Stock Markets as Standard-Setters: An Investigation of Dual-Listed Chinese Companies on the H- and A-Share Markets
摘要
The reform and open-up of Mainland China had evolved to the stage where capital market liberalization has become the limelight. Cross-border portfolio investment flows nowadays are still dominated by overseas listing and to a lesser extent the QDII and QFII investment flows, and Hong Kong has always served as the favourite host to these overseas listings. While companies issue their shares on a stock market, they have to comply with additional solid rules and market practices. The stock market is supposed to regulate and supervise the company, prevent any misconduct on minority shareholder expropriation and inflict reasonable levels of punishments.