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A significant number of Chinese companies are listed overseas. The authors aim to examine whether overseas locations affect their financing decision, specifically their capital structure choice.

Most of the Chinese overseas listed companies are listed in the USA and Hong Kong. As the institutional quality of the USA is better than Hong Kong, the authors, therefore, choose to build the hypotheses from the “law and finance” literature. Specifically, the authors argue that the better institutional environment of the USA can mitigate the information asymmetry problem and the agency problem of financing via equity. Consequently, firms listed in the USA will rely more on equity and have lower leverage ratio. The difference in leverage ratio of US listed and Hong Kong listed companies should be larger when the marginal benefit of better information environment is larger.

Referring to various data sources, the authors construct a comprehensive list of overseas listed companies in the USA and Hong Kong. The authors collect the accounting and stock performance information from Datastream/Worldscope and the equity offering data from Global New Issue database. The empirical findings provide strong support of the hypotheses: the leverage is 15 percent lower for US listed companies than the Hong Kong listed companies; the results are stronger when the firms face more severe information asymmetry problem; the stock price reacts less negatively for seasoned equity offering in the USA than in Hong Kong.

Most of the Chinese companies decided to be listed overseas because they cannot be listed in the Mainland Chinese stock exchanges. One of the most important motivation is to access to external capital to support firm growth. As the main channel of external financing in the overseas markets is equity since debt is still mainly domestically based, one implication of this paper is that Chinese companies can gain better access to external capital in the USA than in Hong Kong and relax their financial constraint.

There are a considerable number of Chinese companies listed in the overseas markets. Many successful and famous companies are among them. However, almost no research has been done based on them. This paper documents some very important phenomenon of this market. The authors wish that more studies will be conducted. In addition, the study also complements the existing studies on how institutional environment affects corporate financial behavior.

This paper aims to explore the development trend of OA articles and their advantages and disadvantages in the process of fighting the pandemic, and conduct a multi-level and multi-angle analysis of the relationship between publishing costs and the influence of OA articles.

This study first compares the total number of articles in Web of Science with the number of OA articles, and the total number of COVID-19 related articles with the total number of OA articles. Subsequently, using the methods of institutional cooperation co-occurrence network, keyword co-occurrence and multidimensional scale analysis, and using the literature on the topic of COVID-19 in CNKI (Chinese National Knowledge Infrastructure) as the data set, we generate visualized maps of research results distribution and keyword co-occurrence network with the help of the Statistical Analysis Toolkit for Infometrics (SATI)

The research results show that the citation frequency and use frequency of OA articles related to COVID-19 are significantly higher than that of non-OA articles. OA articles dominate in the anti-pandemic process, with a series of advantages such as short review cycle, timeliness, high social benefit, high participation and fast dissemination playing an important role. Under the model of author's non-payment for OA article, the degree of institutional cooperation and author cooperation is enhanced, which improves the fluidity of knowledge, strengthens close links between keywords and enhances significant academic influence; OA articles will continue to promote research in the field of COVID-19, but the lack of quality of some OA articles may hinder their development. Then OA articles will further focus on clinical medicine, and related results will continue to promote the development and communication of OA articles in this field.

Corresponding measures are also proposed for the existing problems of OA articles, to provide a reference for the publication and dissemination of OA articles in public health emergencies in the future.