Abstract: 企业在不同资本市场之间的选择往往是上市过程中一个重要决策。上市地点是否会影响其后续业绩表现以及价值？本文基于中国内地房地产企业数据的研究发现，在中国香港上市的企业比在中国内地上市的企业经营业绩（资产回报率）更优，而两者在股市价值上并无显著差别。另外，在(中国)香港上市的房地产企业中，国有企业股市价值低于非国有企业；而在中国内地上市的房地产企业中，国有企业股市价值高于非国有企业。以上实证发现与公司治理理论以及委托代理理论相一致。

摘要： Choice among different stock markets is an important decision for firms during IPOs. Does location choice affect firms' post-IPO performance and market value? Using data about mainland Chinese real estate firms, this article shows that those firms listed in the Hong Kong stock market exhibited higher performance (return on asset) than those listed in mainland Chinese stock markets, though their market values did not differ significantly. Additionally, among those firms listed in Hong Kong, state ownership led to lower market value; however, for firms listed in mainland China, state ownership led to higher value. These empirical findings are consistent with predictions from corporate governance and agency theories.