Why do some Chinese technology firms avoid ChiNext and go public in the US? |
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| Institution: | 1. Univ. Lille, LSMRC, F-59000 Lille, France;2. Skema Business School, F-59777 Euralille, France;3. Université Côte d''Azur–SKEMA Business School, SKEMA Business School, Lille Campus, Department of Finance and Accounting, Avenue Willy Brandt, F-59777 Euralille, France;1. Department of Finance and Insurance, Business School, Nanjing University, 210093, China;2. School of Economics and Management, Nanjing University of Science and Technology, China;1. Central University of Finance and Economics, School of Management Science and Engineering, Department of Investment, Beijing, China;2. Central University of Finance and Economics, School of Accountancy, Beijing, China;1. School of Public Administration, Sichuan University, Chengdu 610064, China;2. School of Business Administration, Southwestern University of Finance and Economics, Chengdu 610074, China;3. School of Economics, Sichuan University, Chengdu 610064, China |
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| Abstract: | Some Chinese technology firms prefer to go public on US exchanges despite the launch of ChiNext as a NASDAQ-style board of the Shenzhen Stock Exchange in late 2009. Conventional hypotheses based on sales internationalization and issuing costs fail to explain this preference. Instead, our findings suggest the existence of a separating equilibrium in which small but profitable firms choose ChiNext and large firms backed by foreign venture capital prefer US exchanges as their IPO location. Our findings have broader implications for entrepreneurial finance in China. Policy suggestions are offered for increasing the number of foreign VC-backed IPOs on ChiNext. |
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