| Since the 1980 s, with the development of economic globalization, national capita l markets developed rapidly, the legal system is continually improved, which greatly f acilitates the process of financial integration. then, the world's financial situation has u ndergone tremendous changes. Under this background, many companies have come to the overseas markets to expand financing channels to obtain more funding. Thus,over seas financing developed rapidly. And it is an important means of cross-listed expansi on financing to achieve more sources of funding will be.Similarly, in our country, sinc e 1993 ended in December 2014, There are 88 companies achieve A+H cross-listed in China, including 60 companies from outside to inside to achieve cross-listing, which is also appeared on the A-share market after Hong Kong market. Existing studies sugg est that cross-listing can bring to effect corporate governance, ease the company's fina ncial constraints, reduce financing costs, so that enterprises can obtain more external f inancing.However, relatively few studies in literature, these cross listed companies ca n use to ease financing constraints to obtain more external financing to invest in profit able projects, which enables the company to obtain exogenous financing growth. Are t he enterprises to obtain more external financing is belongs purely to “misappropriatin g”?In this paper, learn from foreign scholars Demirguc-Kunt and Maksimovic(1998,2002) financing plan model and Khurana(2008) regression models, and according to t he difference of the information disclosure in our country, be modified, the external fi nancing growth is measured by two indicators, respectively. One is based on the exter nal financing of equity and another is based on access to external financing of equity a nd long-term debt of exogenous financing. And we use two samples, one is only to A H(H shares return to A shares) cross listed companies as a sample, from longitudinal a nalysis of H shares in return to A-share market to bring the growth of influence based on exogenous financing. Sample 2 has already returned to the A-share market shares a nd as of December 2014 still regression cross listing of H-share formation, from the h orizontal contrast analysis of the influence of cross listed foreign sources of financing to achieve the enterprise growth.Research results show, first, whether the overall external financing into long or eq uity exogenous financing growth, dummy variables of cross listed is significant positi ve correlated with it.It means that the return to Chinese enterprises listed in Hong Kon g after the mainland stock market, the formation of cross-listed AH help companies ge t more external financing and get rid of the financing shackles. It also increase the tran sparency of corporate information, reduce information asymmetry, inhibit the major s hareholder of the enterprise funds occupy, then invest in more profitable project, put more funds on scientific, technological innovation and market development, increase exogenous financing growth and eventually promote the growth of the entire enterpris e. Second, the behavior is affecting the cross-listing of equity financing exogenous gr owth greater than the impact on the overall financing of exogenous growth. Thus illustrates the H shares return to A shares is not purely a "misappropriating" behavior. Aft er realizing cross-listing can improve enterprise growth. |
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