Considering that timely disclosure of financial information and strengthening of corporate governance mechanism must be satisfied for cross-border listing, this study, focusing on those firms which listed in Taiwan and cross-border listing on overseas capital market, aims to examine whether cross-border listing and the choice of capital-raising tool are associated systematically different with board composition and financial reporting quality. Empirical results demonstrate that a company becomes more likely to list cross-border when its board is more independent and its financial report is better in quality. As we explore into the impact of capital-raising tools on this association, the results furthermore show that the company will more likely tend to raise funds abroad via depository receipts when board composition is more independent. The evidence supports that cross-border listing plays an important part in the screening mechanism.