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https://doi.org/10.62836/emi.v5i2.0010
Qiao, M., Ma, K., Zhao, L., & Li, Z. (2026). The Impact of Overseas Listing of State-Owned Enterprises on Capital Allocation Efficiency—Empirical Evidence from Chinese Listed Enterprises. Economics & Management Information, 5(2), 0010. https://doi.org/10.62836/emi.v5i2.0010
Volume 5, Issue 2, June 2026
Copyright (c) 2026 Minjian Qiao, Kang Ma, Lingyun Zhao, Zheng Li
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This work is licensed under a Creative Commons Attribution 4.0 International License.

The Impact of Overseas Listing of State-Owned Enterprises on Capital Allocation Efficiency—Empirical Evidence from Chinese Listed Enterprises

In recent years, relevant national authorities have issued multiple documents actively supporting qualified domestic enterprises to seek overseas listing. As the most representative enterprises in China, state-owned enterprises (SOEs) should seize this historic opportunity to list overseas and advance the reform process. Against this backdrop, exploring the internal logical relationship between overseas listing and the capital allocation efficiency of SOEs holds significant practical and real-world implications for improving SOEs’ capital allocation efficiency and accelerating the reform of their internal mechanisms and structures. This paper selects SOEs listed both domestically and overseas from 2009 to 2023 as the sample, and empirically tests the effect and mechanism of SOEs’ overseas listing on capital allocation efficiency from the two dimensions of under-investment and over-investment. The research findings show that: (1) Overseas listing of SOEs can significantly ameliorate capital factor misallocation and improve capital allocation efficiency; (2) Overseas listing of SOEs can reduce the degree of both under-investment and over-investment, thereby optimizing capital allocation efficiency; (3) Overseas listing of SOEs can promote the improvement of corporate governance level, which in turn enhances capital allocation efficiency. At present, China’s capital market is not yet mature. Encouraging and supporting SOEs to list overseas has significant practical and real-world implications for improving corporate governance level, enhancing capital allocation efficiency, and promoting the reform process of SOEs.

state-owned enterprise (SOE) overseas listing capital allocation efficiency corporate governance level

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Supporting Agencies

  1. Funding: National Social Science Fund Academic Society Academic Research Project: A Comparative Study on the Evolution of Investment Strategies and Influences of China, Japan and the United States in China's Neighboring Countries (Project No.: 25SGC112).