중국 상장기업의 해외 IPO 대상국 선택 결정요인 분석

Determinants of Overseas IPO Location Selection by Chinese Stock Exchange Listed Enterprises

Since 1993, TSING DAO issued H shares in Hong Kong and Chinese enterprises began listing their shares overseas. Right now, more and more Chinese enterprises have listed in Hongkong, Singapore and some countries successfully. With China s overseas IPOs active, studying the determinants of overseas IPO location selection is necessary. This paper examines determinants of overseas IPO location selection by analyzing 758 Chinese stock exchange listed enterprises for the period 2002-2012. Poisson regression analysis showed that the IPO country s investor protection, disclosure index, stock turnover, economic freedom and the trade volume between China and the IPO host country have a positive impact on Chinese enterprises overseas IPO in developed country while only economic freedom affects Chinese enterprises overseas IPO in developing countries.