CAJ | 학술논문

本文研究海外上市地点与企业投资之间的关系。香港和新加坡在信息环境和制度环境方面相差不大，而纳斯达克在这两个方面均存在显著优势。良好的信息环境和制度环境可以减弱信息不对称的程度，缓解企业面临的代理问题，从而减少企业投资不足或者投资过度的行为。与此相一致，我们发现相比在香港和新加坡上市而言，在纳斯达克上市的企业其投资一现金流敏感性更低，规模小、上市时间短、应计项高、杠杆率低的企业受影响更大。进一步研究发现，在纳斯达克上市既可以缓解企业的投资不足，也可以降低企业的投资过度，这表明纳斯达克信息环境优势和制度环境优势共同作用提高了企业的投资效率。
본문연구해외상시지점여기업투자지간적관계。향항화신가파재신식배경화제도배경방면상차불대，이납사체극재저량개방면균존재현저우세。량호적신식배경화제도배경가이감약신식불대칭적정도，완해기업면림적대리문제，종이감소기업투자불족혹자투자과도적행위。여차상일치，아문발현상비재향항화신가파상시이언，재납사체극상시적기업기투자일현금류민감성경저，규모소、상시시간단、응계항고、강간솔저적기업수영향경대。진일보연구발현，재납사체극상시기가이완해기업적투자불족，야가이강저기업적투자과도，저표명납사체극신식배경우세화제도배경우세공동작용제고료기업적투자효솔。
In this article, we study the relationship between overseas listing locations and firm investment of Chinese firms. Hong Kong and Singapore are similar with respect to information environment （e.g. disclosure level, earnings timeliness, earning transparency, freedom of press and analyst coverage） and institutional environ- ment （e.g. shareholder rights, judicial efficiency, rule of law and insider trading enforcement）, but NASDAQ has significant advan- tages. Information asymmetry problem can cause adverse selec- tion problem and increase the costs of external capital, which can potentially lead to underinvestment problem. Agency problem can cause empire building of the managers, which can potentially lead to overinvestment problem. Better information environment and institutional environment can mitigate both information asymmetry problem and also the agency problem, thus decrease the problems of underinvestment and overinvestrnent. Consistent with these ar- guments, we find that, comparing with firms listed in Hong Kong and Singapore, firms listed in NASDAQ have lower investment- cash flow sensitivity. These results are robust after controlling other characteristic differences of firms listed in different exchanges, such as firm size, leverage and Tobin＇s q. Consistent with the ar- guments that better information environment and institutional environment can mitigate the information asymmetry problem and agency problem, we also find that smaller, younger, higher accrual and lower leveraged firms benefit more by listing in NASDAQ. Using Richardson （2006）＇s investment model, we decompose firm investment to normal fraction and under/overinvestrnent fraction. The results show direct evidence that listing in NASDAQ can in- deed decrease both underinvestment and overinvestrnent. Mergers and acquisitions are very important investment decisions of firms and firms are mandatory to announce their merger and acquisition activities, thus they are not contaminated by self-selection problem. The results of mergers and acquisitions show that firms listed in NASDAQ have higher announcement period returns than firms listed in Hong Kong and Singapore. These set of results thus shed direct light on the differences in investment efficiency of firms listed at different locations. Overall, these findings suggest that the information and institutional advantages improving firms＇ investment efficiency.