摘要
本文采用GLS模型估算上市公司的权益资本成本,以我国赴香港联合交易所上市后又返回大陆发行A股的公司为研究对象,将此类公司与仅在大陆发行A股的公司的权益资本成本进行比较,研究境外上市对我国上市公司权益资本成本产生的影响。研究结果表明,在A股市场上,赴香港境外上市的公司具有较低的权益资本成本,这与香港较为严格的投资者法律保护制度有关。这也说明,投资者法律保护制度严格的境外市场有助于上市公司权益资本成本的降低。
Using the GLS model, this paper estimates the cost of equity of listed companies. This paper examines these companies who are firstly cross-listed in Hong Kong and then return to the mainland to issue A share, and compares the cost of equity of these companies with the ones only listed in A share market in China in order to study the effect of cross-listing on the cost of equity of China＇s listed companies. Evidences show that the cross-listed companies have significantly lower cost of equity than the others. The reason is that Hong Kong has the better investor protection system. In other words, cross-listing in the market of the enforcement of investor protection can significantly lower the cost of equity.
出处
《上海经济研究》
CSSCI
北大核心
2011年第2期82-91,共10页
Shanghai Journal of Economics
基金
教育部人文社会科学研究项目基金资助(项目批准号:09YJC630075)
关键词
境外上市
权益资本成本
法律保护
Cross-listing, Cost of equity, Investor Protection
