Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2020.1848606
Can cross-listing improve investment efficiency? Empirical evidence from China
Hong Xu
Ying Fu
Edmundas Jasinskas
Sažetak
With two views of ‘premium’ and ‘discount,’ traditional cross-listing motivation theory emphasises the effect of cross-listing on
enterprise performance. The effect of cross-listing on enterprise
performance is yet uncertain, manifesting that unknown factors
play intermediate roles between them. To clarify the influence
mechanism of cross-listing on enterprise performance, this study
overcame the limitations in simple verification of the relationship
between cross-listing and enterprise performance, and returned
to the origin of cross-listing, namely, enterprise financing activity.
Thus, the relationship between cross-listing and enterprise investment efficiency was analysed to determine the influence mechanism of cross-listing on enterprise performance. Based on financial
data of A þ H cross-listed enterprises and A-share listed enterprises in Mainland China during 2008–2018, the effect of crosslisting on enterprise inefficient investment behaviours was empirically analysed. Results showed that 58.12% of the listed enterprises in China underwent under-investment (UI). Among them,
cross-listed enterprises universally underwent over-investment
(OI). Cross-listing remarkably remitted UI, but it further expanded
OI. Overall, cross-listing led to the deterioration of investment efficiency. The effect of cross-listing on investment efficiency was discussed by combining basic economic activities of enterprises.
Cross-listing theory was further enriched and perfected, and suggestions and countermeasures for improving enterprise performance by elevating investment efficiency were put forward.
Ključne riječi
Cross-listing; investment efficiency; over-investment; under-investment
Hrčak ID:
301259
URI
Datum izdavanja:
31.12.2021.
Posjeta: 154 *