公司境外上市对目的地市场波动风险的影响——基于H股和红筹股上市数据  

The Impact of the Company's Overseas Listing on the Volatility Risk of the Destination Market——Based on H-share and Red-chip Listing Data

作　　者：俞莹 吴和成[1] 易荣华 YU Ying;WU Hecheng;YI Ronghua(College of Economics and Management,Nanjing University of Aeronautics and Astronautics,Nanjing,Jiangsu 211106;College of Economics and Management,China Jiliang University,Hangzhou,Zhejiang 310000)

机构地区：[1]南京航空航天大学经济与管理学院,江苏南京211106 [2]中国计量大学经济与管理学院,浙江杭州310000

出　　处：《管理现代化》2024年第5期61-67,共7页Modernization of Management

基　　金：国家自然科学基金项目(71871205)。

摘　　要：以H股和红筹股为研究对象,选取2002-2020年上市公司数据,考察公司境外上市对目的地市场及其本土行业和本土公司波动风险的影响,并进一步分析内在影响机制。研究发现:公司境外上市降低了目的地主板市场的波动率、对目的地同行业产生的挤出效应取决于该公司上市规模且有正向相关性、对目的地超大企业和小微企业的波动风险影响较大。内在影响机制分析表明,母国市场对外开放程度和目的地市场联动性强度与公司境外上市对目的地市场的冲击风险呈负相关性。本研究为推动我国金融市场高水平双向开放,促进资本市场高质量健康发展提供了有意义的经验证据。Taking H-shares and red-chip stocks as the research objects,this paper selects the data of listed companies from 2002 to 2020 to examine the impact of companies'overseas listing on the destination market and its local industries and local companies,and further analyzed the internal impact mechanism.The study finds that:Firstly,the overseas listing of companies reduces the volatility of the destination market main board market.Secondly,the crowding out effect of company's overseas listing on the same industry in the destination market depends on the scale of the company's listing and has a positive correlation.Moreover,the overseas listing of company has a great impact on the volatility risk of super-large enterprises and small and micro enterprises.Finally,analysis of the intrinsic influence mechanism shows that there is a negative correlation between the degree of opening up of the home market and the linkage strength of the destination market and the impact risk of the overseas listing of companies on the destination market.This study provides meaningful empirical evidence for promoting the high-level two-way opening of China's financial market and promoting the high-quality and healthy development of the capital market.

关 键 词：跨境上市 波动风险 目的地市场 母国市场 

分 类 号：F832.5[经济管理—金融学]