Research On The Impact Of AH Share Cross-listing On Corporate Information Disclosure Level

With the economic integration and the continuous expansion of capital markets around the world,international equity financing has become a phenomenon that attracts more and more attention.In order to expand the scope of financing and reduce financing costs,many enterprises aim at the international financial market in order to establish brand image,improve corporate governance,strengthen information disclosure and reduce financing costs.At the same time,because most countries in the world have not reached the standard of strong efficient market,information asymmetry emerges one after another,which leads to the high agency cost and financing cost,which attracts wide attention Many studies have shown that the cross-listing of AH shares has an important impact on the level of information disclosure,but there is no in-depth discussion on the mechanism of this impact at present This paper mainly studies the moderating effect of the above two moderating variables on the impact of AH shares cross-listing on corporate information disclosure level from the perspective of social responsibility emphasis and industry competition Regression fitting is carried out by using the data of AH-share cross-listed companies and A-share listed companies only from 2017 to 2021 The total sample is divided into state-owned enterprises and non-state-owned enterprises,and then grouped and regressed to explore whether the influence results change under different property rights This paper verifies that AH shares cross-listing will improve the level of information disclosure of Chinese enterprises,and AH shares cross-listing will improve the level of information disclosure of Chinese enterprises more significantly under the background of state-owned enterprises In addition,the importance of social responsibility will strengthen the improvement of AH shares cross-listing on the level of corporate information disclosure,while the degree of industry competition will weaken the improvement of AH shares cross-listing on the level of corporate information disclosure The conclusion of this study will help regulators to understand the impact of cross-listing on information disclosure under certain specific circumstances At the same time,it is also beneficial for enterprises to improve the information asymmetry in the increasingly open capital market.This paper also provides more reference for investors to evaluate the authenticity of enterprise information.