Collaboration networks of Global financial centers: A Study Based on Initial Public Offerings of Chinese Firms in Hong Kong Stock Exchange, 1999-2017

Authors: Ziyun He*, Beijing Normal University, Fenghua Pan, Beijing Normal University
Topics: China, Urban Geography, Quantitative Methods
Keywords: Collaboration networks, ABS firms, Chinese firms, IPO, Hong Kong Exchange, Global financial centers
Session Type: Paper
Day: 4/6/2019
Start / End Time: 1:10 PM / 2:50 PM
Room: Diplomat Room, Omni, West
Presentation File: No File Uploaded

Leading international advanced business service (ABS) firms located in global financial centers play key roles in the process of initial public offerings (IPOs) of Chinese firms on overseas stock markets. Based on the collaboration relationships among ABS firms in the IPOs of Chinese firms on Hong Kong Stock Exchange (HKEx), this study explores the collaboration networks of global financial centers. The results show that Hong Kong is holding an overwhelmingly dominant position in the networks. In addition, London and Cayman Islands have become key overseas nodes, while Beijing, Shanghai, Shenzhen and Guangzhou are dominant mainland cities. For city dyads, the connectivity value of Beijing-Hong Kong ranks first. By conducting two-mode networks, this study also recognizes the key ABS firms. Moreover, we differentiate the financial centers though exploring the agglomeration characteristics and regulations of ABS firms from different subdivided industries and analyzing the differences between ABS firm’s cooperation networks shaped by the different institutional background of Chinese listed firms. This study sheds some lights on the quantitative analysis on global financial networks in the future.

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