An Empirical Research On The Relationship Between Corporate Governance And Corporate Value For Crossing-Listing Companies

With the development of financial globalization, more and more Chinese enterprises to go abroad to choose overseas listing, but many of these overseas listed companies chose return to A-share market, making cross-listing become spectacular phenomenon development of China's securities market, in Chinese short the of enterprises cross-listing history, the domestic research on the theme is still in the initial stage. In this paper, drawing on previous research based on the results, combined with cross-listing of Chinese enterprises a special system of background to corporate governance perspective on the cross-listing of Chinese enterprises to conduct an analysis of a company's value,Study of Chinese cross-listed companies have a higher enterprise value, cross-listing is to improve corporate governance and thus to enhance its corporate value. In this paper, an outline of the cross-listing and corporate governance and corporate governance and corporate value relationship and as a basis for cross-listing of enterprises to improve corporate governance and thus enhance the value of the company to conduct in-depth analysis and to make appropriate assumptions. This article is divided into the sample outside the cross-listing (A+H shares company listed in Hong Kong and the mainland the same time), within the cross-listing (A+B share company listed also issued A shares and B shares the same time), and the only issue A shares,three kind of categories for analysis and comparison, through 2006 to 2008 three samples of listed companies, screening, processing, using T test and Manny-Whitney test, Obtained outside the cross-listing company's corporate value is higher than the value of domestic companies cross-listed and only listed companies issuing A shares of the company's value, but in cross-listed company's corporate value is not higher than A shares issued only to companies. Through multiple regression analysis method of empirical studies found significantly improved through cross-listing of equity and the degree of concentration of high-level incentives, and thus enhance the value of the company; And improve the independence of the board of directors is not obvious.Finally, the paper against the status quo of China's cross-listed companies, from the perspective of corporate governance recommendations and measures on China's enterprises choose cross-listing choices play a positive role.