AH Shares Cross-listed On Empirical Research On The Impact Of Corporate Governance And Firm Value

With the development of financial globalization, more and more Chinese companiesto enter the international equity markets for financing. At the same time, China’s rapideconomic development and the rapid expansion of the mainland stock market in recentyears has attracted many overseas listed Chinese companies return to the domestic market,cross-listing as an increasingly important corporate strategies have been developed tobecome China’s securities market development in a remarkable phenomenon. Studycross-listing on corporate governance and firm value have important practicalsignificance.Draw on relevant research results on the basis of the special institutional backgroundof China’s securities market and the characteristics of cross-listed companies to study thecross-listing of the AH can have an impact on corporate governance and firm value, andwhether the corporate governance the companies value the relationship.2007-2009ChinaAH shares cross-listed companies as our sample, and select only the territory of theissuance of A shares of similar companies as paired samples for comparative analysis, theuse of descriptive statistics, independent samples T-test, nonparametric tests, principalcomponent analysis, regression analysis, the following conclusions:①In the area ofcorporate governance, the results of the univariate test is part of the corporate governanceof cross-listing of AH index was significantly better than the similar ratio of the company,using principal component analysis method to get the two groups of the company’scorporate governance indicators, AH the company’s composite score was significantlyhigher than the ratio of cross-listing to significantly improve the level of corporategovernance.②in the value of the company, the value of the AH-share companies andthe ratio of the company no significant differences.③cross-listing on the relationshipbetween corporate governance and firm value has a positive regulatory role, but thisregulation is not significant.In accordance with the conclusions of the theoretical and empirical analysis, andfinally this paper, the corresponding recommendations to investors, the management oflisted companies and government agencies.