This study examines the relationship between cross-listing and product market predation risk by using cross-listed firm-level data in both A and H shares. Results investigate that firms which cross-listing in different capital markets could significantly alleviate the threat of predatory from rivals in the product market. Consistent with competitive advantage and information asymmetry hypotheses, the mechanism analysis shows that higher competitive position and better subsequent corporate accounting information environment may lead to lower predation risk for cross-listed firms. Moreover, subsample evidence suggests that cross-listing is more likely to be used as a device to decline predatory threats in countries with incomplete markets with more government intervention, higher judicial civilization, and greater financial development. Cross-listing could also decrease the firms' stock price crash risk in the capital market. Lastly, research findings offer powerful evidence and references to firms in emerging markets attempting to cross-list in other developed markets.

本研究通过使用 A 股和 H 股交叉上市公司层面的数据来检验交叉上市与产品市场掠夺风险之间的关系。结果表明，在不同资本市场交叉上市的企业可以显着减轻产品市场竞争对手掠夺的威胁。与竞争优势和信息不对称假设一致，机制分析表明，较高的竞争地位和较好的后续企业会计信息环境可能会导致交叉上市公司较低的掠夺风险。此外，子样本证据表明，在市场不完全、政府干预更多、司法文明程度更高、金融发展程度更高的国家，交叉上市更有可能被用作减少掠夺性威胁的手段。交叉上市还可以降低公司在资本市场的股价崩盘风险。最后，研究结果为试图在其他发达市场交叉上市的新兴市场公司提供了有力的证据和参考。