Overseas Listing of Chinese Companies:An Overview  

作　　者：CongshengWu 

机构地区：[1]associate professor,International Finance University of Bridgeport,U.S

出　　处：《China & World Economy》2005年第4期44-57,共14页中国与世界经济（英文版）

摘　　要：This paper provides a broad-based overview of Chinese companies listed in the UnitedStates, Hong Kong SAR, and Singapore. As more and more Chinese companies are seekinglisting on international stock exchanges, they must fully understand the costs and benefitsassociated with overseas capital-raising activities. Above all, they must be committed toaddressing investors’ concerns over accountability, transparency and corporate governancein general. Examinations of the pricing and post-offer performance of those listed in theU.S. market indicate that American depositary receipts (ADRs) from China have a moderatepositive return on the first day of trading but underperform the U.S. stock market in the firstthree years after offer. These results are generally consistent with the stylized facts aboutnewly listed companies recognized in the prior literature.

关 键 词：ADR Chinese companies cross-listing IPO 

分 类 号：F279.21[经济管理—企业管理]