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Overseas Listing and Accounting Conservatism
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The article evaluates accounting conservatism of financial statements through information asymmetry, as well as considers whether the effects of overseas listing tools, areas of distribution and corporation management would affect the influence of overseas listing on accounting conservatism. With corporations’ overseas listing timing as the standard, listed companies that implemented overseas listing in 1992-2011 were selected as samples. Each overseas listing company was paired with no more than two overseas listing companies as the control group.
Empirical results indicate, after a company executes overseas listing, the restraints and requirements added onto the issuing company by stock exchange of overseas market will increase the overseas listing company’s information disclosure, and leading to lower degree in employment of accounting conservatism requested by investors. Through the influence of conservatism degree on information asymmetry, as well as the relation between information asymmetry and overseas listing, it is found that degree of accounting conservatism affects willingness to carry out overseas listing. In addition, overseas listing approaches mainly include issuance of Euro convertible bonds and depository receipts. This study addresses the variation in the impact of different listing methods on accounting conservatism influenced by overseas listing. Different listing areas are investigated to demonstrate that listing area affects the influence of overseas listing on accounting conservatism. Finally, it is discovered corporate governance of an overseas listing company will affect the impact of overseas listing on accounting conservatism.
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