International Cross-Listing of Chinese Firms
Title | International Cross-Listing of Chinese Firms PDF eBook |
Author | Liu, Lixian |
Publisher | IGI Global |
Pages | 380 |
Release | 2014-01-31 |
Genre | Business & Economics |
ISBN | 1466650486 |
While many nations are still struggling from the global financial crisis and regaining their financial security, investors are considering alternative options for investing their money; and the secure financial sector is China appears as a viable option. International Cross-Listing of Chinese Firms examines the successful techniques and strategies that Chinese companies are using within their financial practices. It highlights the foreign-based multinational enterprise theories related to the major international stock markets. By providing the latest theories and research, this book will be beneficial for business practitioners, researchers, and managers interested in the relationship between cross-listing and firm valuation of Chinese firms.
The Economic Consequences of Increased Disclosure
Title | The Economic Consequences of Increased Disclosure PDF eBook |
Author | Haiyan Zhou |
Publisher | |
Pages | |
Release | 2009 |
Genre | |
ISBN |
In this paper we investigate the impact of cross-listings on information asymmetry risk, the cost of capital and firm value of a group of cross-listed Chinese companies. Our paper is the first to examine the effect of cross-listing on information asymmetry risk. Because cross-listed firms are subject to increased disclosure requirements, increased regulatory scrutiny and increased legal liability, we propose that Chinese cross-listed firms have lower information asymmetry risk, lower cost of capital and higher firm value than their non-cross-listed counterparts. We find in both univariate and multivariate tests that cross-listed firms enjoyed lower information asymmetry risk in the domestic market compared with the non-cross-listed firms. We also find that cross-listed firms have lower cost of capital in the cross-listing market than non-cross-listed firms in the domestic markets. Finally, we find that cross-listed firms are associated with higher firm value as measured by Tobin's Q. These results have implications for international investors and companies seeking cross-listing opportunities.
Chinese Companies and the Hong Kong Stock Market
Title | Chinese Companies and the Hong Kong Stock Market PDF eBook |
Author | Flora Xiao Huang |
Publisher | Routledge |
Pages | 326 |
Release | 2013-10-30 |
Genre | Social Science |
ISBN | 1134671113 |
Listing by companies from one country on the stock market of another country is a device often used both to raise capital in, and to increase bonding with, the target country. This book examines the listing by Chinese companies on the Hong Kong stock market. It discusses the extent of the phenomenon, compares the two different regulatory regimes, and explores the motivations for the cross-listing. It argues that a key factor, in addition to raising capital and bonding with the Hong Kong market, is Chinese companies’ desire to encourage legal and regulatory reforms along Hong Kong lines in mainland China, in order to develop and open up China’s domestic capital markets.
Chinese Firms Cross-listed on the New York Stock Exchange
Title | Chinese Firms Cross-listed on the New York Stock Exchange PDF eBook |
Author | Delia Hovey |
Publisher | |
Pages | 260 |
Release | 2003 |
Genre | Capital market |
ISBN |
Does Cross-listing of Chinese Firms Matter to Firm Performance?
Title | Does Cross-listing of Chinese Firms Matter to Firm Performance? PDF eBook |
Author | |
Publisher | |
Pages | 127 |
Release | 2013 |
Genre | Going public (Securities) |
ISBN |
Corporate Governance and China's H-share Market
Title | Corporate Governance and China's H-share Market PDF eBook |
Author | Alice De Jonge |
Publisher | Edward Elgar Publishing |
Pages | 323 |
Release | 2008-01-01 |
Genre | Business & Economics |
ISBN | 1848442785 |
Using detailed case studies of the first nine mainland Chinese companies to be listed on the Hong Kong stock exchange (1993 94), Alice de Jonge examines the evolution of corporate governance law and culture in China s H-share market. A story emerges not of tensions between ideas of corporate governance from two different legal systems Hong Kong vs. mainland Chinese nor about legal convergence as China adopts concepts from Anglo-American jurisdictions. Rather, it is a story of individual firms being pragmatic in mediating the different agendas of state-agencies that own or control them. Corporate Governance and China s H-Share Market looks at corporate governance in a cross-border context is unique in providing a detailed understanding of China s H-share market reveals why a beer company was the first ever Chinese firm to be listed overseas. This fascinating work will appeal to postgraduate students and scholars of corporate governance, Asian law and legal systems and Asian business, as well as Chinese scholars more generally. Professionals such as law practitioners working in Chinese law will also find the book of interest.
Chinese Dual-Class Shares Listed in Hong Kong and Mainland China
Title | Chinese Dual-Class Shares Listed in Hong Kong and Mainland China PDF eBook |
Author | Patrick Müller |
Publisher | diplom.de |
Pages | 122 |
Release | 2008-02-21 |
Genre | Business & Economics |
ISBN | 3836609967 |
Inhaltsangabe:Abstract: This paper aims at explaining the phenomenon of price anomalies between dual-class shares of companies located in mainland China (hereafter China). A-shares listed on either the Shanghai Stock Exchange (SHSE) or Shenzhen Stock Exchange (SZSE) command a premium over the price of the corresponding firm s H-shares traded at the Stock Exchange of Hong Kong (HKSE). This pricing puzzle arises from the segmentation of Chinese equity markets H-shares may be exclusively acquired by Hong Kong residents and international investors whereas A-shares are restricted to mainland Chinese investors. Although both classes of stock are entitled to the same future cash flows, investors are only willing to buy H-shares at a price significantly lower than that of A-shares. This unique setup offers the opportunity to test competing theories about the effects of market segmentation on asset pricing and to examine the factors that induce the price gap between cross-listed shares on different stock exchanges. Knowledge of the variables determining the price spread between H- and A-shares can make valuable contributions in a number of ways. Firstly, companies in mainland China pursuing initial public offerings (IPO) or seasoned equity offerings (SEO) may base their financing decision on a more thorough understanding of the parameters affecting stock prices of cross-listings in the respective markets. Secondly, policymakers in emerging country stock markets may draw conclusions concerning the design of foreign ownership regulation and investment restraints imposed on domestic and foreign investors. Lastly, international and local investors may build on a more profound understanding of the H- versus A-share discount (hereafter H-share discount) to narrow down attractive investment opportunity sets, especially in the light of the latest regulatory changes on the Chinese equity market. As of August 2007 the government body monitoring and regulating the national currency, China s State Administration of Foreign Exchange (SAFE), loosened its rigorous foreign exchange policy. Prior to the recent SAFE ruling, the annual amount to be freely converted from Chinese Yuan Renminbi (RMB) into foreign currencies was capped at a 50,000 United States Dollar (USD) limit. Under the new regime, mainland retail investors are granted unlimited convertibility of RMB into Hong Kong Dollar (HKD) given that investments flow into the Hong Kong securities market. In the [...]