The choice of foreign primary listing: China's share-issue privatization experience
作者： Q. Sun , Hin Sang Tong , Y. Wu
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摘要: Governments can choose to share-issue privatize their state-owned enterprises (SOEs) domestically or abroad. Domestic share issue privatization (SIP) has the benefits of facilitating domestic market development (Subrahmanyam and Titman, 1999) avoiding possible higher costs foreign listing. However, we argue that if is not well developed cannot absorb rapid large-scale SIP activities, abroad upkeep order may be optimal. Furthermore, listing shares in more overseas markets enables SOEs bond better accounting, governance, legal standards. Using 53 Chinese firms listed Hong Kong 663 purely domestically-listed during period 1993-2002, find evidences for both arguments.
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