The geography of equity listing and financial centre competition in mainland China and Hong Kong
研究基于中国大陆企业股权上市的地理分布，分析上海、深圳和香港金融中心的竞争力变化，发现香港吸引大型国企，深圳成功吸引小企业。
textabstractThis study examines the changing competitiveness of financial centres in mainland China and Hong Kong based on the geography of equity listing of mainland Chinese firms. Pre-listing firm characteristics are used to explore firms’ motives for listing on a particular exchange and whether these motives have changed over time. The results show that Hong Kong’s prominence as an international financial centre is attracting the largest and, recently, also the best performing mainland Chinese state-owned enterprises to go public. Less differentiation exists between the competitiveness of Shanghai and Shenzhen, although the renewed strategy of the Shenzhen stock exchange to attract smaller firms appears to be successful.