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首页> 外文期刊>Networks & Spatial Economics >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
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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

机译：中国企业全球融资塑造的世界城市网络：基于中国企业在香港联合交易所首次公开发行股票的研究，1999-2017年

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摘要

Advanced producer service (APS) firms play key roles in the initial public offerings (IPOs) of firms in stock markets. Based on interfirm service relationships between APS firms and their clients in the IPOs of Chinese firms in the Hong Kong Stock Exchange (HKEx) in the period 1999–2017, this study explores how world city networks are shaped in the global financing activities of Chinese firms. The results show that very widely distributed cities are involved in the networks and that Hong Kong holds an overwhelmingly dominant position. In addition, London and the Cayman Islands have become key overseas nodes by providing significant services for Chinese firms, but most overseas cities mainly provide legal services. Furthermore, Beijing, Shanghai, and Shenzhen are in pioneering positions in developing connections with both world cities and offshore jurisdictions. Beijing has great advantages over all other Mainland China cities because it has become both the command center and a service provider. Compared to Hong Kong, Mainland China cities still hold very marginal positions as service providers. Global financing activities by firms from emerging economies such as China have the potential to reshape the world city networks and might have important impacts on the evolution of international and domestic financial center networks. The results indicate that this is a feasible way to explore the relationships between commanding centers and APS centers based on service linkages in the IPO process from the perspective of the world city network. This study also sheds light on the future quantitative analysis of global financial networks.
机译：先进的生产者服务（APS）公司在股票市场公司的首次公开发行（IPO）中起着关键作用。基于1999-2017年间APS公司及其客户在中国公司在香港联合交易所有限公司（HKEx）首次公开募股中的公司间服务关系，本研究探讨了中国公司在全球融资活动中如何塑造世界城市网络。结果表明，分布广泛的城市参与了网络，并且香港占据了绝对优势。此外，伦敦和开曼群岛通过为中国公司提供重要服务而成为重要的海外节点，但是大多数海外城市主要提供法律服务。此外，北京，上海和深圳在与世界城市和离岸司法管辖区建立联系方面处于先锋地位。与其他所有中国大陆城市相比，北京具有很大的优势，因为它既是指挥中心又是服务提供者。与香港相比，中国大陆城市在服务提供者方面仍然处于边缘地位。来自像中国这样的新兴经济体的公司的全球融资活动有可能重塑世界城市网络，并且可能对国际和国内金融中心网络的发展产生重要影响。结果表明，这是从世界城市网络的角度探讨基于IPO过程中服务联系的指挥中心与APS中心之间关系的可行方法。这项研究还为全球金融网络的未来定量分析提供了启示。

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