Investor Protection, Investment Efficiency and Value: The Case of Cross‐Listed Firms
研究了交叉上市带来的投资者保护改善如何影响外国公司的投资决策和公司价值，发现交叉上市增加了资本支出和并购活动，同时提高了研发投入、并购决策质量和盈利能力，且现金利用更有效。
We examine the impact of improved investor protection due to cross‐listing on foreign firms’ investment decisions and firm value. While we find that cross‐listing increases firms’ capital expenditures and mergers and acquisitions activities, cross‐listed firms also invest more in research and development, make better acquisition decisions, and have higher profitability compared to non‐cross‐listed firms. Moreover, cross‐listing is associated with better cash utilization by foreign firms for investments. These improvements in investments and cash utilization are more pronounced for firms cross‐listed on US exchanges and for firms from countries with weak investor protection laws.