The Impact of Foreign Strategic and Corporate Investors on H-Share IPO Performance

被引：0

作者：

Brockman, Paul ^{[1
]}

Cheng, Louis T. W. ^{[2
]}

Leung, Tak Y. ^{[3
]}

机构：

[1] Lehigh Univ, Coll Business & Econ, Bethlehem, PA USA

[2] Hong Kong Polytech Univ, Sch Accounting & Finance, Hong Kong, Hong Kong, Peoples R China

[3] Open Univ Hong Kong, LSK Sch Business Adm, Hong Kong, Hong Kong, Peoples R China

来源：

Asia-Pacific Journal of Financial Studies | 2016年 / 45卷 / 06期

关键词：

Corporate investor; Foreign institutional investor; H-shares; IPO; Strategic investor; OPERATING PERFORMANCE; CHINA; PRIVATIZATION; MARKET; FIRMS; GOVERNANCE; OWNERSHIP;

D O I：

10.1111/ajfs.12156

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Since 1993, foreign institutional investors (strategic and corporate) have been permitted to invest in Chinese companies listed in Hong Kong as H-shares. We examine the impact of strategic and corporate investors on H-shares before, during, and after their IPOs. We observe that strategic and corporate investors select their investment candidates based on specific pre-IPO firm characteristics. The certification effect of corporate investors generates a significantly positive effect on outside investor demand. In addition, the presence of foreign institutional investors, particularly strategic investors, and post-IPO performance are positively related. Overall, we document a positive effect of foreign institutional investors on H-firms.

引用

页码：886 / 915

页数：30

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