Research On Cross-listing, Information Quality And Securities Analyst Forecast Accuracy

In recent years, with growing economic globalization, China as anemerging market, has rapid development of stock market and a lot of gratifyingachievements. But compared to the United States and other more maturemarket still has a lot to improve. Both internal and external governance oflisted companies in China have some problems.Cross-listing as an effectiveexternal mechanism to improve corporate governance, has always been thewide attention of scholars at home and abroad. The history of cross-listing inChina in often only made reference to overseas research, comparativeanalysis of select non-cross-listed companies. Based on the analysis of itsbackground, Cross-listings mode and characters of cross-listing companies,the companies chose cross-listing has different characteristics with foreigncompanies.Therefore, what impact does this unique cross-listing of Chineseenterprises bring to corporate governance? Do those who choose a companylisted in Hong Kong H-share market really improve the level of corporategovernance because of more mature market environment with a relativelycomplete legal and regulatory systems in Hong Kong? Do these listedcompanies actually increase the level of protection of the interests of investorscompared with their own? This study will prove these problems.The results show that: cross-listing activities in China between thedomestic A-share market and Hong Kong H-share improve corporate governance and enhance the level of investor protection. Also, because ofdifferent cross-listing mode, Securities analyst forecast accuracy is alsodifferent, resulting in different levels of corporate governance.