Cross-listings has become a mainly worldwide way of financing for enterprise. It is in drastic debate whether it promotes corporate operation, improves corporate governance and enhances the corporation value. Combined with the actual situation in our country and the existing research results of the cross-listings, the paper comes up with corresponding hypothesis, takes non-financial category A + H shares listed in both Hong Kong and the mainland as the main researching samples from 2006 to 2008, and conducts the empirical research through multiple regression analysis, concluding that cross-listings can improve the equity concentration, have incentive for top executives and enhance the corporation value, but the independence of board has no obvious effect on the corporation value. Finally, the paper presents proper suggestions.