题目: Bonding Premium: Evidence from China 演讲者： 孙谦教授，厦门大学财务管理与会计研究院 时间:   2006年11月3日（星期五）3：00—4：30 PM     地点:         嘉庚二513 参加者:      对财会研究有兴趣的广大师生 语言：      中文 报告论文摘要: When firm bonds to a “quality” market by listing there, it tends to enjoy the “bonding premium”. We provide strong supporting evidence from examining Chinese firms cross-listed in various markets. We contrast a sample of 111 Chinese firms listed on the higher quality China B-share market and 53 Chinese firms listed on the even higher quality Hong Kong H-share market against a control sample of domestic firms listed only on the China A-share market. We recorded general existence of cross-listing premiums of the B-share and H-share firms’ stocks traded on the A-share market. More importantly, the cross-listing premium is larger for H-share firms than for B-share firms. As Chinese stocks trade at a price discount in the B-share and H-share markets, observing the cross-listing premium in the A-share market should be viewed as particularly supportive to the bonding hypothesis since other confounding effects, such as the diversification effect, simply do not exist in such a price-discount market situation. 论文作者简介： Dr Sun’s interests are in the areas of corporate finance, emerging equity markets, and China-related issues. He has demonstrated proficiency in financial and economic research with a book and many journal papers.