The Determinants of Overseas Listing Decision: Evidence from Chinese H-share Companies

doi:10.1057/abm.2012.24

淡江大學機構典藏 > 商管學院 > 會計學系暨研究所 > 期刊論文 > Item 987654321/77703

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題名:	The Determinants of Overseas Listing Decision: Evidence from Chinese H-share Companies
其他題名:	企業跨境掛牌決策因素：以中國在香港掛牌之國企股為例
作者:	Kung, Fan-Hua;Cheng, Chia-Ling
貢獻者:	淡江大學會計學系
關鍵詞:	overseas listing;Chinese H-shares;corporate governance;political relations
日期:	2012-09-05
上傳時間:	2012-07-12 02:47:19 (UTC+8)
出版者:	Basingstoke: Palgrave Macmillan Ltd.
摘要:	This article examines determinants in the decision of Chinese companies to seek overseas listings. Because most H-share companies listed in Hong Kong are state-owned, factors related to both politics and corporate governance have a profound influence on the decision to list overseas. The sample in this study comprised all listed Chinese companies that issued A-shares and mainboard-listed H-shares between 2003 and 2008. We hypothesize that companies are motivated to list overseas in accordance with political and corporate governance arguments. Our results support this assertion. Companies with strong political ties (generally large-scale ventures, managed by politically connected CEOs, and considered to be in strategic industries) demonstrate a pronounced inclination to list overseas. We also found that in H-share companies listed in Hong Kong, ownership tends to be more balanced, with a larger number of independent directors, and few instances of controlling shareholders or CEO duality, compared with the situation in pure A-share companies.
關聯:	Asian Business & Management,11(5), p.591-613
DOI:	10.1057/abm.2012.24
顯示於類別:	[會計學系暨研究所] 期刊論文

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