Cross-Listing and Bonding Premium: Evidence from Chinese Listed Companies

被引：5

作者：

Shen, Hongbo ^{[1
]}

Liao, Li ^{[2
]}

Liao, Guanmin ^{[3
]}

机构：

[1] Fudan Univ, Inst Financial Studies, Shanghai 200433, Peoples R China

[2] Tsinghua Univ, Sch Econ & Management, Beijing 100084, Peoples R China

[3] Cent Univ Finance & Econ, Sch Accounting, Beijing 100081, Peoples R China

来源：

FRONTIERS OF BUSINESS RESEARCH IN CHINA | 2010年 / 4卷 / 02期

关键词：

cross-listing; bonding theory; bonding premium;

D O I：

10.1007/s11782-010-0008-0

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper examines whether cross-listing enables firms to earn a higher valuation. We contrast a sample of 580 Chinese firms cross-listed on the B-share market of China and 159 Chinese firms cross-listed on the Hong Kong H-share market against a control sample of domestic firms listed only on the A-share market of China. It is found that firms cross-listed on B-share and H-share markets both enjoy bonding premiums. Moreover, the bonding premium is larger for H-share firms than for B-share firms. Results show that the amount of bonding premium is positively related to the level of investor protection, which provides supporting evidence to the bonding theory.

引用

页码：171 / 184

页数：14

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