内地企业香港上市的特征及影响因素

doi:10.13284/j.cnki.rddl.002786

Abstract

Abstract:

With the development of global economic integration and the gradual relaxation of world's financial controls, Chinese firms have gradually turned to foreign markets to raise capital. Hong Kong has become the first choice for Chinese companies seeking overseas listings. This paper analyzes the temporal and spatial patterns, industry structure and ownership structure of Chinese firms that have listed in the Hong Kong stock market. The results show that the number of firms listed in Hong Kong grows with fluctuations and the headquarters of firms which got listed in the Hong Kong stock market are mainly agglomerated in the eastern coastal areas. Hong Kong has become the main destination of firms in the financial and real estate sectors to go public in overseas stock exchanges. The number of state-owned enterprises listed in Hong Kong has been declining those years, while privately-owned enterprises gradually become dominant. Finally, the regression results show that the number of headquarters is highly correlated with the city's administrative level, city size, the development of financial industry, transport accessibility, information technology, communication capabilities and the distance to Hong Kong.

Key words: overseas listing, enterprise, capital market, mainland firms, Hong Kong

ZHANG Fengmei，LI Xueli，PAN Fenghua. Structure and Mechanism Analysis of Mainland Firms Listed in Hong Kong[J].TROPICAL GEOGRAPHY, 2015, 35(6): 842-851.

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Structure and Mechanism Analysis of Mainland Firms Listed in Hong Kong

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