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Chinese companies listed overseas, the motivation and impact

Author: LiZuo
Tutor: KongAiGuo
School: Fudan University
Course: Business management
Keywords: Overseas listing Business listing market share State-owned banks Government funding Capital Markets Overseas Listing China Listed banks Listing listed Equity ratio Industry Characteristics Strategic investors External financial liberalization stock Stock Empirical research Asset Quality
CLC: F279.2
Type: Master's thesis
Year: 2009
Downloads: 562
Quote: 0
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Abstract


Using a sample of China’s overseas listed SOEs, the paper investigates the motivations and economic consequences of Chinese big companies’decision for listing overseas. We divided all the overseas listed Chinese firms into financial institutions (i.e. four China State-owned Commercial Banks) and non-financial institutions (e.g. IT industry, oil industry, Telecommunication industry etc.), and examine their rationale respectively. Cross-listed firms are able to benefit from better growth opportunities with lower cost of capital and better corporate governance structure. The empirical evidence shows that cross-listed firms indeed command higher valuation than their non-cross listed counterparties.This paper focuses on China State-owned Enterprises (SOEs) especially State-owned Banks (SOBs) privatization and reform through cross-border listing. Our sample consists of big financial and non-financial companies in China who listed overseas. We find that besides the huge financing needs for these big players, unsatisfactory domestic market, corporate governance needs, policy orientation also explain the waves of Chinese firms overseas listing. Subsequent to cross-listing event, the issuer generally experiences an increase in firm size and market value. In addition, we find that overseas listed Chinese SOEs have better post listing stock performance. However, although the firms incorporated in mainland China benefit from cross-listing, the moves of large scale overseas listing bring costs, not only to the companies themselves but also to the vulnerable Chinese capital market.For the banking, we subdivided this sector into two small groups i.e. State-owned banks who listed overseas and joint stock banks who listed domestically by issuing A shares. This paper explains the reform process of Chinese State-owned Banks through partially privatizing and permitting minority foreign ownership of three of the four dominant SOBs. We look for evidence of changing behavior and performance of large state-owned banks after listing and find out that, the overseas listing event has a distinctive positive effect on EPS movement and equity value.Our study is based on previous literatures on cross-border listing and Chinese SOEs’IPOs.

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CLC: > Economic > Economic planning and management > Enterprise economy > Companies around the world economy > China
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