| 境外上市与企业投资效率 |
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| 引用本文： | 王璐瑶. 境外上市与企业投资效率[J]. 工业技术经济, 2022, 41(3): 34-42. DOI: 10.3969/j.issn.1004-910X.2022.03.005 |
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| 作者姓名： | 王璐瑶 |
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| 作者单位： | 中国社会科学院大学,北京 102400 |
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| 基金项目： | 国家社会科学基金青年项目“双循环格局下中国企业境外上市对资本配置效率的影响研究”(项目编号:21CGJ045)。 |
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| 摘 要： | 截至2021年11月,我国单独境外上市企业占到境外上市企业总数的88.32%,但单独境外上市的研究明显与该数据不匹配,研究数量缺乏。为扩充该方面研究,本文以2012~2020年单独在美国和中国香港上市的中资企业为研究对象,对境外上市与投资效率关系进行检验。实证结果发现,单独境外上市与境内上市企业相比投资效率更低,区分企业上市地点后发现,规模大、信息透明度低、存在代理成本的赴港上市企业比境内上市企业投资效率低,规模小、代理成本高、信息透明度低的赴美上市企业比境内上市企业投资效率低。通过机制分析发现,信息透明度、境外上市和非效率投资三者存在"遮掩效应",境外上市企业未能受到有效的信息约束。
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| 关 键 词： | 境外上市 投资效率 遮掩效应 信息透明度 证券市场 信息披露 |
Overseas Listing and Investment Efficiency |
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| Wang Luyao. Overseas Listing and Investment Efficiency[J]. Industrial Technology & Economy, 2022, 41(3): 34-42. DOI: 10.3969/j.issn.1004-910X.2022.03.005 |
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| Authors: | Wang Luyao |
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| Affiliation: | (University of Chinese Academy of Social Sciences,Beijing 102400,China) |
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| Abstract: | As of November 2021,Chinese companies single listed overseas alone accounted for 88.32%of the total number of overseas listings,but there is insufficient research on this group.In order to fill the gap,this paper uses the data of Chinese companies single listed separately in the United States and Hong Kong from 2012 to 2020 to analyze the relationship between over?seas listing and investment efficiency.The empirical results found that overseas listings cannot improve the efficiency of corporate in?vestment.The Chinese companies listed in the US and those listed in Hong Kong show group differences in low-efficiency invest?ment.Through mechanism analysis,it is found that there is a“suppressing effect”among information transparency,overseas lis?ting and inefficient investment.It shows that overseas listed enterprises are not subject to effective information constraints. |
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| Keywords: | overseas listing investment efficiency suppressing effect Information transparency stock market informa?tion disclosure |
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