The Geography of Equity Listing and Financial Centre Competition in Mainland China and Hong Kong
2010-08-10
Research Paper
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This study examines the changing competitiveness of financial centres in mainland China and Hong Kong based on the geography of equity listing of mainland Chinese firms. Pre-listing firm characteristics are used to explore firms’ motives for listing on a particular exchange and whether these motives have changed over time. The results show that Hong Kong’s prominence as an international financial centre is attracting the largest and, recently, also the best performing mainland Chinese state-owned enterprises to go public. Less differentiation exists between the competitiveness of Shanghai and Shenzhen, although the renewed strategy of the Shenzhen stock exchange to attract smaller firms appears to be successful.
Keywords
Classifications using
Journal of Economic Literature (JEL) Classification System
- O32 : Management of Technological Innovation and R&D
- M : Business Administration and Business Economics; Marketing; Accounting
- R38 : Government Policies; Regulatory Policies
- G15 : International Financial Markets
- L10 : Market Structure, Firm Strategy, and Market Performance: General
- M13 : New Firms; Startups
- R12 : Size and Spatial Distributions of Regional Economic Activity; Interregional Trade
Automatically Extracted Terms
- mainland chinese firms
- hong kong
- listing
- market
- mainland
- chinese
- exchange
- period
- mainland china
- china
- stock
- centre
- post-sl period
- shanghai
- shenzhen
- table
- choice
- post-sl
- model
- result
