Main Motivations for Chinese Small and Medium-Size Enterprises to List Their Shares on the Foreign Stock Exchanges (Literature Review 部分)

Outline：

I Preface ：
In this part，the author illuminates the main purposes of this thesis， the necessity of doing research on the motivations for Chinese Small and Medium-Size Enterprises to list their shares on the foreign stock exchanges， some relevant concepts，the status quo and the trend for listing their shares on the foreign stock exchanges

II Main Body

Review the motivations one by one with relevant literature。Based on the provided motivations, the author makes some supplements.

Part 1
the general motivations for overseas listing
1. Access to Capital Motivation
2. Lower Costs of Capital Motivation
3. Merger and Acquisition Currency Motivation
4. Marketing Motivation
5. Employee Compensation Motivation
6. Investor Protection Motivation

Part2

A review of the motivations for the overseas listing of Chinese Enterpises

1. Financial Motivations
1) Financing Motivation
2) Stock Full Marketability Motivation
2. Internationalization Motivations
3 Corporate Governance Enhancement Motivation
4 Reputation Improvement Motivation
5 Merger and Acquisition Currency Motivation

III Brief summary：
1 A summary on the main body
2 The author makes some comments on the related points of view.
3 The extant problems of the Chinese Small and Medium-Size Enterprises in foreign stock exchange.
4 The direction and development of listing in foreign stock exchange for Chinese Small and Medium-Size Enterprises

IV Reference

Literature Review
The literature review will be divided into two parts. The first part will briefly conclude the general motivations for overseas listing by reviewing the relevant literatures; and the second part will outline as well as address the motivations of Chinese enterprises listing their shares abroad through analyzing extant literatures.

Part 1
Based on the review of the extant literatures, the general motivations for overseas listing can be concluded as following
1. Access to Capital Motivation
2. Lower Costs of Capital Motivation
3. Merger and Acquisition Currency Motivation
4. Marketing Motivation
5. Employee Compensation Motivation
6. Investor Protection Motivation
以上每一个motivation都要被具体的回顾

Part 2
Through a thorough review of the extant literatures, the motivations for the overseas listing of Chinese enterprises can be concluded as
1. Financial Motivations
1) Financing Motivation
2) Stock Full Marketability Motivation
2. Internationalization Motivations
3) Corporate Governance Enhancement Motivation
4) Reputation Improvement Motivation
5) Merger and Acquisition Currency Motivation
以上每一个motivation都要被具体的回顾

Conceptual Model
According to the motivations for the overseas listing of Chinese enterprises which are concluded in the literature review, these motivations can formulate the following model.

Presetation:

Before starting my presentation, I would like to indicate that the Chinese enterprises in my proposal refer to all the Chinese incorporations in general.

Background
The reforming and opening-up policy of China has been ongoing for nearly 30 years. Along with the rapidly growth of the economy and the loosing up of control of security finance, more and more Chinese enterprises listed their shares abroad. The overseas listing of Chinese enterprises began with the Tsingtao Brewery Company Limited listed its shares on Hong Kong Exchanges in 1993 . According to data published by each stock exchange, there are now more than 400 Chinese enterprises listed abroad. It is worth noting that the amount of SMEs among all overseas listed Chinese enterprises has been on the rise in recent years. According to data provided by the secondary markets, which are the international markets that set up for smaller growing companies by the main foreign stock exchanges, the number of Chinese SMEs which listed on them has been rapidly increased in the past years and account for about 40% of all overseas listed Chinese enterprises currently, and the trend in the overseas listing of Chinese SMEs is continuously moving upward.

Importance
The numbers of overseas listed Chinese SMEs sharply increase in recent years. However, overseas listing needs a high cost and capital scarcity is a general problem that exists in the Chinese SMEs. Hence, it is significant to investigate the motivations behind the Chinese SMEs spend a large sum of money to list abroad. Also, at present, most researchers analyze the motivations for the overseas listing of Chinese enterprises from a general perspective and there are only a few researches concentrating on the overseas listing of Chinese SMEs. Thus, it will be fruitful to conduct a research into the motivations for the overseas listing of these Chinese SMEs.

Objectives
The objective of this dissertation is to explore the main motivations for the overseas listing of Chinese SMEs. Also, this dissertation aims to supplement the knowledge gap of existing researches, and provide a fundamental basis for the other researchers who are interested in or planning to do investigations of the behavior of Chinese SMEs listing their shares on foreign stock exchanges.

Research Question
After a careful examination of the relevant literatures, the research question of this dissertation is identified to be "What are the Main Motivations for Chinese Small and Medium-Size Enterprises to Overseas List Their Shares on Foreign Stock Exchanges?" and it includes two sub-questions.

Q1: What is/are the most relevant motivation(s) to the Chinese SMEs to list their shares on foreign stock exchanges amongst the motivations for the Chinese enterprises listed abroad?

Q2: Is there any other motivation(s) for Chinese SMEs to list abroad except those motivations which are mentioned in the extant literatures?

Literature Review
The literature review will be divided into two parts. The first part will briefly conclude the general motivations for overseas listing by reviewing the relevant literatures; and the second part will outline as well as address the motivations of Chinese enterprises listing their shares abroad through analyzing extant literatures.

Part 1
Based on the review of the extant literatures, the general motivations for overseas listing can be concluded as following
1. Access to Capital Motivation
2. Lower Costs of Capital Motivation
3. Merger and Acquisition Currency Motivation
4. Marketing Motivation
5. Employee Compensation Motivation
6. Investor Protection Motivation
And each motivation given above will be detailed reviewed.

Part 2
Through a thorough review of the extant literatures, the motivations for the overseas listing of Chinese enterprises can be concluded as
1. Financial Motivations
1) Financing Motivation
2) Stock Full Marketability Motivation
2. Internationalization Motivations
3) Corporate Governance Enhancement Motivation
4) Reputation Improvement Motivation
5) Merger and Acquisition Currency Motivation
And each motivation given above will be detailed reviewed.

Conceptual Model
According to the motivations for the overseas listing of Chinese enterprises which are concluded in the literature review, these motivations can formulate the following model.

Each rectangle represents a motivation for the overseas listing of Chinese enterprises, and each motivation can accelerate the Chinese enterprises list their shares on foreign stock exchanges.

Research Method and Data Collection Approach
Qualitative case study approach with a single case - a medium-size high-tech Chinese enterprise will be utilized in my research. Due to case studies are particularly well-suited to new research areas or research areas for which existing theory seems inadequate; the case study will be utilized in my research. In addition, I choose the medium-size high-tech Chinese enterprises as the subject of my case study is because it is one of the Chinese SMEs which listed abroad recently. It listed its shares on AIM of London Stock Exchange in 2006. This will allow more updated information to be collected compare with doing a study for the other Chinese SMEs which had already listed on foreign stock exchanges for several years.

Furthermore, because compare with the other data sources, interviews are much more flexible, and they can produce better response rates as they are more personal. Also, they provide more control for the researcher and make it possible to collect information at precise times, hence, interview will be used for data collection in my research. Fortunately, promise has been obtained from the chairman and CEO of this company to accept the interview. Based on the arrangement of the Chairman, interviews will be conducted with key decision makers of this company who engaged in making the decision of overseas listing of this company.