内地企业香港上市的特征及影响因素

Structure and Mechanism Analysis of Mainland Firms Listed in Hong Kong

分析了赴香港上市内地企业的空间分布、时间格局、行业格局以及所有制结构特征,并采用计量模型对赴香港上市企业分布格局的影响因素进行探讨。研究表明:赴香港上市的内地企业数量呈现波动式增长,总部主要分布在东部沿海地区,京津冀、长三角以及珠三角地区集聚特征明显;香港成为内地金融和房地产类企业海外上市的主要目的地;赴港上市的国有企业比重不断下降,民营企业逐步成为香港上市企业的主体。回归模型结果显示:赴香港上市企业总部分布受到集聚经济、距离、制度等因素影响,城市的经济规模、金融业发展水平、交通便捷性、信息化与通讯能力越强,到香港距离越近,城市行政级别越高,赴港上市企业则越多;此外,距离因素对民企的影响更为显著,国企的空间分布则主要受制度因素的影响。

With the development of global economic integration and the gradual relaxation of world＇s financial controls, Chinese firms have gradually turned to foreign markets to raise capital. Hong Kong has become the first choice for Chinese companies seeking overseas listings. This paper analyzes the temporal and spatial patterns, industry structure and ownership structure of Chinese firms that have listed in the Hong Kong stock market. The results show that the number of firms listed in Hong Kong grows with fluctuations and the headquarters of firms which got listed in the Hong Kong stock market are mainly agglomerated in the eastern coastal areas. Hong Kong has become the main destination of firms in the financial and real estate sectors to go public in overseas stock exchanges. The number of state-owned enterprises listed in Hong Kong has been declining those years, while privately-owned enterprises gradually become dominant. Finally, the regression results show that the number of headquarters is highly correlated with the city＇s administrative level, city size, the development of financial industry, transport accessibility, information technology, communication capabilities and the distance to Hong Kong.