| Up to now,the successful implementation of cross-listed enterprises countless,which achieved A + H shares cross-listed enterprises have more than 90.In China's economic development and China's internationalization process,there will be more in the H-share market,listed companies,by China's A-share market to attract securities.Similarly,there will be more and more enterprises to go abroad,to the overseas securities market,such as the United States NYSE,Hong Kong stock market.In this way,investment barriers between countries in the securities market will be broken,to promote the flow of funds.On the other hand,to achieve cross-listing,the enterprise will be subject to more laws and regulations,corporate information disclosure will be more standardized,and thus more conducive to the protection of investors,especially small and medium investors.Based on the cross-listing perspective,this paper will combine the cross-listing with the financial flexibility of enterprises to study the enterprise to achieve cross-listing,the financial flexibility of enterprises will happen what kind of change.This paper combines the relevant theoretical analysis,according to the proposed hypothesis.This paper studies the relationship between cross-listing and corporate financial flexibility by using the improved model and multiple regression method of Opler(1999)cash holding level in order to achieve the annual data of cross-listed enterprises from 2006 to 2012 The empirical results are analyzed and verified.The results show that the firm has more flexibility and liabilities after the cross-listing.Moreover,after the cross-listing,with the increase of the overseas listing scale,the cash flexibility of the enterprise shows the trend of weakening and then weakening.Flexibility is basically not much change.In the realization of cross-listing,with the increase in the size of enterprises,corporate cash flexibility gradually weakened,and corporate debt flexibility gradually increased. |
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