企业跨境上市、战略风险治理与竞争优势

摘要/Abstract

摘要：

中国资本市场欠发达和融资难问题导致许多中国企业选择赴美上市。本文通过构建更有效的战略风险治理的定量评价指数，以更严格的样本匹配方法获得2007-2014年间中国在美上市企业及配对样本企业的1640个观测值，同时采用Heckman两步法和系统广义矩（GMM）方法控制潜在的内生性问题，利用非平衡面板数据模型研究发现，作为企业战略管理和公司治理核心构件之一的战略风险治理，一方面受到跨境上市决策的影响，另一方面也是企业竞争优势的重要源泉，战略风险治理构成跨境上市影响企业竞争优势的重要路径。在此基础上提出了一些政策建议。

关键词: 跨境上市, 竞争优势, IPO效应, 配对样本

Abstract:

Given the relatively underdeveloped capital market and financing difficulties in China, more and more Chinese enterprises choose to list in U.S. market. By constructing a quantitative index that can more effectively evaluate strategic risk governance, and by using a more strict sample matching approach to get 1640 observations of matched sample and Chinese companies listed in the U.S. between 2007 and 2014, and using Heckman two-step method and system GMM method to control potential endogenous problems, this paper constructs some non-balanced panel data models to test the mechanism from cross-border listing to competitive advantages. The results show that, as one of the core components of corporate governance and strategic management, strategic risk governance is influenced by cross-border listings, but on the other hand, it is also an important source of enterprise competitive advantages. Actually strategic risk governance has become a road or transmission mechanism from cross-border listing to competitive advantages. On this basis, some corresponding policy recommendations are put forward.

Key words: cross-border listing, competitive advantage, IPO effect, matched sample

袁德利, 陈小林. 企业跨境上市、战略风险治理与竞争优势[J]. , 2018, 30(6): 184-195.

Yuan Deli, Chen Xiaolin. Firm Cross-border Listings, Strategic Risk Governance and Competitive Advantages[J]. , 2018, 30(6): 184-195.

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