产品市场与资本市场分离之尴尬——基于中国交叉上市样本的分析

发布时间：2018-01-17 20:04

本文关键词：产品市场与资本市场分离之尴尬——基于中国交叉上市样本的分析　出处：《企业经济》2014年03期 　论文类型：期刊论文

【摘要】：截至2011年12月31日,我国共有70家企业实现境内外交叉上市,其中36家企业先于境外上市,而后回归国内A股市场。本文测算这36个样本交叉上市前两年的海外营业收入占比和海外股权融资占比,发现上述样本在回归A股市场之前,来自于海外市场的营业收入占比平均不足10%,但其流通股本全部来自于境外市场,占总股本的比重平均高达33.17%,交叉上市企业面临资本市场与产品市场分离的尴尬处境。这种分离割裂了两个市场之间的良性互动,企业难以将其在海外资本市场累积的声誉转化为国内产品市场的声誉,不利于其产品市场竞争力的提升。本文的研究旨在为后续基于中国样本之交叉上市动因研究奠定基础。
[Abstract]:As of December 31st 2011, there are 70 enterprises in China to achieve cross-listing at home and abroad, of which 36 enterprises are listed before overseas. Then return to the domestic A-share market. This paper calculated the 36 samples cross-listed two years before the proportion of overseas operating income and overseas equity financing, found that the above samples before returning to the A-share market. The average share of operating income from overseas markets is less than 10 percent, but its outstanding shares are all from overseas markets, accounting for an average of 33.17% shares in total equity. Cross-listed enterprises are faced with the awkward situation of the separation of capital market and product market, which separates the benign interaction between the two markets. It is difficult for a company to translate its accumulated reputation in overseas capital markets into the reputation of the domestic product market. The purpose of this paper is to lay a foundation for the research of cross-listing motivation based on Chinese samples.
【作者单位】：浙江师范大学经济与管理学院;浙江工商大学;
【基金】：浙江省哲社规划研究课题“交叉上市对企业绩效的影响及其机理研究——基于中国样本的实证”(批准号:13NDJC060YB) 浙江省教育厅人文社科类研究项目“交叉上市对于我国企业绩效的影响及其机理研究”(批准号:Y201329869)
【分类号】：F832.5;F723;F224
【正文快照】： 全球范围内公司跨境交叉上市的浪潮始于20世纪70年代,随着经济一体化进程的加速,这一现象与日俱增,尤其有越来越多新兴市场国家的公司跨越国界,到发达国家的证券市场交叉上市。根据世界交易所联合会(World Federation of Exchanges,WFE)的统计,截至2011年12月31日,在伦敦证券

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