World City Networks Shaped by the Global Financing of Chinese Firms: A Study Based on Initial Public Offerings of Chinese Firms on the Hong Kong Stock Exchange, 1999-2017

Pan, Fenghua; He, Ziyun; Fang, Cheng; Yang, Bofei; Jinshe, Liang

doi:10.1007/s11067-019-09450-z

Cited by 11 publications

(8 citation statements)

References 48 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Therefore, the regression results verify the hypothesis 2. Since the competitiveness of Chinese banks are still weak in global markets (Pan, He, Fang, et al, 2018;Pan, He, Sigler, et al, 2018), Chinese banks are very cautious to enter foreign markets with the purpose of serving local customers. The results are consistent with the findings in previous studies that banks from developed countries do not follow the outward FDI, but banks from developing countries do so (Chou & Shen, 2014;Petrou, 2007).…”

Section: Regression Resultsmentioning

confidence: 99%

The expansion of Chinese banks along the routes of the Belt and Road Initiative: Following customers and geopolitical relations

Cai

Pan

2022

Growth and Change

Self Cite

View full text Add to dashboard Cite

Existing studies on the global expansion of banks have been mostly based on the experience of the banks from more developed economies, while little is known about the geographies of internationalization of banks from less developed countries. The expansion of Chinese banks, with state‐owned commercial banks in the lead, has been accelerating since the Belt and Road Initiative (BRI) was proposed in 2013. This study contributes to existing research by providing new evidence and explanations based on the case of expansion of Chinese banks along the BRI routes. Chinese banks started to expand from Hong Kong and Macao, then expanded to Southeast Asia and the Arabian Peninsula, and finally reached Central Asia and other regions. The branches of Chinese banks are mainly clustered in Southeast Asian countries rather than other regions. Similar to their Western counterparts, Chinese bank branches are inclined to agglomerate in international or regional financial hubs. The regression analysis shows that two factors are crucial in explaining the spatial distribution of Chinese banks along the routes of the BRI. First, Chinese banks are likely to follow their customers, namely, state‐owned firms from the non‐financial sectors making direct investments in overseas regions. Second, Chinese banks are more inclined to open branches in countries that have good geopolitical relations with China reflecting the challenging international environment for Chinese banks to seek global expansion.

show abstract

Section: Regression Resultsmentioning

confidence: 99%

The expansion of Chinese banks along the routes of the Belt and Road Initiative: Following customers and geopolitical relations

Cai

Pan

2022

Growth and Change

Self Cite

View full text Add to dashboard Cite

show abstract

“…Piccardi et al analyze the role of global value chains in economic integration across countries using random walks on networks built from world production systems and different sectors [33]. Pan et al demonstrated the impact of Chinese cities in transforming the global economy network by examining relationships between Advanced Producer Service organizations and their Initial Public Offerings customers from the Hong Kong stock market from 1999 to 2017 [32]. Silva et al utilized wire transfers between cities to demonstrate how the payments are precisely proportionate to the economic dependency of the cities on one another [47].…”

Section: Multinational Corporations and Economic Developmentmentioning

confidence: 99%

Multinational Firms and the Economic Self-Reliance of North American Cities

Ahmed,

Zaidi,

Rozenblat

2024

Preprint

View full text Add to dashboard Cite

The economic development of cities is heavily influenced by multinational corporations (MNCs), whose presence and interconnections with their subsidiaries across various regions and continents significantly shape their global operations and potential expansions. North America serves as a pivotal hub for numerous leading MNCs globally, and cities within this region play a vital role in establishing both local and global economic relationships. This research aims to investigate these tightly coupled interdependent networks of cities facilitated by MNCs and their subsidiaries, with a specific focus on North American cities and urban centers. Through the analysis of empirical data spanning four distinct time periods (2010, 2013, 2016, and 2019), the analysis aims to uncover intriguing insights. Particularly noteworthy is the prevalence of robust intra-regional ties observed within North American over the studied period. Such connectivity fosters economic self-reliance the cities and urban centers, and stimulates sustainable economic growth.

show abstract

“…Several leading international financial centres, such as New York, London, and Hong Kong, stand out as the most attractive destinations for overseas listings (Wójcik and Burger, 2010; Pan et al, 2018). On the one hand, these leading centres are well equipped with more sophisticated FABS to garner efficient corporate financing from worldwide investors.…”

Section: Understanding the Spatial And Network Structure Of Gfns Shap...mentioning

confidence: 99%

“…As of 2020, over 300 Chinese companies, including many high-profile Chinese companies such as China Mobile, Alibaba, and NIO, were listed on those two stock exchanges in New York. While previous studies foreground the critical role of some transnational FABS firms and financial centre cities in integrating China’s economy into the global financial market (Wójcik and Burger, 2010; Pan et al, 2018), little is known about the geographical trajectory and network structure. In the substantive context of Asia’s recent rise in GFNs (Wójcik, 2013a; Lai et al, 2020), it is necessary to better examine China’s integration and its impact on the global financial landscape.…”

Section: Introductionmentioning

confidence: 99%

Mapping global financial networks: a spatial analysis of Chinese companies’ overseas listings

Pan

Fang

2022

Transactions in Planning and Urban Research

Self Cite

View full text Add to dashboard Cite

Drawing on the case of Chinese companies’ overseas listings on US stock exchanges, this study unpacks the geography and network structure of China’s integration into global financial networks (GFNs) by taking a city network approach based on inter-firm service and collaboration linkages. The results show that New York and Hong Kong are the dominant international financial centres facilitating this process. The Cayman Islands and British Virgin Islands are the key offshore jurisdictions in which the Chinese companies are incorporated. Beijing, Shanghai, and Shenzhen are more likely to be connected with GFNs than other cities in mainland China. The financial and business service firms involved in the overseas listings are mostly located in these cities. These strategic nodes have varied functions in GFNs. Several key city-dyads within the networks are identified, which further indicates the importance of those strategic nodes mentioned above. Despite the growing importance of Chinese firms and financial centres within GFNs, the continuing integration of China’s economy via overseas listings on US stock exchanges has strengthened rather than challenged the existing global financial order dominated by the west.

show abstract

World City Networks Shaped by the Global Financing of Chinese Firms: A Study Based on Initial Public Offerings of Chinese Firms on the Hong Kong Stock Exchange, 1999-2017

Cited by 11 publications

References 48 publications

The expansion of Chinese banks along the routes of the Belt and Road Initiative: Following customers and geopolitical relations

The expansion of Chinese banks along the routes of the Belt and Road Initiative: Following customers and geopolitical relations

Multinational Firms and the Economic Self-Reliance of North American Cities

Mapping global financial networks: a spatial analysis of Chinese companies’ overseas listings

Contact Info

Product

Resources

About