Research On The Impact Of Enterprise AH Cross-listing On Its Business Performance

Cross-listing can also be called cross-border listing or multiple listings,which refers to the simultaneous listing of domestic securities markets and overseas securities markets.Although the domestic capital market is in the development stage,the company's cross-listing behavior is gradually on the right track,and the number is increasing.Domestic cross-listed companies are generally large state-owned holding companies,which are also the core industries of the country and the pioneers of the Chinese capital market.As these companies are listed in developed regions or countries,China's capital market can move toward a more international direction.Therefore,the relevant research conclusions of the cross-listing can help the relevant administrative departments to formulate corresponding rules and regulations,timely grasp the market signals,and at the same time provide a better reference for investors.The article first introduces the background and significance of cross-listing,expounds the relevant research framework and innovation points,and then describes the related mechanism research,explains the evolution process of cross-listing and the status quo of China,and finally empirically analyzes the AH cross-listing.Whether it will affect the company's business performance.Cross-listing is divided into dual and multiple cross-listing.This paper mainly studies AH cross-listing,and uses R as principal component analysis to study whether cross-listing has a positive impact on the company's operating performance.Finally,it adopts each company's comprehensive performance score and multiple regression.Analyze to draw conclusions.However,the results show that cross-listing did not improve the company's performance,but a short-term decline,and at the end of the explanation for the reasons for this result.Finally,based on the above data analysis and empirical results,it is concluded that the AH cross-listing has a short-term negative impact on the company's operating performance,and proposed relevant policies for the company,the securities market and the regulatory authorities.