Abstract: This thesis innovatively puts forward that the cross-listing’s governance effects on the enterprise’s investment efficiency depend on the status of enterprise’s investment. For testing such an opinion, an exploratory study based on two cases is taken. First, the investment efficiency of listed corporations on main-board of domestic A-share during the period of 1992-2013 is measured with the systematic GMM method based on Richardson(2003) Model, with the results revealing that domestic listed corporations are universally faced with the status of under-investment because of the financing constraints, while the cross-listed corporations are universally faced with the status of over-investment. Then, based on that, China Merchants Property Development Co.,Ltd with under-investment before its cross-listing and ZTE Co.,Ltd with over-investment before its cross-listing are chosen for the case study. The results of comparative case study reveal that the cross-listing can effectively reduce the degree of under-investment, while can significantly increase the degree of over-investment. Based on the preliminary conclusions acquired through the case study, this thesis constructs a theoretical framework for analyzing the impacts of cross-listing on the enterprise’s investment behaviors, which provides the important base for the subsequent empirical research based on a large sample.