时间：2020年1月6日（周一）16:15-17:30

地点：同济大厦A楼305教室

主题：The Overseas Listing of Chinese Companies  中国企业海外上市

主讲人：施力榕，新加坡国立大学商学院会计系，博士

讲座摘要: This study examines the evolution of Chinese firms’ overseas IPO location choices since 1990 across different countries. Specifically, we examine four research questions: 1) What makes an overseas stock exchange attractive to Chinese companies? 2) Is the initial post-listing valuation different for Chinese companies across stock exchanges? 3) Is the long-term performance different for Chinese companies across stock exchanges? 4) Can investors in destination stock exchanges get diversification benefits from owning Chinese companies? The study provides relevant information to struggling stock exchanges such as Singapore Stock Exchange on how to attract foreign listings and at the same time effectively regulate these foreign companies. We find that stock exchanges that can provide better liquidity and with higher certifying value are more attractive to Chinese IPOs. Generally, risky Chinese companies are more likely to list in Singapore, compared with those listed in Hong Kong and the United States, and better-governed (high-growth) Chinese companies are more likely to list in Hong Kong (the United States), compared with those listed in Singapore. There are no significant initial valuation differences across markets. We observe overall negative long-term performance of Chinese IPOs in overseas markets, but no significant differences in long-term abnormal return across Singapore, Hong Kong, and the United States. Despite the negative long-term performance, Chinese companies do bring diversification benefits to investors in some destination countries.

讲座人简介: Lirong Shi is a PhD candidate in Accounting at NUS Business School. Her research area focuses on valuation, corporate governance and financial reporting. Her dissertation examines the role of stock exchanges in the evolution of the Chinese firms’ overseas IPO behavior since 1990.She also dug deep into the institutional background of Singapore capital market during her PhD journey.

施力榕目前就读于新加坡国立大学商学院会计系。她的研究兴趣涉足公司估值、公司治理以及公司财务等方面。她的博士论文探讨了自1990年以来中国公司在境外上市时上市地选择的影响因素，证券交易所对该公司上市表现造成的影响，以及中国公司对上市地所带去的影响。在攻读博士学位期间，她还广泛涉猎了新加坡资本市场的制度背景，包括新加坡国企的发展历史，上市公司的公司治理，商业信托的估值等。