Title page
Contents
국문초록 7
Abstract 9
I. Introduction 11
A. The purpose of paper 11
B. The structure of paper 12
II. Theoretical Background 13
A. The definition of cross-listing 13
B. The previous researches about cross-listing 14
(1) The Motivations for cross-listing 14
(2) The Advantages of cross-listing 19
(3) The disadvantages of cross-listing 21
C. The previous researches about cross-listing in China 22
(1) The background of cross-listing in H-stock market 22
(2) The Advantage of cross-listing in Hong Kong 24
(3) The characteristic of cross-listing in China 26
D. The relationship between the cross-listing and firm value 28
E. The definition of Tobin’s Q 29
III. Empirical Studies 31
A. Data 31
B. Variables 33
(1) Dependent Variables 33
(2) Independent Variables 34
(3) Controlling Variables 36
C. Hypotheses 37
D. Empirical Study Model 39
IV. Empirical Result and Analysis 42
A. The comparison of firm value 42
B. The approval of Hypothesis 1 50
C. The influencing factors of firm value 50
D. The approval of Hypothesis 2 and Hypothesis 3 56
V. Conclusion 59
VI. Limitation and Implications 62
Reference 63
Table1. The listing time of A+H companies 42
Table2. The yearly average Tobin's Q of A+H companies and noncross-listed companies 46
Table3. The difference of yearly average Tobin's Q of A+H companiesand non-cross-listed companies 48
Table4. The result of panel regression for cross-listed companies and noncross-listed companies 51
Table5. The result of panel regression for A+H companies 54
Table6. The result of panel regression for non cross-listed companies 55
Figure1. Yearly Average ROE 57
Figure2. Yearly Average Turnover Rate 57
Figure3. Yearly Average P/E 58