Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/8730
Title: Overseas listing as a policy tool : evidence from China's H-shares
Authors: Sun, Q
Tong, WHS 
Wu, Y
Keywords: Corporate governance
Market order
Overseas listing
Privatization
SOE
Issue Date: 2013
Publisher: Elsevier
Source: Journal of banking and finance, 2013, v. 37, no. 5, p. 1460-1474 How to cite?
Journal: Journal of banking and finance 
Abstract: We investigate why the Chinese government chooses to perform share issue privatization (SIP) of its state-owned enterprises (SOEs) in Hong Kong, despite the benefit of facilitating the domestic stock market development if performing SIP in China (Subrahmanyam and Titman, 1999) and the higher cost to list in Hong Kong. We address this issue by arguing that the positive effect of SIPs on the development of the domestic market may have limitations, especially when the domestic market is not well developed and cannot absorb rapid and large-scale SIP activities. To maintain domestic market order, it may be optimal to carry out SIP in overseas markets. Furthermore, by listing shares in developed overseas markets, SOEs from the less developed countries could leverage on the overseas markets' better accounting, governance, and legal standards. By examining a sample of 92 Chinese firms listed in Hong Kong and the relevant control samples of purely domestically listed Chinese firms during the period of 1993-2006, we find supporting evidence for both arguments.
URI: http://hdl.handle.net/10397/8730
ISSN: 0378-4266
EISSN: 1872-6372
DOI: 10.1016/j.jbankfin.2012.05.013
Appears in Collections:Journal/Magazine Article

Access
View full-text via PolyU eLinks SFX Query
Show full item record

SCOPUSTM   
Citations

5
Last Week
0
Last month
1
Citations as of Sep 11, 2017

WEB OF SCIENCETM
Citations

5
Last Week
0
Last month
0
Citations as of Sep 6, 2017

Page view(s)

39
Last Week
1
Last month
Checked on Sep 17, 2017

Google ScholarTM

Check

Altmetric



Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.