股票市场中的外来者劣势研究

作为一个重要的研究主题，外来者劣势已经吸引了学者和实践者的广泛关注。但是，关于外来者劣势的研究大多集中于产品市场，而关于股票市场中外来者劣势的研究较缺乏。鉴于外来者劣势会影响公司在股票市场中的绩效，因而有必要理解并克服股票市场中的外来者劣势。因此，选取股票市场中的外来者劣势作为研究对象，以期在某种程度上丰富已有研究。 基于信息不对称理论和合法性理论，检验信息缺失和合法性缺失对外来者劣势的直接影响。借鉴已有研究，探讨制度质量、行业类型和交叉上市对信息缺失和合法性缺失与外来者劣势关系的调节效应。依据理论分析，提出研究假设并建立概念模型。选取2005年至2013年在海外上市的145家中国公司为样本，通过SPSS软件对相关假设进行实证检验。 研究结果表明，信息缺失和合法性缺失对外来者劣势产生显著的正向影响，即当在海外证券交易所缺失信息和合法性时，公司会遭遇外来者劣势；制度质量显著减弱合法性缺失对外来者劣势的正向影响，行业类型对合法性缺失与外来者劣势的正向关系具有显著的强化作用，而对信息缺失与外来者劣势的正向关系具有显著的弱化作用，交叉上市显著增强信息缺失和合法性缺失对外来者劣势的正向影响。 根据研究结果从弥补信息缺失和合法性缺失两方面给出降低外来者劣势的策略指导，建议选择制度质量较高的东道国和高科技公司聚集的交易所来弱化外来者劣势，研究结果对在海外上市时遇到外来者劣势的公司管理者具有一定的指导借鉴意义。

Research on the Liability of Foreignness in the Stock Market

The liability of foreignness(LOF) is an important research topic that has stimulated significant interest among scholars and practitioners. However, most studies focus on LOF in the product market, and there is a lack of studies examining LOF in the stock market. As LOF can affect firm performance in the stock market, it is necessary to understand and overcome LOF in the stock market. Therefore, this study selects LOF in the stock market as the research object to enrich existing researches to some extent. Based on the theories of information asymmetry and legitimacy, this study investigates the direct influence of information deficit and legitimacy deficit on LOF. Moreover, from the existing research results, we try to discuss the moderating effects of institutional quality, the type of industry and cross-listing on the relationships between the information deficit, legitimacy deficit and LOF. In accordance with the theoretical analysis, we developed some hypotheses and constructed a conceptual model. Then using the sample of 145 Chinese foreign-listed firms from 2005 to 2013, this study made an empirical test for the hypotheses through SPSS. The results suggest that the information deficit and legitimacy deficit had a significant and positive effect on LOF. That is to say, when firms lack information and legitimacy in foreign stock exchanges, they will suffer LOF. Moreover, institutional quality significantly weakened the positive effect of legitimacy deficit on LOF. The type of industry significantly enhanced the positive relationship between legitimacy deficit and LOF, but the type of industry significantly weakened the positive relationship between information deficit and LOF. Cross-listing significantly enhanced the positive effect of information deficit and legitimacy deficit on LOF. According to the results, this paper provided strategies of making up the information deficit and legitimacy deficit to overcome LOF, and management implications of choosing the host country with high institutional quality and exchange with high-tech companies gathering to weaken LOF. Hence, the research is helpful for managers to overcome and weaken LOF of the Chinese foreign-listed firms. This study makes several contributions to the current literature on LOF. First and foremost, this study extends the research about LOF to the stock market. It indicates that firms in foreign stock exchanges should consider LOF, and take measures to overcome LOF. Secondly, this study provides a new perspective, i.e. the perspective of LOF to explain the phenomenon of home bias. Thirdly, we study on the boundary conditions between the information deficit, legitimacy deficit and LOF. What''s more, we point out the direction for further research at the end of this paper.