A Study On The Impact Of Chinese Enterprises' Overseas Listing On Their Operating Efficiency

With the deepening of the global economic integration process and the continuous growth of China's economy,Chinese enterprises set off a wave after wave of overseas listing of the climax. However, there are two different voices behind the overseas listing of Chinese enterprises.The supporters believe that overseas listing can not only fill the shortage of funds and raise the level of governance. The opposing party thinks that the overseas listing of Chinese enterprises is blind, A certain amount of funds, but not a reasonable investment and to bear a higher listing costs and regulatory costs, resulting in low operating efficiency.Therefore, it is of great practical significance to sort out the impact of overseas listing on the operating efficiency of Chinese enterprises.In order to clarify the mechanism of the overseas listing on the operating efficiency of Chinese enterprises, this paper chooses the return on net assets as the explanatory variable representing the operating efficiency,and whether China's enterprises are listed overseas as the independent variable. In order to clarify the overseas listing, the paper analyzes the mechanism of the impact of the cost rate, the total assets growth rate, the investment expenditure rate and the cash flow logarithm, according to the DuPont analysis system, and selects the listing mechanism. The nature of enterprises and other indicators as a control variable, the domestic and foreign enterprises in China and abroad 3430 annual report data for empirical analysis. The results show that the overseas listing has a significant negative impact on the operating efficiency of Chinese enterprises through the method of Propensity Score Matching and weighted linear regression. Finally, this paper, respectively, for our enterprises, Shanghai and Shenzhen Stock Exchange, the government departments put forward relevant policy recommendations: for our enterprises, should be clear the purpose of overseas listing, the rational use of funds raised to improve their own operating efficiency. For the Shanghai and Shenzhen exchanges,we should improve the multi-level capital market system, and strive to promote the internationalization of the domestic exchange process. For the government departments, should be for our enterprises to create a fair competitive environment, simplify the approval process, reduce the threshold of domestic listing.The existing research on overseas listing is generally concerned only with the impact of "overseas cross-listing" on enterprises, while the "overseas listing" on the impact of small business research, in fact,most of our enterprises are listed overseas, so this article from the perspective of a separate listing abroad to study this issue. From the choice of research methods, the previous research is mainly through the general OLS regression, which in the measurement of overseas listing on the impact of China's business efficiency,often overlooked the"sample selective bias" problem,that is listed outside the enterprise The effect may be due to the characteristics of these enterprises due to their own, rather than due to overseas listing. Therefore, the impact of overseas listing on the operating efficiency of enterprises from a number of factors in the separation, or can not accurately measure the impact of overseas listing on business efficiency. This paper separates the influencing factors of overseas listing from many potential factors by using the Propensity Score Matching method from the perspective of counterfactuality, and obtains the purely random effect of the overseas listing on the business efficiency of the enterprise.