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区总部。然而，1997年香港回归中国的戏剧性场面，以及随后对香港未来的威胁，让许多观察人士对香港作为亚洲最重要金融中心以及中国通往全球资本窗口的未来提出了质疑。这项研究项目分析了在香港运营的主要外国金融公司及其融资者在商业和投资银行、资金管理和私募股权投资领域的决策和行为。我们的论点是，外国公司大体上会在香港保留其亚太区总部，因为香港是亚洲资金网络的枢纽，尤其是中外金融家的汇聚之地。本研究利用相关的理论框架--知识社区、社会网络和实践社区--来阐述有关香港公司及其融资者的假设。这项研究调查了涵盖四个金融行业的70家领先公司，以及每家公司的关键融资者。来自这些公司的数据以及对其高级金融家的采访，将提供关于这些公司对金融网络的方法以及金融家的行为--他们参与知识社区、社交网络和实践社区--的证据。访谈将以数字方式录制和转录，并使用定性软件进行分析。作为对这些定性数据的补充，来自香港来源和国际商业名录的广泛证据将为一组更全面的金融公司提供关于其在亚洲的管理基地的数据。国际商业媒体将被用来收集有关金融公司行为及其在亚洲运营战略的各种轶事证据，并为知名金融家提供洞察。这个项目的目标是总结主要外国金融公司在香港的决策和行为，并确定对香港作为全球金融中心地位的影响。因此，这项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的重要理论和政策问题。这些相互关联的理论框架-知识社区、社会网络和实践社区-将结合经验研究结果，提出全球城市金融网络的理论。这项关于外国金融公司及其在香港的主要金融家的研究为解释全球金融中心的运作和支撑它们的商业网络提供了一个独特的机会。1997年香港回归中国的戏剧性场面，以及随之而来的对香港未来的威胁，对其作为全球金融中心的运作构成了重大挑战。因此，这个项目的结果将提供关于政治经济冲击对全球金融中心的影响的洞察力。这项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及其顶级金融家，他们正在做出影响一个领先全球金融中心未来生存能力的决策。虽然香港的案例是独一无二的，但这项研究包含了影响金融中心网络更广泛的所有因素。这一结果对公共政策有影响，因为城市和国家政府领导人担心他们的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.