This paper reports an investigation on Chinese companies＇ perception on overseas public listing. The investigation is mainly based on a questionnaire survey. The result shows that Chinese companies overwhelmingly acc...This paper reports an investigation on Chinese companies＇ perception on overseas public listing. The investigation is mainly based on a questionnaire survey. The result shows that Chinese companies overwhelmingly accept overseas listing as a preferred option, which may shed some light on other Chinese companies in their evaluation on seeking overseas public listing as a strategic option to the overseas exchanges in their efforts of wooing the Chinese market.展开更多
Corporate governance represents institutional structures and incentive mechanisms that are implemented in order to mitigate the principal-agent problem and to thus promote the long-term competitiveness of the firm. Th...Corporate governance represents institutional structures and incentive mechanisms that are implemented in order to mitigate the principal-agent problem and to thus promote the long-term competitiveness of the firm. The purpose of this paper is to examine the nature of corporate governance best practice and the new listing rules in Sri Lanka. The paper discusses the evolution of the corporate governance best practice giving special reference to the new listing rules in Sri Lanka, Sri Lankan stock market overview and the importance of best practice governance for the developing economy of Sri Lanka. Corporate governance practices in Sri Lanka has made a progress towards best practice, but, this paper argues, that substantial reforms need to be implemented to effectively promote and sustain the accountability and transparency.展开更多
In recent years, the CPC Central Committee and the State Council have attached great importance to the development of capital markets. The future development trend is to establish and continuously improve a multi-leve...In recent years, the CPC Central Committee and the State Council have attached great importance to the development of capital markets. The future development trend is to establish and continuously improve a multi-level capital market, expand and increase the proportion of direct financing, and allow more financial resources to be allocated through the capital market. The development of multi-level capital market is beneficial to China's economic transformation and upgrading and structural adjustment. It is beneficial to cultivate and strengthen the real economy. It is conducive to improving the allocation efficiency of financial resources;It is conducive to promoting the development of strategic emerging industries and sustainable economic growth. Based on the introduction of the multi-level capital market system, the listing conditions of enterprises and the analysis of the significance of listing to the development of enterprises, this paper analyzes and discusses the key points of financial and legal audit of enterprises' listing combined with actual cases.展开更多
China Longyuan Power was listed on the main board of Hong Kong Stock Exchange in 2009.The successful listing proved the correctness and timeliness of China Guodian's strategy of "leading enterprises to transf...China Longyuan Power was listed on the main board of Hong Kong Stock Exchange in 2009.The successful listing proved the correctness and timeliness of China Guodian's strategy of "leading enterprises to transformation by exploring new energy resources energetically."展开更多
In this paper, we investigate if dividend policy is influenced by ownership type.Within the dividend literature, dividends have a signaling role regarding agency costs, such that dividends may diminish insider conflic...In this paper, we investigate if dividend policy is influenced by ownership type.Within the dividend literature, dividends have a signaling role regarding agency costs, such that dividends may diminish insider conflicts(reduce free cash flow) or may be used to extract cash from firms(tunneling effect)- which could be predominant in emerging markets. We expect firms with foreign ownership and those that are listed in overseas markets to have different dividend policies and practices than those that are not, and firms with more state ownership and less individual ownership to be more likely to pay cash dividends and less likely to pay stock dividends. Using firms from an emerging economy(China), we examine whether these effects exist in corporate dividend policy and practice. We find that both foreign ownership and cross-listing have significant negative effects on cash dividends, consistent with the signaling effect and the notion of reduced tunneling activities for firms with the ability to raise capital from outside of China. Consistent with the tunneling effect, we find that firms with higher state ownership tend to pay higher cash dividends and lower stock dividends, while the opposite is true for public(individual) ownership.Further analysis shows that foreign ownership mediates the effect of state ownership on dividend policy. Our results have significant implications for researchers, investors, policy makers and regulators in emerging markets.展开更多
This paper investigates the implication of correlation ambiguity to investor behavior,asset pricing and issuers'listing choices from a market microstructure perspective.We introduce two markets to a multi-asset mo...This paper investigates the implication of correlation ambiguity to investor behavior,asset pricing and issuers'listing choices from a market microstructure perspective.We introduce two markets to a multi-asset model:Market A is transparent and Market B is opaque,or Market A with low and Market B with high ambiguity perceived by investors.Each firm can choose only a unique market to list its stock.Due to ambiguity aversion,a naïve investor's demand function demonstrates piecewise linear.Such trading behavior may lead to different equilibria and hence different market-clearing prices for each listing outcome.Rational entrepreneurs make optimal listing decisions depending on asset prices in alternative markets.We further demonstrate that a crafted design of specific features of the microstructure,such as listing standards and disclosure requirements,can effectively reduce the perceived ambiguity and induce more naïve investors'participation to improve market liquidity,maintain greater volume,and lower the cost of capital,so as to attract more new listings.展开更多
In the years since China entered the World Trade Organization in December 2001, the Chinese banking industry has undergone tremendous change-opening up has been stepped up, the financial market reshuffled, bank reform...In the years since China entered the World Trade Organization in December 2001, the Chinese banking industry has undergone tremendous change-opening up has been stepped up, the financial market reshuffled, bank reforms initiated, various展开更多
Apowerful swing, the swish of a titanium club and the sweet crisp smackas it connects with a white dimpled ball. Golf, the sport associated with money,business deals and all the finer things in life.And in an age wher...Apowerful swing, the swish of a titanium club and the sweet crisp smackas it connects with a white dimpled ball. Golf, the sport associated with money,business deals and all the finer things in life.And in an age where any competitive展开更多
文摘This paper reports an investigation on Chinese companies＇ perception on overseas public listing. The investigation is mainly based on a questionnaire survey. The result shows that Chinese companies overwhelmingly accept overseas listing as a preferred option, which may shed some light on other Chinese companies in their evaluation on seeking overseas public listing as a strategic option to the overseas exchanges in their efforts of wooing the Chinese market.
文摘Corporate governance represents institutional structures and incentive mechanisms that are implemented in order to mitigate the principal-agent problem and to thus promote the long-term competitiveness of the firm. The purpose of this paper is to examine the nature of corporate governance best practice and the new listing rules in Sri Lanka. The paper discusses the evolution of the corporate governance best practice giving special reference to the new listing rules in Sri Lanka, Sri Lankan stock market overview and the importance of best practice governance for the developing economy of Sri Lanka. Corporate governance practices in Sri Lanka has made a progress towards best practice, but, this paper argues, that substantial reforms need to be implemented to effectively promote and sustain the accountability and transparency.
文摘In recent years, the CPC Central Committee and the State Council have attached great importance to the development of capital markets. The future development trend is to establish and continuously improve a multi-level capital market, expand and increase the proportion of direct financing, and allow more financial resources to be allocated through the capital market. The development of multi-level capital market is beneficial to China's economic transformation and upgrading and structural adjustment. It is beneficial to cultivate and strengthen the real economy. It is conducive to improving the allocation efficiency of financial resources;It is conducive to promoting the development of strategic emerging industries and sustainable economic growth. Based on the introduction of the multi-level capital market system, the listing conditions of enterprises and the analysis of the significance of listing to the development of enterprises, this paper analyzes and discusses the key points of financial and legal audit of enterprises' listing combined with actual cases.
文摘China Longyuan Power was listed on the main board of Hong Kong Stock Exchange in 2009.The successful listing proved the correctness and timeliness of China Guodian's strategy of "leading enterprises to transformation by exploring new energy resources energetically."
文摘In this paper, we investigate if dividend policy is influenced by ownership type.Within the dividend literature, dividends have a signaling role regarding agency costs, such that dividends may diminish insider conflicts(reduce free cash flow) or may be used to extract cash from firms(tunneling effect)- which could be predominant in emerging markets. We expect firms with foreign ownership and those that are listed in overseas markets to have different dividend policies and practices than those that are not, and firms with more state ownership and less individual ownership to be more likely to pay cash dividends and less likely to pay stock dividends. Using firms from an emerging economy(China), we examine whether these effects exist in corporate dividend policy and practice. We find that both foreign ownership and cross-listing have significant negative effects on cash dividends, consistent with the signaling effect and the notion of reduced tunneling activities for firms with the ability to raise capital from outside of China. Consistent with the tunneling effect, we find that firms with higher state ownership tend to pay higher cash dividends and lower stock dividends, while the opposite is true for public(individual) ownership.Further analysis shows that foreign ownership mediates the effect of state ownership on dividend policy. Our results have significant implications for researchers, investors, policy makers and regulators in emerging markets.
文摘This paper investigates the implication of correlation ambiguity to investor behavior,asset pricing and issuers'listing choices from a market microstructure perspective.We introduce two markets to a multi-asset model:Market A is transparent and Market B is opaque,or Market A with low and Market B with high ambiguity perceived by investors.Each firm can choose only a unique market to list its stock.Due to ambiguity aversion,a naïve investor's demand function demonstrates piecewise linear.Such trading behavior may lead to different equilibria and hence different market-clearing prices for each listing outcome.Rational entrepreneurs make optimal listing decisions depending on asset prices in alternative markets.We further demonstrate that a crafted design of specific features of the microstructure,such as listing standards and disclosure requirements,can effectively reduce the perceived ambiguity and induce more naïve investors'participation to improve market liquidity,maintain greater volume,and lower the cost of capital,so as to attract more new listings.
文摘In the years since China entered the World Trade Organization in December 2001, the Chinese banking industry has undergone tremendous change-opening up has been stepped up, the financial market reshuffled, bank reforms initiated, various
文摘Apowerful swing, the swish of a titanium club and the sweet crisp smackas it connects with a white dimpled ball. Golf, the sport associated with money,business deals and all the finer things in life.And in an age where any competitive
