Study on the Impact of Overseas Listing on Corporate Valuation and Financing Constraints—The Example of US-listed Chinese Stocks

Qinghong Guo and Ronghua Yi

Chapter 1 in Internet Finance and Digital Economy:Advances in Digital Economy and Data Analysis Technology, 2023, pp 3-17 from World Scientific Publishing Co. Pte. Ltd.

Abstract: China has long adopted the approval system for stock issuance, and the threshold for A-share listing is high, so many companies cannot meet the strict listing requirements for A-shares, while the United States has a developed and open capital market, which has attracted many Chinese companies to list in the United States, forming a group of Chinese stocks listed in the United States. This paper studies the valuation and financing constraint effects of US-listed Chinese stocks and A-share listed companies. The results conclude that the valuation of US-listed Chinese stocks is lower than that of A-share listed companies compared with similar companies listed in A-share, and the financing constraints of US-listed Chinese stocks have not been eased. This paper enriches the research related to overseas listing and provides policy recommendations for overseas-listed Chinese companies and further improvement of the Chinese capital market.

Keywords: Internet Economy; Online Finance; Financial Engineering; Big Data; Blockchain; Supply Chain; E-commerce (search for similar items in EconPapers)
JEL-codes: G2 O33 (search for similar items in EconPapers)
Date: 2023
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