跨地上市公司具有较低的权益资本成本吗?——基于“法与金融”的视角

根据法与金融理论,严格的投资者保护制度有助于降低公司的权益资本成本,本文以赴中国香港跨地上市后返回中国大陆发行A股的公司为研究对象,检验其是否因受制于更为严格的投资者保护制度而具有较低的权益资本成本。研究结果表明,在A股市场上,赴港跨地上市公司比其他公司的权益资本成本更低,跨地上市对权益资本成本具有降低作用,且这种降低作用与香港较为严格的投资者保护制度有关。

On the Cost of Equity of Cross-listing Companies

According to the theory ofLaw and Finance,strong investor protection system helps to lower the cost of equity.This paper examines those companies who are firstly cross-listed in Hong Kong and then return to the mainland to issue A share,and tests that whether or not the stronger investor protection system in Hong Kong can lower the cost of equity of these companies.Evidences show that those cross-listed companies have significantly lower cost of equity than other companies do in the mainland stock market.Th...