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境外上市公司对融资约束的影响--基于H股公司的经验证据
id: 2073
Date: 20131014
status: published
Times:
Magazines
2007年第9期
Author
陈国进, 王磊
Content
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锐程度下降，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。
JEL-Codes
Keywords
境外上市；公司投资；融资约束
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