Choice among different stock markets is an important decision for firms during IPOs. Does location choice af-fect firms’ post-IPO performance and market value? Using data of real estate firms in mainland China, this article proves that those firms listed in the Hong Kong stock market have exhibited higher performance ( return on asset) than those listed in ma-inland Chinese stock markets, though their market values do not differ significantly. Additionally, among those firms listed in Hong Kong, state ownership leads to lower market value;however, for firms listed in mainland China, state ownership results in higher value. These empirical findings are consistent with predictions from corporate governance and agency theories. Be-sides the possibility that firms with high quality asset are more likely to do IPOs in Hong Kong, the more perfect monitoring mechanisms in the Hong Kong stock market can mitigate agency problems and enhance firms’ performance.%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？文章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。研究结果说明，证券市场完善的监管有利于降低代理人问题，提高企业经营业绩。
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