境外上市“中国概念股”特征研究

发布时间：2018-01-01 23:12

本文关键词：境外上市“中国概念股”特征研究　出处：《上海交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：国内上市动因研究文献大多为定性的对上市制度的考察，本文试图通过定性和定量分析中国概念股样本的特征，依靠大量数据支持通过40余张图表对其上市动因进行研究。进行的工作包括：对我国境外上市20年历史沿革及监管政策的定性考察；根据市值排名、IPO业务活跃程度以及中国企业上市分布，选取5大主要境外证券市场的12个交易板块，进行上市制度比较；结合官方网站清单和网络背景调查，，人工甄别，形成807个中国概念股独立的样本清单；手工搜集及统计样本的基本指标（上市时间、地点、行业分布、发行价、现价）、当前财务状况（市值规模、净利率、流动比率、杠杆）、上市后业绩成长率（资产、收入）、回报率（股息收益率、股价变动）及市场态度（市盈率、股价成长和权益收益率的相关系数）。结论是，特定历史时期对国内市场对企业外部融资的限制，以及境外市场较为灵活的制度设计，是企业境外上市的原因；随着海外市盈率回归理性，股价并未体现出和业绩增长的较强相关性。对拟上市企业，建议谨慎考虑、认真准备、上市成功后继续苦练内功，达到当初投资者的期许。
[Abstract]:Most of the literature about the motives of listing in China is mostly qualitative research on the listing system. This paper attempts to qualitatively and quantitatively analyze the characteristics of China's concept stock samples, relying on a large number of data to support the study of its listing motives through more than 40 charts.
The qualitative investigation of the 20 years' history and supervision policy of China's overseas listing;
According to the market value ranking, the IPO business activity and the distribution of Chinese listed companies, we choose 12 transaction segments of the 5 main overseas securities markets to compare the listing system.
In combination with the official website list and the network background survey, the individual sample list of 807 Chinese concept shares is formed by manual screening.
The basic index manual collection and statistics of the samples (listing time, location, industry distribution, issue price, price), the current financial situation (market capitalization, net interest rate, liquidity ratio, leverage), after the listing of the performance growth rate (assets, rate of return (income), dividend yield, stock price and market (attitude) the price earnings ratio, price growth and equity return correlation coefficient).
The conclusion is that the specific historical period of domestic market restrictions on financing, the design of the system and the overseas market is more flexible, is the cause of overseas listed companies; with overseas earnings return to rational, stock price does not reflect the strong relationship between the growth and performance of the listed companies. The recommendations, the careful consideration and careful preparation, successful listing to hard skills, achieve the original investor expectations.

【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F831.51

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