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dc.contributorSchool of Accounting and Financeen_US
dc.creatorLi, Lok Yan-
dc.publisherHong Kong Polytechnic University-
dc.rightsAll rights reserveden_US
dc.titleAre reverse merger companies more likely to be delisted? : evidence from US-listed Chinese companiesen_US
dcterms.abstractI was prompted to carry out a detailed research on the nature of Chinese reverse merger (CRM) companies against the background that there is an increasing number of US-listed CRM companies being involved in accounting scandals and have their stocks being delisted for the major U.S. stock exchanges in recent years. In this paper, I compare the characteristics of CRM firms and IPO firms. Also, I would like to find out whether CRM firms are more likely to be delisted. I examine 496 CRM firm-year observations from the major stock exchanges in the U.S. over the period of 2008 to 2010. The first finding is that the quality of CRM companies is lower than those Chinese companies listed via Initial Public Offer (IPO). The firms' quality is measured in terms of capital size, sales growth, turnover and return on assets. Secondly, compared with other listing methods, companies going public via CRM are more likely to be delisted when controlling the variables of firm size and the board characteristics. The evidence also suggests that CRM firms which engage Big-4 auditors can help to improve the financial reporting quality and hence less likely to be delisted. However, there is no strong evidence to support the assertion that the quality of corporate governance in CRM firms is poorer than IPO firms.en_US
dcterms.extentvii, 64 leaves : ill. ; 30 cm.en_US
dcterms.educationalLevelAll Masteren_US
dcterms.LCSHGoing public (Securities)en_US
dcterms.LCSHCorporations -- China -- Finance.en_US
dcterms.LCSHHong Kong Polytechnic University -- Dissertationsen_US
dcterms.accessRightsrestricted accessen_US

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