本篇文章旨在探討跨國上市與現金增承銷價差之關係。公司於美國進行跨國上市，必須滿足財務資訊揭露及強化公司治理之要求，故其資訊品質度將較未跨國上市為佳，可減少公司發行現金增資時，公司與投資人間之資訊不對稱現象，故其現金增資時所產生之承銷價差較低。
檢測亞洲國家在1998至2009年發行現金增資的492筆資料，並以複迴歸模型進行分析。實證結果顯示公司於美國進行跨國上市後，擁有較高之資訊透明度及資訊品質，相較未跨國上市公司，將擁有較低之現金增資承銷價差。結果顯示，跨國上市公司因降低公司與投資人間資訊不對稱關係，故跨國上市的確與現金增資有負向關係。當以規範較嚴格之第二級及第三級美國存託憑證做為跨國上市之標準進行檢驗，實證分析顯示，於美國發行第二級及第三級美國存託憑證之公司，現金增資承銷價差將進一步降低，故實證結果支持跨國上市公司，擁有較低之承銷價差。

This paper investigates the relation between cross-listing and gross spreads of seasoned equity offerings (SEO). The cross-listed firms in the U.S have to conform to the strict regulations and the policies so they have greater quality of information than firms that are not cross-listed. The sample consists of 492 observations from the Asian region that issue seasoned equity offerings (SEO) over the period 1998-2009. The regression analysis shows that foreign firms cross-listing in the U.S have a negative and significant effect on gross spreads of seasoned equity offerings. Because cross-listing literature has shown that ADRs of Level II and Level III programs have a higher corporate governance and information quality we further use the Level II and Level III ADR as the proxies for cross-listing. We find the more negative relation between cross-listing and gross spreads of seasoned equity offerings (SEO). Our findings support the hypothesis that the cross-listed firms have greater information quality which is associated with lower gross spreads of seasoned equity offerings (SEO).

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