海外上市地点、融资约束和企业成长

发布时间：2018-01-29 22:14

本文关键词： 海外上市香港新加坡美国融资约束　出处：《南开经济研究》2014年05期 　论文类型：期刊论文

【摘要】：现有关于企业海外上市的研究一般关注于"海外交叉上市"对企业的影响,"海外单独上市"对企业影响的研究目前基本上处于空白状态,然而现实中,我国大部分的海外上市企业都属于"海外单独上市"。在缺乏母国投资者参与企业信息发现的情况下,学术界并不清楚海外市场的制度环境是否可以真正起到改善企业信息环境和制度环境的作用。本文以我国海外单独上市的企业为研究主体,分析不同的海外上市地点(美国、中国的香港地区和新加坡)在改善企业外部融资约束方面是否存在差异。研究结果显示,即便在缺乏母国投资者参与企业信息发现的情况下,良好的海外市场环境仍然可以起到改善企业外部融资约束并促进企业成长的作用。另外,本文的结论与媒体的流行观点"美国投资者对我国企业缺乏了解是造成‘中概股’事件的主要原因"是不一致的,而与近来学术界认为"中概股"事件是美国成熟的资本市场自我"清污"的观点是一致的。
[Abstract]:The existing research on the overseas listing of enterprises is generally concerned about the impact of "overseas cross-listing" on enterprises, and the research on the impact of "overseas individual listing" on enterprises is basically blank at present, but in reality. Most of the overseas listed enterprises in our country belong to "overseas individual listing". In the absence of home investors to participate in the discovery of enterprise information. Academic circles do not know whether the institutional environment of overseas markets can really improve the information environment and institutional environment of enterprises. This paper analyzes whether there are differences between different overseas listing locations (USA, Hong Kong in China and Singapore) in improving the external financing constraints of enterprises. The results show that: 1. Even in the absence of home country investors to participate in the discovery of enterprise information, a good overseas market environment can improve the external financing constraints and promote the growth of enterprises. The conclusion of this paper is inconsistent with the popular view that American investors' lack of understanding of Chinese enterprises is the main cause of the "middle stock" event. This is consistent with the recent academic view that the stock issue is a self-decontamination of America's mature capital markets.
【作者单位】：中央财经大学商学院;
【基金】：国家自然科学基金(71302127、71302128) 教育部博士学科点专项科研基金(20130016120001)的支持
【分类号】：F831.51
【正文快照】： 一、引言在我国,融资难一直是民营企业发展壮大的重要阻碍(Brandt and Li,2003;Allenet al.,2005),大量国内企业也因此纷纷选择到海外上市以获取企业发展所需的资金(易宪容、卢婷,2006)。截止到2010年年底,在海外上市的民营企业已经超过了600家,同期国内A股上市的民营企业也不

【参考文献】