关键词: 交叉上市,自愿披露,盈利预测,信号发送

Abstract: Compared to the historic accounting information, the profit forecast information disclosed voluntarily by the management has higher relevance and richer information contents. Taking the companies that voluntarily disclosed earnings forecast information from 2008 to 2015 as the research samples, this paper conducts an empirical study of the cross listing combined with the voluntary disclosure behavior of profit forecast information for the first time. The results of the study have confirmed the signal transmission function of the profit forecast information disclosed by the ordinary companies, and at the same time verified the “double signal” transmission mechanism of the cross-listed company’s voluntary disclosure of the profit forecast information. On the other hand, it has also confirmed the value of the profit forecast information embodied in the process of the capital market segmentation and integration. The results of the empirical tests show that compared to the ordinary companies, the cross-listed companies are more inclined to publish earnings forecast information; the published earnings forecast information has higher accuracy, and the effect of lowering financing costs is more significant. In addition, the earnings forecast information released by the cross-listed companies can significantly affect the direction of stock price risk premium between different markets, while all of them have increased the value of the cross-listed companies, that is, the cross-listing can have both the financing effect and listing effect simultaneously.

Key words: cross-listing; voluntary disclosure; profit forecast; signal transmission