西方企业国际双重上市研究评介及其启示
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外国经济与管理 2006 年 第 28 卷第 06 期, 页码：42 - 48
摘要
参考文献
摘要
随着证券市场全球化的深入发展,国际双重上市①的企业日益增多。西方学者较早开始了这方面的研究,并取得了不少研究成果。本文通过对西方企业双重上市的分类、国际双重上市动机以及国际双重上市对企业和母国资本市场等影响的相关研究进行综述和评价,希望能为我国企业国际双重上市以及政府的监管工作提供参考,同时也为我国学者开拓研究视野。
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[10]Foerster,Stephen R and G Andrew Karolyi.Multimarket trading and liquidity:a transactions data analysis of Canada-US interlistings[J].Journal of International Financial Markets,Institutions and Money,1998,8:393-412.
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[12]Coffee,J.Racing towards the top?the impact of cross-listings and stock market competition on international corporategovernance[J].Columbia Law Review,2002,102:1757-1831.
[13]Reese,W and M Weisbach.Protection of minority shareholder interests,cross-listings in the United States,and subse-quent equity offerings[J].Journal of Financial Economics,2002,66:65-104.
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[15]Mar,P,and Michael N Young.Corporate governance in transition economies:a case study of two Chinese airlines[J].Journal of World Business,2001,36(3):280-302.
[16]Licht,Amir N.Managerial opportunism and foreign listing:some direct evidence[J].University of Pennsylvania Jour-nal of International Economic Law,2001,12:325-347.
[17]Charitou,A,C Louca,and A Pablou.The operating performance of exchange-listed American depositary receipt of-ferings[R].Working Paper,University of Cyprus,2005.
[18]Edison,H and F Warnock.Cross-boarder listings,capital controls and equity flow to emerging markets[R].WorkingPaper,Federal Reserve Board International Finance Division,2003.
[19]Moel,A.The role of ADRs in the development of emerging markets[J].Economica,2001,2:209-257.
②“可见性”是指关注企业的分析师和与企业有关的新闻数量(Baker等,2002:495~521)。
[2]Mittoo,Usha R.Additional evidence on integration in the Canadian stock market[J].The Journal of Finance,1992,47:2035-2054.
[3]Bancel,H K,and UR Mittoo.European managerial perceptions of the net benefits of foreign stock listings[J].EuropeanFinancial Management,2001,7:213-236.
[4]Lins,Karl V,Strickland Deon,and Zenner Marc.Do non-US firms issue equity on US stock exchanges to relax capitalconstraints[J].Journal of Financial and Quantitative Analysis,2005,40(1):109-133.
[5]Korczak,P and Martin T Bohl.Empirical evidence on cross-listed stocks of Central and Eastern European companies[J].Emerging Markets Review,2005,6:121-137.
[6]Fanto,James and Robert Karmel.Report on the attitudes of foreign companies regarding a US listing[J].Stanford Jour-nal of Law,Business and Finance,1997,3:37-58.
[7]Chowdhry,Bhagwan and Nanda Vikram.Multimarket trading and market liquidity[J].Review of Financial Studies,1991,4:483-511.
[8]Eun,C and S Sabherwal.Cross-boarder listings and price discovery:evidence from US-listing[J].Journal of Finance,2003,58:549-574.
[9]Merton,R C.Presidential address:a simple model of capital market equilibrium with incomplete information[J].Journalof Finance,1987,42:483-510.
[10]Foerster,Stephen R and G Andrew Karolyi.Multimarket trading and liquidity:a transactions data analysis of Canada-US interlistings[J].Journal of International Financial Markets,Institutions and Money,1998,8:393-412.
[11]Stulz,R M.Globalization,corporate finance,and the cost of capital[J].Journal of Applied Corporate Finance,1999,12:8-25.
[12]Coffee,J.Racing towards the top?the impact of cross-listings and stock market competition on international corporategovernance[J].Columbia Law Review,2002,102:1757-1831.
[13]Reese,W and M Weisbach.Protection of minority shareholder interests,cross-listings in the United States,and subse-quent equity offerings[J].Journal of Financial Economics,2002,66:65-104.
[14]Doidge,C,G A Karolyi,and R Stulz.Why are foreign firms listed in the US worth more[J].Journal of Financial Eco-nomics,2004,71:205-238.
[15]Mar,P,and Michael N Young.Corporate governance in transition economies:a case study of two Chinese airlines[J].Journal of World Business,2001,36(3):280-302.
[16]Licht,Amir N.Managerial opportunism and foreign listing:some direct evidence[J].University of Pennsylvania Jour-nal of International Economic Law,2001,12:325-347.
[17]Charitou,A,C Louca,and A Pablou.The operating performance of exchange-listed American depositary receipt of-ferings[R].Working Paper,University of Cyprus,2005.
[18]Edison,H and F Warnock.Cross-boarder listings,capital controls and equity flow to emerging markets[R].WorkingPaper,Federal Reserve Board International Finance Division,2003.
[19]Moel,A.The role of ADRs in the development of emerging markets[J].Economica,2001,2:209-257.
②“可见性”是指关注企业的分析师和与企业有关的新闻数量(Baker等,2002:495~521)。
引用本文
陈昀, 王韬. 西方企业国际双重上市研究评介及其启示[J]. 外国经济与管理, 2006, 28(6): 42–48.
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