机构地区: 厦门大学
出 处: 《当代财经》 2007年第9期47-51,共5页
摘 要: 中国企业境外上市日益成为金融界一个倍受瞩目的现象,其动因问题也一直为理论界所关注。通过以2000-2003年间在香港上市的H股公司为样本来检验境外上市对公司融资约束的影响,我们发现上市后公司投资对内部现金流的敏感程度下降,说明境外上市有利于放松公司的融资约束。通过对匹配A股的公司投资对内部现金流敏感性的比较分析,以及H股公司上市前后财务保障比率变化的分析,进一步支持了这一结论。 In this paper we examine the impact of overseas listing on the firms' financial constraints. With the data of Chinese firms listed in Hong Kong (H-share) from 1999 to 2003, we find that, the sensitivity of corporate investment to internal cash flow decreases significantly following their IPO in Hang Kong, which means that overseas listing can relax the financial constraints. A comparative analysis for the matched firms listed in domestic markets (A shares firms), and the H-share firms' financial coverage ratios change before and after the listing further supports our conclusion.
领 域: [经济管理]