Abstract: Location choice of firms’ overseas listing is a major concern of financial geography. There are a large number of Chinese firms choose to list on overseas stock exchanges in which Singapore is one of the most important listing locations. But Singapore’s appeal to Chinese firms has declined greatly in recent years. This paper firstly introduces the overall pattern of Chinese firms which list on Singapore Stock Exchange (SGX) through presenting the structural changes in time, space and industry of Chinese listed firms. After that, it explores why Singapore become an important destination for overseas listings of Chinese firms as well as the reasons for the recent decline in the status. This paper argues that relying on low and flexible requirements for listing and the successful marketing strategies of SGX, the promotion of Singapore's local venture capital institutions, proximities in geography, culture, language and industry similarity between Singapore and China and follow-the-leader effect in the listing of firms in the same regional industrial clusters in china, Singapore has attracted numerous Chinese firms to list on SGX. These are the reasons why SGX has been one of the most important destinations for overseas listing of Chinese firms in a long period of time. However, the attractiveness of SGX to Chinese firms greatly decreased after 2007. We summarized three reasons for the decline. Firstly, the downturn of the capital markets which is caused by the global financial crisis. Secondly, the increased competition among the world's major stock exchanges also contributes to the decline. Thirdly and the most importantly, poor financing condition of the Chinese stocks on SGX severely reduced the enthusiasm of Chinese firms for listing on SGX. In the conclusion part, we point out that Singapore has lost the advantages it had before in attracting Chinese firms to list on SGX. Firms should be rational in the listing process. In addition, overseas listing has potential influences on the geographical pattern of global finance. So we propose that financial geography deserves more research attention in China.

摘要： 企业海外上市的地点选择是金融地理学关注的重要问题。中国有大量的企业在海外上市，其中新加坡是最重要的海外上市地点之一，但是近几年其吸引力有所下降。本文首先分析中国企业在新加坡上市的时间、空间以及行业结构变化历程，在此基础上探讨新加坡成为我国企业海外上市重要目的地以及近期地位下降的原因。凭借与中国在地理、文化和语言等方面的邻近性及产业上的相似性、较为宽松的上市条件、证券交易所积极的市场营销、来自新加坡的风险投资机构的推动以及地方企业集群的模仿领袖效应，新加坡在很长一段时间都是我国企业海外上市的重要目的地之一。2007年以后，新加坡证券交易所对中国企业的吸引力明显下降，主要是由全球金融危机造成资本市场低迷、全球各大交易所间竞争加剧和中国概念股在新加坡金融市场融资不畅等原因造成。结论部分指出，新加坡原有的吸引中国企业前去上市的优势已逐步丧失，企业应理性对待上市。此外，海外上市对全球金融地理格局有深远影响，值得更多国内地理学者进行研究。