CEPA and its Impact on the Performance of Business Enterprises in Hong Kong

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Due to the similarities between Taiwan and China, ever since the Economic Cooperation Framework Agreement (ECFA) between Taiwan and China came into effect, the Closer Economic Partnership Agreement (CEPA) that was signed between China and Hong Kong has become more important than before. To provide a useful reference for Taiwan when engaging in further negotiations based on the ECFA agreement in the future, this study discuses the content of the CEPA agreements, and attempts to analyze their impact on the performance of business enterprises in Hong Kong. The results show that, since CEPA came into effect, Hong Kong’s service sector has performed better than its manufacturing sector. It was generally anticipated that the biggest benefits to Hong Kong from CEPA would be derived from the easing of restrictions on FIT travel to Hong Kong by Chinese citizens. Furthermore, the empirical results indicate that the company which has benefited most clearly from CEPA is China Travel Service (Holdings) Hong Kong Limited, which has seen a significant improvement in its financial performance indicators (current ratio, sales growth rate, and overhead expense growth rate) and operating performance indicators (return on assets and earnings growth rate) since CEPA came into effect.

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