跨境上市、政治联系与公司治理——基于A+H上市公司的经验数据

以2006—2014年A+H上市公司作为研究样本,并以A股上市公司作为对照组进行了实证分析,研究了跨境上市、政治联系与公司治理水平之间的关系。实证结果表明:跨境上市公司面临着更高标准的市场监管和投资者法律保护体系,有利于改善公司治理水平;A+H上市公司的治理水平从整体上高于作为对照组的A股上市公司;与仅在大陆上市的A股上市公司相比,中央政治联系对A+H上市公司治理水平的改善作用更加显著,地方政治联系对公司治理水平的负向作用更为明显。

Cross-border Listing,Political Connection and Corporate Governance---Experiential Data Based on A+H Listed Company

Take the A+H listed companies from 2006 to 2014 as the research samples and take the A-share list companies as the control group to conduct empirical analysis,research the relationships between cross-border listing,political connection and corporate governance level.Empirical results shows that the cross-border listed companies are facing the market supervision and investors legal protection system with higher standard which is beneficial to improve the corporate governance level;the governance level of A+H listed companies is higher than the A-share list companies as the control group on the whole;compare with the A-share list companies that only listed in mainland,the central political connection has greater improving effect on the governance level of A+H listed companies and the negative role of local political connection on corporate governance level is more obvious.