海外上市民营红筹已具备回归境内创业板的基础

发布时间：2018-01-31 05:48

本文关键词： 海外上市民营红筹企业创业板　出处：《证券市场导报》2011年05期 　论文类型：期刊论文

【摘要】：目前我国在海外上市的互联网、新能源、现代服务等领域的企业已形成明显的行业聚类和规模效应。对纽交所、NASDAQ、香港联交所和新加坡交易所这四个市场民营红筹的分析表明:(1)民营红筹数量远高于国有红筹,达428家,占比近80%,2009年末流通市值将近5万亿元人民币,创新型企业数量较多且集中于NASDAQ和港交所;(2)同地上市民营红筹的两极化发展态势明显,有247家民营红筹达到我国创业板上市条件,其中82家同时符合创业板行业指引;(3)不符合创业板上市条件的181家民营红筹在整体质量上并不一定弱于我国创业板上市公司,其中不乏创新型企业;(4)纽交所和NASDAQ的民营红筹成长性较高,危机时体现出较强的抗风险能力,且交易较活跃,获得的投资者溢价也最高,2009年末的静态市盈率超过40倍。
[Abstract]:At present, China's overseas listed Internet, new energy, modern services and other areas of enterprises have formed a clear clustering and scale effect. On the NYSE NASDAQ. An analysis of private red chips in the four markets of the Hong Kong Stock Exchange and the Singapore Stock Exchange shows that the number of private red chips is much higher than that of state-owned red chips, at 428, or nearly 80%. In end of 2009, market value circulated nearly 5 tillion yuan, the number of innovative enterprises and concentrated in NASDAQ and HKEx; (2) the polarization of private red chips listed in the same place is obvious. 247 private red chips have reached the conditions of listing on the gem, of which 82 are in line with the guidance of the gem industry. (3) 181 private red chips that do not meet the listing conditions of the gem are not necessarily weaker than the gem listed companies in the overall quality, among which there are innovative enterprises; 4) the private red chips of NYSE and NASDAQ have high growth, and they have strong anti-risk ability during the crisis, and trade is more active, and the investor premium is also the highest. In end of 2009, the static price-to-earnings ratio was more than 40 times.
【作者单位】：深圳证券交易所综合研究所;北京大学汇丰商学院;
【分类号】：F832.51
【正文快照】： 红筹公司是指在海外注册和上市,但最大控股权(通常为30%以上)或实际控制人直接或间接隶属于中国内地有关部门、企业或个人的公司1。依据其控股股东或实际控制人的性质,红筹公司又分为国有红筹和民营红筹。自上世纪90年代初以来,通过IPO、反向收购等方式在海外上市的红筹公司

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