Choice of foreign listing location: Experience of Chinese firms |
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| Institution: | 1. Faculty of Business, Auckland University of Technology, Private Bag 92006, Auckland 1020, New Zealand;2. Division of Banking and Finance, Nanyang Technological University, S3-01A-19 Nanyang Avenue, Singapore 639798;1. University of Bologna, Department of Management, 34 Via Capo di Lucca, 40126 Bologna, Italy;2. University of Sassari, Department of Economics and Business, 25 Via Muroni, 07100 Sassari, Italy;1. School of Accounting, Shanghai University of Finance and Economics, Guoding Road, Shanghai, PR China;2. School of Accountancy, The Chinese University of Hong Kong, Shatin, NT, Hong Kong |
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| Abstract: | At the end of October 2003, there were 237 Chinese firms' listings on various stock exchanges outside of Mainland China. Beyond geographical proximity and other obvious explanations of why Chinese firms prefer listing in Hong Kong more than in the United States, we identify two additional benefits of a Hong Kong listing. We find that Chinese firms listed in Hong Kong have a better information environment than those listed solely in the United States. We also find that the Hong Kong-listed firms are less financially constrained, which may be due to their ability to access the Hong Kong capital market for external financing. The results of our study show that different stock markets offer different benefits as a listing venue and the benefits of foreign listing may depend on the choice of listing location. |
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