;HU Qing(School of Finance,Renmin University of China;School of Accounting,Capital University of Economics and Business)

机构地区：[1]中国人民大学财政金融学院,北京100872 [2]首都经济贸易大学会计学院,北京100070

出　　处：《金融研究》2023年第9期188-206,共19页Journal of Financial Research

基　　金：国家自然科学基金面上项目(72172150,72372154);青年科学基金项目(72302164);首都经济贸易大学新入职青年教师科研启动基金项目(XRZ2023043)的资助。

摘　　要：2018年以来兴起了新一轮民资背景的美国中概股从美股赴港股的交叉上市浪潮。本文以美国中概股为例,实证揭示了,创新导向下的多元化融资渠道偏好是新一轮交叉上市的重要内因。研究表明,研发投入水平越高的美国中概股公司,越倾向于赴港交叉上市。赴港交叉上市,放松了美国中概股公司的融资约束,缓冲了美股市场的负面政策冲击。本文使用在类型上多为创新型企业且在文化上与A股市场同源的美国中概股公司数据进行考察,可为我国A股市场推动鼓励创新型企业交叉上市的制度改革以及我国新经济企业资本市场发展战略制定带来有益启发。The past 30 years have witnessed two waves of overseas cross-listings by Chinese companies.First,from 1993 to 2003,large state-owned companies,most in traditional industries,were cross-listed on the US and Hong Kong(China)stock markets.Second,since 2018,there has been a cross-listing boom of US-listed Chinese companies in Hong Kong,China.The literature largely explains the first round of cross-listings from the perspective of normalizing corporate governance.We argue that the new post-2018 wave of overseas cross-listings has substantially different characteristics from the earlier wave of overseas cross-listings.First,the companies in the first wave were mostly large state-owned companies in traditional industries,whereas the majority of those in the new round of cross-listings are US-listed Chinese companies with private capital based in the new,innovation-oriented economic industries.Second,most of the state-owned companies in the first wave were first cross-listed in the relatively mature US and Hong Kong(China)stock markets,and then cross-listed in the relatively less developed China A-share market,whereas the order of the new round of cross-listings is from the US stock market to the Hong Kong(China)stock market.If the first round of cross-listings can be explained from the perspective of normalizing corporate governance,can we explain the new round of cross-listings in the same way?This paper links the cross-listing boom of US-listed Chinese companies in Hong Kong,China since 2018 with the key characteristics of most of these US-listed Chinese companies,namely the fact that they are innovation-oriented new economy companies.We focus on these US-listed Chinese companies as our research object for the period from 2018 to 2021 and empirically reveal that the new economy companies have incentives to seek cross-listing because of their preference for diversified financing channels under the guidance of innovation.The main conclusions and potential research contributions of this paper are summarized in the follow

关 键 词：新经济企业 交叉上市 研发投入 权益融资 

分 类 号：G15[文化科学] G32G38