中国企业海外上市的影响因素及上市后表现的研究

发布时间：2018-01-11 18:43

本文关键词：中国企业海外上市的影响因素及上市后表现的研究　出处：《复旦大学》2012年硕士论文　论文类型：学位论文

【摘要】：本文研究了国内企业赴海外上市的影响因素,以及海外上市的企业IPO后表现。国外的研究认为海外上市有利于企业获得低成本的资金,获得更好的流动性,同时,接受更加成熟的监管,向公众发出优秀公司的信号。国内对于中国企业海外上市的研究则大多数关注于在香港、A股两地上市的公司与纯A股公司之间的对比,本文采用在全球各地上市中国企业全样本进行分析,期望获得更加客观的结论。另外,本文将我国IPO财务要求和创业板等因素加入了考虑。本文发现融资规模大、融资需求迫切的企业更倾向于海外上市,这一点与海外上市获取资本假说的结论一致。在行业方面,信息科技等新兴产业公司更可能赴海外上市,这一结论符合海外上市绑定假说。此外,稳定的市场环境、有利的时机也是公司选择上市地点的重要考虑因素。在创业板成立后,由于高估值的吸引力,企业比以前更倾向于在国内上市。本文另外一个重要发现是：海外上市公司这一总体与国内配对上市公司的股价在IPO日后500交易日回报并没有显著差异,且财务绩效在上市当年与上市后与国内上市公司相比互有优劣,并没有发现国内其他研究所显示海外上市公司的显著优势。不过,若将海外公司样本按照利润是否大于1000万分为满足A股上市的利润条件组和不满足该条件组,达到A股上市条件的海外样本在财务指标和市场表现方面均好于没有达到条件的一组(且.该组市场表现较配对的A股更好)。表明A股上市所要求的财务指标在总体上为国内投资者剔除了盈利低、风险较大的一组公司,对投资者形成一定的保护作用。
[Abstract]:This paper studies the influencing factors of overseas listing of domestic enterprises and the performance of overseas listed enterprises after IPO. Foreign studies believe that overseas listing is conducive to enterprises to obtain low-cost funds, better liquidity, and accept more mature regulation. The majority of domestic research on overseas listing of Chinese enterprises focuses on the comparison between Hong Kong, A shares listed companies and pure A share companies. In this paper, we use the whole sample of listed Chinese enterprises from all over the world to analyze, and expect to get a more objective conclusion. In addition, we take into account the financial requirements of China's IPO and the growth Enterprise Market (gem). This paper finds that enterprises with large financing scale and urgent financing needs tend to list overseas, which is consistent with the conclusion of the hypothesis of overseas listing to acquire capital. Emerging industries such as information technology are more likely to list overseas, a conclusion consistent with the overseas listing binding hypothesis. In addition, a stable market environment. The favorable timing is also an important consideration for the company to choose the listing location. After the establishment of the gem, because of the attraction of high valuation, companies are more inclined to list at home than before. Another important finding of this paper is that there is no significant difference between the overseas listed companies and the share prices of the domestic matched listed companies in the 500-trading days after IPO. And the financial performance in the year of listing and after listing compared with the domestic listed companies have advantages and disadvantages, and did not find that other domestic research shows the significant advantages of overseas listed companies. If the sample of overseas companies according to whether the profit is greater than 1000 million to meet the A-share listed profit conditions and not meet the conditions of the group. Overseas samples that meet A-share listing conditions perform better in terms of financial indicators and market performance than groups that do not (and that group performs better than paired A-shares). It shows that the financial indicators required for A share listing are generally excluded from low profitability for domestic investors. A group of higher risk companies, investors form a certain protection.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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