The Financial Networks of Hong Kong

世界上许多最重要的金融公司都选择香港作为其亚洲地区总部。然而，1997年香港回归中国的戏剧性事件，以及随后对香港未来的威胁，令许多观察人士质疑香港作为亚洲最重要金融中心和中国通向全球资本窗口的未来。本研究项目分析在香港经营的主要外国金融公司及其融资人在商业和投资银行、资金管理和私募股权方面的决策和行为。他们的论点是，总的来说，外国公司将把他们的亚太总部设在香港，因为它是亚洲资本网络的关键聚集地，尤其是中国和外国金融家。本研究利用相关的理论框架——知识社群、社会网络和实践社群——来制定有关香港公司及其融资人的假设。该研究调查了涵盖四大金融部门的70家领先公司，以及每家公司的主要金融家。来自公司的数据和对其高级金融家的采访将提供有关公司金融网络方法和金融家行为的证据-他们对知识社区，社会网络和实践社区的参与。访谈将被数字记录、转录并使用定性软件进行分析。除了这些定性数据外，来自香港的大量证据和国际商业目录将为更全面的金融公司提供有关其亚洲管理基地的数据。国际商业新闻将用于收集有关金融公司行为及其在亚洲经营战略的各种轶事证据，并提供对杰出金融家的见解。该项目的目的是发展有关香港主要外国金融公司的决策和行为的概括，并确定香港作为全球金融中心地位的后果。因此，本研究将解决有关全球城市金融网络和全球金融中心长期生存能力的重要理论和政策问题。相关的理论框架——知识社区、社会网络和实践社区——将与实证研究结果相结合，用于提出全球城市金融网络理论。这项对外国金融公司及其在香港的主要金融家的研究提供了一个独特的机会来解释全球金融中心的运作和支撑它们的商业网络。1997年香港回归中国的戏剧性事件，以及随后对香港未来的威胁，对香港作为全球金融中心的功能构成了重大挑战。因此，本项目的研究结果将有助于了解政治经济冲击对全球金融中心的影响。该研究的时机提供了一个不同寻常的机会，可以亲自采访公司的关键决策者和他们的顶级金融家，他们的决策影响着一个领先的全球金融中心的未来生存能力。虽然香港的情况是独特的，但这项研究涵盖了影响金融中心网络的所有因素。研究结果对公共政策有影响，因为城市和国家政府领导人都担心其全球金融中心的生存能力。

Many of the world's most important financial firms choose Hong Kong as their Asian regional headquarters. However, the drama of Hong Kong's return to Chinese sovereignty in 1997 and subsequent threats to the city's future have led many observers to question the future of Hong Kong as the most important financial center of Asia and as China's window to global capital. This research project analyzes decision making and behavior of leading foreign financial firms and their financiers in commercial and investment banking, money management, and private equity, which operate in Hong Kong. The thesis is that foreign firms will, by and large, maintain their Asia-Pacific headquarters in Hong Kong, because it is the pivotal meeting place in Asia of the networks of capital, especially of the Chinese and foreign financiers. The research draws on related theoretical frameworks-knowledge communities, social networks, and communities-of-practice-to formulate the hypotheses about Hong Kong firms and their financiers. The study examines seventy leading firms covering the four financial sectors, and key financiers in each firm. Data from the firms and interviews with their senior financiers will provide evidence about the firms' approaches to financial networks and about financiers' behavior-their participation in knowledge communities, social networks, and communities-of-practice. Interviews will be digitally recorded and transcribed and analyzed using qualitative software. Supplementing these qualitative data, extensive evidence from Hong Kong sources and international business directories will provide data for a more comprehensive set of financial firms regarding their management bases in Asia. The international business press will be used to collect diverse anecdotal evidence about the behavior of financial firms and their strategies for operating in Asia, and it provides insights into prominent financiers. The objectives of this project are to develop generalizations about the decision making and behavior of leading foreign financial firms in Hong Kong and to determine the consequences for the city's status as a global financial center. Thus, this research will address important theoretical and policy questions about global city financial networks and the long-term viability of global financial centers. The interrelated theoretical frameworks-knowledge communities, social networks, and communities-of-practice-in conjunction with empirical findings, will be used to suggest a theory of global city financial networks.This study of foreign financial firms and their leading financiers in Hong Kong presents a unique opportunity to explain the operation of global financial centers and the business networks which underpin them. The drama of Hong Kong's return to Chinese sovereignty in 1997 and subsequent threats to the city's future represent substantial challenges to its functioning as a global financial center. Therefore, the results of this project will offer insights about the consequences of political-economic shocks on a global financial center. The timing of the study offers a unusual chance to personally interview key decision makers of firms and their top financiers who are making decisions which impact the future viability of a leading global financial center. While the Hong Kong case is unique, the research contains all of the elements impacting financial center networks more generally. The results have implications for public policy, because city and national governmental leaders are concerned about the viability of their global financial centers.