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
收藏
页码：886 / 915
页数：30
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