中国内地企业赴港上市中介服务来源地选择研究

Study on the Source Selection of Intermediary Services for Chinese Mainland Enterprises to List on Hong Kong Stock Exchange

本文通过招股说明书搜集1999—2017年为中国内地企业赴港IPO提供中介服务的高级商业服务业(ABS)企业国别及服务频次数据,借鉴贸易引力模型探讨中国内地企业赴港IPO中ABS服务来源地选择的影响因素。研究发现:(1)各国的商业服务业出口比较优势、人均GDP、机场客流量、高等受教育人口比例显著正向影响了该国对中国内地提供ABS服务。(2)各国到中国内地或香港地区的文化距离、到中国香港的地理距离均显著负面影响该国对中国出口的ABS服务流量。(3)由于中国内地高级商业服务业发展基础的提升、政策支持及金融危机带来的机会,中国内地ABS企业的服务在赴港IPO中的市场份额越来越大。

Though the prospectus,this paper collects the addresses and service frequency data of the advanced business servicefirms providing services for Chinese mainlandfirms during IPOs on Hong Kong Stock Exchange from 1999 to 2017.Based on the trade gravity model,this paper discusses the influencing factors of the choice of source countries for advanced business services in the IPOs of Chinese mainlandfirms listed on Hong Kong Stock Exchange.The results show that:(1)the comparative advantage of advanced business service export,per capita GDP,airport passengerflow and the proportion of highly educated population in the country of origin of ABS service have a significant positive impact on the ABS service export to Chinese mainland;(2)The cultural distance and geographical distance from the host country to China's Mainland or Hong Kong have a significant negative impact on the ABS serviceflow of the country’s exports to China.(3)Due to the improvement of the development foundation of advanced business service industry in China's Mainland,policy support and opportunities brought by thefinancial crisis,the share of Chinese mainland ABSfirms in IPO on Hong Kong Stock Exchange is becoming larger.