Political Considerations in the Decision of Chinese SOEs to List in Hong Kong
Political Considerations in the Decision of Chinese SOEs to List in Hong Kong
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DOI：
10.1016/j.jacceco.2011.10.001
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发表时间：
2012-02
影响因子：
5.9
通讯作者：
Mingyi Hung;T. Wong;Tianyu Zhang
中科院分区：
文献类型：
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作者：
Mingyi Hung;T. Wong;Tianyu Zhang
本文研究了为什么具有较强政治联系（即有政治联系的企业）的中国国有企业（SOE）比没有政治联系的企业更有可能在海外上市。我们发现关联企业海外上市后的表现要差于非关联企业。这一证据表明，关联公司的管理者将其公司在海外上市是为了私人（政治）利益。与这种私人利益解释一致，我们进一步发现，与国内上市相比，关联公司的经理在海外上市后更有可能接受政治媒体报道或晋升到高级政府职位。
This paper investigates why Chinese state-owned enterprises (SOEs) with strong political connections (i.e., politically connected firms) are more likely to list overseas than non-politically connected firms. We find that connected firms' post-overseas listing performance is worse than that of non-connected firms. This evidence suggests that connected firms' managers list their firms overseas for private (political) benefits. Consistent with this private benefits explanation, we further find that connected firms' managers are more likely to receive political media coverage or a promotion to a senior government position subsequent to overseas listing than domestic listing.