境外上市对融资约束的影响――基于H 股公司的经验证据

陈国进 and 王磊

No 2013-10-14, Working Papers from Wang Yanan Institute for Studies in Economics (WISE), Xiamen University

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。

Keywords: 境外上市；公司投资；融资约束 (search for similar items in EconPapers)
Date: 2013-10-14
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