Research On The Influence Of Cross Listing On Company's Business Performance

Listed company is the subject of national economic and financial market,and the development of them affects the country's economic trends all the time.A growing number of companies tend to have cross listing and integrate with the international market,thereby selecting overseas listing.Because of the particular Chinese political and geographical environment,and policy laws and regulations of various periods,the vast majority of companies in China will choose to have their own cross-listing in Hong Kong and the Mainland.Large mainland companies are interested in the overseas market,and in recent years,the China Securities Regulatory Commission intends to relax the access standards of the SMEs in Hong Kong.Besides,Shanghai-Hong Kong pass is increasingly rising,and our government proposed events such as the establishment and improvement of the registration system in 2015.There will be more companies having cross-listing and even IPO listing,and cross-listing in China will increasingly rise.Therefore,this paper studies the impact of cross-listing on Chinese listed companies and the development of China's capital market.The financial and economic operation in China is essential.This paper firstly describes the content of cross-listing,and refers to the special concept of cross-listing and its developing in China.Then,it cites the main situation of cross-listing in the researches of scholars home and abroad,and raises the point of this paper.Taking cross listed companies in China as the research object,it respectively studies the influence of cross listing on Chinese cross listed company's business performance from two aspects,single performance indicators and comprehensive performance indicators,and makes group studies through different listing modes.Then the conclusion is obtained that cross-listing results in a significant decline in the company's overall operating performance,but performance levels have slight fluctuations and even rise again in the three years after listing.Finally,suggestions to the managers,investors and capital market directors of Chinese companies are made,which provides reference for the future joint-stock reform and cross-reference listing decisions of the major companies in China and offers corresponding guidance for investors and market managers in investment decisions.