Operating Performance Analysis Of The Cross-Border Dual-Listed Chinese Companies

At context of the rapid development of the global economic integration, it’s increasingly common that corporations get financing by international multiple listing. In China, if companies listed on the Shanghai or Shenzhen Stock Exchange also go public on at least one of the Hong Kong, Singapore, New York, London, Frankfurt Stock Exchange, these phenomenon is called cross-border uultiple listing, among which the A+H dual listing is the most widespread and nost worthy of attention.Focusing on the long-run performance change of44China’s non-financial companies after dual listing on A and H stock market before2008, this paper uses both univariate indicators (ROA and Tobin Q) and multivariable indicators (using principal component analysis to compress them into a comprehensive indicator), and analysis from the vertical as well as horizontal dimensions.Through literature research, background analysis, theoretical discussion and empirical test, this article argues that China’s capital market does not possess necessary conditions to play the positive role of dual listing, and companies’operating performance neither get improved nor show superior over the non-dual-listed company.The innovation of this study is not only making a systematic description and analysis of the changes of the long-term operating result of dual listed companies from the vertical and horizontal dimensions, but also structuring a complete performance evaluation system composed of univariate and multivariable indicators.