Empirical Research On The Relationship Of Ownership Structure And Corporate Performance Of Cross-listed Enterprises

Cross-listed enterprise refers to a listed company which has its stock on both domestic and overseas security markets at the same time. Since the 1980 s, with the development of communication technology, the countries are closely related to each other, global economic integration promotes the integration of capital markets. Under this circumstance, more and more companies choose to enter into the international markets by means of cross-listings, cross-listing has gradually become an important way of international capital flows and therefore cross-listing status should not be ignored to solve the financing problems. Although cross-listing behavior started late in our country, it develops rapidly with the promotion of the economic development and national policy. In the consideration of special economic status and equity structure of cross-listed companies, it is of great theoretical value and practical significance to find an optimization program of cross-listed companies by studying the relationship between its ownership structure and corporate performance. And compared with the normal companies, analyzing the possible reasons behind the differences, further promoting China’s capital markets adapt to the international standards, in order to improve the overall quality of the listed companies in China.First of all, this article defines the cross-listed company. As compared with the normal companies, the ownership structure in the cross-listed companies is more complex, in addition, our cross-listing model differs from abroad. Therefore, cross listing company group has certain particularities. Then based on the theory of relationship between ownership structure and corporate performance, combined with cross-listing market segmentation, investor recognition of market, investor protection and ease the information asymmetry theory, firstly analyzing the characteristics of listed companies’ ownership structure, further analyzing the impact of cross-listing on enterprise performance. On this basis, an empirical research on the impact of ownership structure of cross-listed companies(A + H) on corporate performance has been made, and compared with those companies whose stocks are only listed on the a-share. Totally 66 listed companies before the year 2010 were chosen as samples, four years’ data(2010-2013) were selected under Eviews statistical test, introducing the control variable, The correlation between the quality of the company, the ownership structure and corporate performance is under studied based on the financial data provided. The empirical results conclude that for some equity structure variables, the cross listing plays a positive promotion role on the correlation of ownership structure and corporate performance, for the rest of the equity structure variables, cross listing has played a negative role on the correlation of ownership structure and corporate performance. Based on the empirical results, combined with the reality of our country’s cross-listed companies, some policies and proposals towards the optimization of the ownership structure and the promotion of the company’ s performance have been provided from two aspects, that is, improving the external environment and promoting the internal influence factors.