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Cross-listing and the Value of Corporate Cash Holdings : Evidence from China

원문정보

Seungjoon Oh, Heungju Park, Xinrui Xie

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초록

영어

This paper examines how cross-listing of Chinese A- and Hong Kong H-shares (AH cross-listed) affects the value of corporate cash holdings. Using a sample of AH cross-listed firms, we find that the value of cash holdings is higher for cross-listed than for non-cross-listed firms. The results remain robust to alternative measures of change in cash and consideration of state-owned enterprises. The AH cross-listing valuation premium for cash holdings decreases after a governance reform in the Chinese stock market. Our results suggest that AH cross-listing enhances firms’ transparency and disclosure, and thereby the value of cash holdings relative to non-cross-listed companies.

목차

Abstract
Ⅰ. Introduction
Ⅱ. Empirical methodology and data
1. Empirical methodology
2. Data and summary statistics
Ⅲ. Empirical Results
1. Results for the full sample
2. Results for the matched sample
3. Split-share reform and regulation changes
Ⅳ. Robustness Checks
1. Alternative measurements of expected change in cash
2. State-owned enterprises and cross-listing
3. Cross-listing sequence analysis
Ⅴ. Conclusions
References

저자정보

  • Seungjoon Oh HSBC Business School, Peking University, China
  • Heungju Park SKK Business School, Sungkyunkwan University, South Korea
  • Xinrui Xie HSBC Business School, Peking University, China

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