经济学院2023年金融学研讨会（一）-张培刚发展研究院

摘要：As at the end of 2020, about 1600 Chinese firms with a total market capitalization of $5.3 trillion are listed in stock exchanges outside Mainland China. This paper investigates the motives and market valuation of overseas listed Chinese firms, and how they are affected by the policy distortions in China’s capital market. Using an endogenous treatment effect model, we find contrary to the valuation premium generally found in the literature for overseas listed firms, Chinese firms listed in the US and Hong Kong stock market have a 50% valuation haircut compared with their domestically listed counterfactual, and this effect persists even five years after listing. Exploiting exogenous policy variations and shocks and firm heterogeneities, we examine the effects of three policy distortions on this valuation haircut: restrictions on foreign investment; administrative approval IPO system; and capital outflow controls. We find firms affected by these three policy distortions face greater valuation discounts.

主讲嘉宾介绍：袁梦莹，南洋理工大学经济学博士候选人。主要研究领域为公司金融、金融市场。研究成果发表于Journal of Economic Behavior & Organization等国际权威期刊。曾担任Economic Modelling, Singapore Economic Review等学术期刊审稿人。