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Study on the Impact of Overseas Listing on Corporate Valuation and Financing Constraints—The Example of US-listed Chinese Stocks

In: INTERNET FINANCE AND DIGITAL ECONOMY Advances in Digital Economy and Data Analysis TechnologyThe 2nd International Conference on Internet Finance and Digital Economy, Kuala Lumpur, Malaysia, 19 – 21 August 2022

Author

Listed:
  • Qinghong Guo
  • Ronghua Yi

Abstract

China has long adopted the approval system for stock issuance, and the threshold for A-share listing is high, so many companies cannot meet the strict listing requirements for A-shares, while the United States has a developed and open capital market, which has attracted many Chinese companies to list in the United States, forming a group of Chinese stocks listed in the United States. This paper studies the valuation and financing constraint effects of US-listed Chinese stocks and A-share listed companies. The results conclude that the valuation of US-listed Chinese stocks is lower than that of A-share listed companies compared with similar companies listed in A-share, and the financing constraints of US-listed Chinese stocks have not been eased. This paper enriches the research related to overseas listing and provides policy recommendations for overseas-listed Chinese companies and further improvement of the Chinese capital market.

Suggested Citation

  • Qinghong Guo & Ronghua Yi, 2023. "Study on the Impact of Overseas Listing on Corporate Valuation and Financing Constraints—The Example of US-listed Chinese Stocks," World Scientific Book Chapters, in: Faruk Balli (ed.), INTERNET FINANCE AND DIGITAL ECONOMY Advances in Digital Economy and Data Analysis TechnologyThe 2nd International Conference on Internet Finance and , chapter 1, pages 3-17, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811267505_0001
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    More about this item

    Keywords

    Internet Economy; Online Finance; Financial Engineering; Big Data; Blockchain; Supply Chain; E-commerce;
    All these keywords.

    JEL classification:

    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • G2 - Financial Economics - - Financial Institutions and Services

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