Earticle

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

키워드

저자

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

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  재무연구 [Asian Review of Financial Research]

• 간기

  계간

• pISSN

  1229-0351

• eISSN

  2713-6531

• 수록기간

  1988~2026

• 등재여부

  KCI 등재,SCOPUS

• 십진분류

  KDC 325 DDC 330