Real Economic Effects of Cross-listing in the Context of Two-Way Opening:Mechanism Identification and Motivation Test
In the current predicament of the sluggish real economy,effectively promoting the development of the real economy is the foundation for achieving high-quality economic development.Exploring the mechanism of financial markets,enterprises and other participating entities and their behaviors in the real economy has strong practical significance.This paper takes the cross-listed companies of AH shares in China from 2008 to 2022 as the research sample to explore the real economy effect of cross-listing in the context of two-way opening of capital market.It is found that cross-listing can effectively reduce the financialization of enterprises and promote enterprises to"divert out of the virtual economy".The mechanism tests show that cross-listing can promote the process of"divert out of the virtual economy"by reducing the principle-agent problem,improving the quality of information disclosure and easing the financing constraints.Further analysis shows that capital profit motive is the main motivation for firms to hold financial assets,the rapid expansion of financial assets will lead to the problem of excessive financialization,and cross-listing will significantly reduce the excessive financialization behavior of firms.From the perspective of product market economic effect,cross-listed enterprises will actively implement product strategy,reduce the proportion of core products,improve the degree of product diversification,and promote the improvement of enterprises'competitiveness in the inland market and Hong Kong market.The research conclusions of this paper provide micro empirical evidence for finance to promote the high-quality development of the real economy and guide domestic and foreign enterprises to enhance the competitiveness of international product market.
万方数据
维普
