Abstract: The impact of cross-border cross-listing on the level of corporate information disclosure stems from the stricter market supervision and market environment in mature overseas markets, and theoretical and empirical studies also provide supporting evidence. However, unlike foreign companies, the cross-border listing path chosen by most cross-listed enterprises in China is "first outside and then inside", and the impact of such reverse cross-listing on information disclosure is worth paying attention to. Taking China's H-share and then A-share cross-listed companies and their paired pure A-share companies as research objects, and using the stock price discovery function to empirically examine the impact of cross-listing behavior on information disclosure level, it is found that the cross-border cross-listing behavior of Chinese enterprises does not improve the information disclosure level of the company, which is significantly different from that of foreign enterprises. At the same time, this conclusion also shows that the cross-border cross-listing of Chinese enterprises is contrary to the constraint hypothesis of foreign scholars.

Keyword: Chinese enterprises; listed companies; Reverse cross-border cross-listing; the level of information disclosure; constraint hypothesis; The amount of stock price information