中文摘要：

世界上许多国家和地区的海外上市企业往往同时也在母国上市，而我国海外上市的企业绝大多数只在国外上市．从投资者信息获取的角度分析了海外单独上市的成本、理论，为我国企业海外上市的研究提供了一个新思路．实证分析表明：相对于那些在国内和国外同时上市的企业而言，海外单独上市企业面临的信息环境、股票流动性较差、股价较低．研究成果对我国正在筹建中的国际板也具有一定的政策意义．

英文摘要：

Most of the overseas listed firms in the world are cross listed in the domestic market. However,most of the Chinese overseas listed firms are single listed. In this paper, we examine the implicit costs of sin-gle overseas listings from the perspective of the information acquisition costs of investors. The theoretical and empirical analysis in this paper show that compared with the cross listed firms, the single listed foreign share has higher informed trading, lower liquidity, alyzing overseas listings of Chinese firms and chips back to mainland China, especially the and lower prices. Our analysis provides a new perspective in an-the results have direct policy i launching International Board cations on attracting the red-of Shanghai Stock Exchange.