Going global? Examining the geography of Chinese firms’ overseas listings on international stock exchanges

Pan, Fenghua; Brooker, Daniel

doi:10.1016/j.geoforum.2013.12.003

Cited by 29 publications

(30 citation statements)

References 33 publications

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“…Hong Kong, China, Singapore, Macau, China benefit from being geographically and culturally close to China mainland. Hong Kong in particular has a, Urban networks shaped by banks (top 50 cities) (Pan and Brooker, 2014), but firms also chose Hong Kong, China as their first step to start their internationalization (Lai, 2012). These firms set up subsidiaries in Hong Kong, China, or acquired financial service firms in Hong Kong, China, and after a few years practice, these financial service firms went to farther regions.…”

Section: Impacts Of Chinese Financial Service Firms On the Global Finmentioning

confidence: 99%

“…The city's position as a leading financial center has thus been significantly strengthened by Chinese financial service firms. In fact, most financial service firms are being listed on the Hong Kong stock exchange, bringing unique advantages for Hong Kong, China (Pan and Brooker, 2014). Political consideration are obviously also important for Hong Kong's position in attracting Chinese financial service firms.…”

Section: Impacts Of Chinese Financial Service Firms On the Global Finmentioning

confidence: 99%

“…The last two decades have been characterized by a significant 'going-global' of Chinese firms (Yeung and Liu, 2008;Pan and Brooker, 2014;He et al, 2015). Despite the growing research attention on outward foreign direct investment (OFDI) from China in the manufacturing sectors (Si et al, 2013;Si, 2014;He et al, 2015), little attention has been paid to the internationalization of advanced producer services (APS) firms from China in general, and financial services firms in particular.…”

Section: Introductionmentioning

confidence: 99%

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How Chinese Financial Centers Integrate into Global Financial Center Networks: An Empirical Study Based on Overseas Expansion of Chinese Financial Service Firms

Pan

Sigler

et al. 2018

Chin. Geogr. Sci.

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The increasing globalization of the Chinese economy has been enabled by both Chinese financial institutions operating globally as well as international firms operating within China. In geographical terms, this has been organized through a number of strategic cities serving as gateways for the exchange of financial functions, products and practices between China and the global economy. Drawing on location data of financial service firms in China listed on stock exchanges in Shenzhen, Shanghai and Hong Kong, this paper shows that Chinese financial firms are expanding globally and how Chinese financial centers are positioned and connected in the urban networks shaped by these financial service firms. It is found that Hong Kong, China, holds strategic positions in the integration of Chinese cities into global financial center networks, and that establishing a foothold in global financial centers such as New York and London has been a priority for Chinese financial institutions. The increasing capital flows directed by Chinese financial institutions suggests a shifting global financial geography, with numerous Chinese cities playing increasingly important roles within global financial center networks.

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Section: Impacts Of Chinese Financial Service Firms On the Global Finmentioning

confidence: 99%

Section: Impacts Of Chinese Financial Service Firms On the Global Finmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

How Chinese Financial Centers Integrate into Global Financial Center Networks: An Empirical Study Based on Overseas Expansion of Chinese Financial Service Firms

Pan

Sigler

et al. 2018

Chin. Geogr. Sci.

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“…Compared to non-listed companies, listed companies benefit from the competitive advantages of a larger scale, better performance, smoother information transmission, and a stronger ability to source finance, making them the most dynamic and high-potentially enterprise organizations in the modern market economy [6][7][8]. Listed companies with strong market performance and a good social reputation can easily attract and retain talents, which in turn promotes scientific and technological progress and innovation, forming a virtuous circle.…”

Section: Introductionmentioning

confidence: 99%

Spatial Distribution Pattern of the Headquarters of Listed Firms in China

Zhang

Yang

2018

Sustainability

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This study chose 4667 listed firms with headquarters in China as the research objects. The spatial aggregations of headquarters in sub-periods and subsectors were investigated based on prefecture-level cities using Global Moran's I statistic, the Getis-Ord Gi* statistic, and kernel density estimation. The spatial association and frequent patterns of headquarters belonging to different sectors were analyzed using the Apriori algorithm. The results showed the following: (1) Most headquarters of listed firms agglomerate around megacities and concentrate in the coastal regions.(2) Many prefer that headquarters be located in an area within a 5 km radius, forming the pivotal local industry cluster. (3) Industrial, information technology, and consumer discretionary firms show a higher degree of agglomeration than materials and health care firms. Materials and consumer discretionary industries have a stronger spillover effect on surrounding cities compared to industrial, information technology, and health care firms. (4) Service industries show a strong spatial association with other sectors at all distance thresholds and frequent items. These results can provide a reference for future considerations of headquarters locations, industrial development, and the reshaping of urban networks.

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“…While the present study proposes an alternative strategy to analyse urban networks based on the inter-firm service provision relationships in the process of an initial public offering (IPO), which has been conceived as one of the most sophisticated and highend economic activities that intensively involves APS firms (Pan and Brooker, 2014;Wo´jcik and Burger, 2010;Wo´jcik and Camilleri, 2015). Based on these service provision connections between APS firms and their clients during the IPO process, this study provides additional insights to those from existing studies on urban networks in China.…”

Section: Introductionmentioning

confidence: 99%

Mapping urban networks through inter-firm service relationships: The case of China

Pan

Lenzer

et al. 2017

Urban Studies

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Literature on how cities get connected through networks of firms has been increasing in recent years. In particular, advanced producer service (APS) firms are being widely used to build intra-firm linkages to establish urban networks. In contrast to studies applying intra-firm networks, this study proposes an alternative strategy to build urban networks based on inter-firm service provision relationships during the process of initial public offering (IPO) in which APS firms – including securities, law firms and accounting firms – provide professional services for firms aiming to be publicly listed. Based on service provision connections between APS firms and their clients, this study provides fresh insights on urban networks in China. The results show that Beijing, Shenzhen and Shanghai strategically hold dominant positions within Chinese urban networks and they are the lead command and financial centres within the country. Particularly, Beijing has overwhelmingly more influence over other cities. The urban networks are embedded in China’s unique institutional context where market and state power together have shaped these networks. Since the urban network is built up based on real economic linkages, the findings might have further implications for policy-making and could contribute to ongoing debates regarding financial centres in China. It implies that connections between firms based on real economic activities can be an effective way to construct urban networks in future research.

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Going global? Examining the geography of Chinese firms’ overseas listings on international stock exchanges

Cited by 29 publications

References 33 publications

How Chinese Financial Centers Integrate into Global Financial Center Networks: An Empirical Study Based on Overseas Expansion of Chinese Financial Service Firms

How Chinese Financial Centers Integrate into Global Financial Center Networks: An Empirical Study Based on Overseas Expansion of Chinese Financial Service Firms

Spatial Distribution Pattern of the Headquarters of Listed Firms in China

Mapping urban networks through inter-firm service relationships: The case of China

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