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境外上市对融资约束的影响――基于h 股公司的经验证据

Author

Listed:
  • 陈国进
  • 王磊

Abstract

本文以2000-2003 年间在香港上市的H 股公司为样本，检验境外上市对公司融资约束的影响。我们发现上市后公司投资对内部现金流的敏感程度下降，说明境外上市有利于放松公司的融资约束。对匹配A 股公司投资对内部现金流敏感性的比较分析、H 股公司上市前后财务保障比率变化的分析，进一步支持了这一结论。

Suggested Citation

  • 陈国进 & 王磊, 2013. "境外上市对融资约束的影响――基于h 股公司的经验证据," Working Papers 2013-10-14, Wang Yanan Institute for Studies in Economics (WISE), Xiamen University.
    • Handle: RePEc:wyi:wpaper:001982
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