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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。
The information effect of cross-border listing stems from stricter rules of information disclosure in overseas markets and higher demand of market information. By restraining the controlling shareholder of large shareholders from self-interest and improving the company’s information transparency in China, the information effect can bring a market value premium to cross-border listed companies. Unlike foreign cross-border listed companies, most of the cross-border listed companies in China first issue H shares in the more developed Hong Kong market of China and then issue back A shares in China. Whether such reverse cross-border listing can produce information effect needs further analysis. The empirical test results show that after the H-share companies returned to the domestic market, the listing in the more developed Hong Kong market in China has not weakened the controlling shareholders’ private interests in control and the information transparency of the companies in the A-share market has not even improved or even been released A shares of the company, but such companies still have a higher market value of A shares. The conclusion of the article provides empirical evidence for the theory of cross-border listing and the important role of investor behavior in corporate governance reform.