中文摘要：

管理层自愿披露的盈利预测信息相比历史会计信息具有更高的相关性和信息含量。以2008—2015年自愿披露盈利预测信息的公司为研究样本,首次将交叉上市与盈利预测信息的自愿披露行为相结合进行实证研究。研究结果一方面确认了普通公司发布盈利预测信息的信号发送作用,同时验证了交叉上市公司自愿披露盈利预测信息的“双重信号”发送机制,另一方面也证实了盈利预测信息在资本市场分割与一体化进程中所体现的价值。实证检验结果发现：交叉上市公司比普通公司更倾向于发布盈利预测信息,发布的盈利预测信息的准确度更高,降低融资成本的效果更加显著;此外,交叉上市公司发布盈利预测信息显著影响了不同市场间的股价溢酬方向,但都增加了交叉上市公司的价值,即交叉上市同时具有融资效应和上市效应。

英文摘要：

Compared to the historic accounting information, the profit forecast information dis- dosed 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 dis- closure behavior of profit forecast information for the first time. The results of the study have con- firmed 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 or- dinary companies, the cross-listed companies are more inclined to publish earnings forecast informa- tion; the published earnings forecast information has higher accuracy, and the effect of lowering fi- nancing 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 differ- ent 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.