我国民营企业海外上市动机与后市表现研究

发布时间：2018-03-18 02:20

本文选题：民营企业　切入点：海外上市　出处：《西南财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：近年来,我国民营企业呈现出迅猛发展的良好态势,已经成为国民经济发展中的一个重要组成部分。据国家相关统计资料显示,我国民营企业创造经济价值占国内生产总值的比重已达65%。而企业在扩大生产规模的同时,要想做大做强,就需要在更大、更广的领域将产品经营和资本运营有机结合起来。但是我国民营企业大多在成长过程中面临严重的融资困难。一方面是因为,我国民营企业普遍规模较小、本身存在治理结构不完善、信用度难以担保等问题,难以从银行获取贷款；另一方面,由于我国现行证券市场制度的限制,使得民营企业直接融资渠道也不通畅。面对这种状况,越来越多的民营企业选择进入国际资本市场。从1999年侨兴环球在纳斯达克成功登陆以来,民营企业海外上市已经持续了十多年时间。据不完全统计,目前以各种方式在海外资本市场上市的中国民营企业已达700多家。上市地点也扩大到香港、纽约、新加坡、伦敦、法兰克福、东京、首尔等地,所涉及的行业包括能源、电力、机械制造、原材料、钢铁、汽车、金融以及高科技、网络、电子商务等。不论是行业老大还是后起之秀,不论是老牌传统企业还是新兴领域企业,都争相选择海外上市发展路径,以至于国际资本市场上刮起了一股“中国概念”风潮。相对于实务界的活跃,我国学者对海外上市问题研究的起步较晚,对民营企业海外上市的研究还只是停留在上市方式、上市地点选择等描述性阶段,缺乏系统性的理论现状分析和实证研究。作为一个新兴市场,我国民营企业海外上市的动机和效果是复杂的。民营企业究竟为什么选择海外上市?海外上市后其绩效表现又是怎样?为了使我国民营企业海外上市更加理性和顺利,本文试图通过对理论和现状的分析,探讨民营企业海外上市的多元化动机,并实证分析民营企业海外上市后的业绩表现和市场反应,以对其他民营企业提供合理化参考与建议。本文主要研究以下内容：第一章是导论。阐述本文的选题背景和研究意义,介绍研究内容、研究框架和研究方法,对相关概念进行界定,并提出本文可能的创新点与不足之处。第二章是本文的文献综述部分。通过对海外上市动机与上市后表现的国内外相关文献进行系统回顾和梳理,总结研究现状和研究方向,提炼已有观点和方法,并在此基础上提出本文的研究论点。虽然国外已形成较为成熟的企业海外上市理论假说,但是这些理论的研究对象主要为发达国家公司,而且多为境外交叉上市。在中国特殊的国情背景下,这些理论假说并不能很好地解释我国企业海外上市行为,需要结合我国国情加以完善。第三章是我国民营企业海外上市现状。首先介绍了我国民营企业海外上市经历的四个阶段,每个阶段的特征除了受到宏观经济环境影响外,还显著受到相关政策法规的约束。从长期趋势来看,越来越多的民营企业将奔赴海外上市。其次介绍了海外上市方式,包括直接上市、间接上市(买壳、红筹),我国民营企业海外上市以红筹方式为主。再次介绍了海外上市地点和上市行业,我国民营企业海外上市的最主要地点目前为香港、美国和新加坡。但海外上市地点范围在不断扩大,已有不少民营企业选择英国、韩国、德国、加拿大等证券市场,未来还有进一步扩大的趋势。此外,每个交易所对上市行业有不同偏好。美国证券市场偏好科技类,香港和新加坡证券市场则偏好传统制造类。民营企业需要根据自身特点、规模、发展战略来选择合适的证券市场。最后指出现阶段民营企业海外上市存在的问题。第四章是我国民营企业海外上市动机分析。首先提出,动机的产生是内部需要和外部环境刺激所产生的行为结果这一分析框架。接下来,剖析了我国民营企业内在的基本需求和发展需求,分析了民营企业所处的经济环境压力、政治环境约束、融资环境限制、政策环境变化,以及海外证券市场的各种有利条件,私募基金和风投基金的推动,同行业的示范效应等外部环境影响因素,得出我国民营企业海外上市动机是政府推动、机构拉动、资本市场被动、企业主动共同作用的结果。最后总结出我国民营企业在财务、商业、公司治理、政策规避等方面的多元化海外上市动机。第五章是我国民营企业海外上市后的表现分析。为了比较全面地分析民营企业海外上市后的表现,从业绩表现和市场反应两个角度进行了实证分析。业绩表现方面,从四个角度选取7个财务指标进行海外上市前后各三年的对比,通过统计分析和非参数检验,结果发现民营企业海外上市后,业绩表现一定程度上得到提高,符合民营企业家的预期动机。包括资本结构改善,资产管理能力提高,发展能力增强。但因利润增长率赶不上营业收入增长率,引起总资产收益率和净资产收益率为指标的盈利能力有所下滑。市场反应方面,采用事件研究法以累计异常收益率CAR为指标,衡量海外上市后三年股价变化,结果发现我国民营企业海外上市的市场反应整体较好,短期内受到投资者热捧,达到了预期融资的动机,并且长期表现达到了市场平均水平也好于同类国内上市的民营企业,但长期差异不显著。第六章是全文的主要结论与启示。总结了全文的研究结论以及研究的局限性,最后对政府部门以及民营企业提出相应的建议。民营企业应合理评估自身状况,衡量海外上市的收益与风险,并建立合适的海外上市动机,充分利用国际资本市场资源。本文的创新点体现在： (1)研究对象上,以我国民营企业作为研究对象,收集大量数据,展现了我国民营企业海外上市状况,填补了细分研究对象上的不足。 (2)研究数据上,包括了以各种方式实现海外上市的民营企业相关数据,弥补了现阶段相关统计分析的空白。 (3)研究范围上,用财务指标和累积异常收益率指标分别从业绩表现和市场反应两方面进行了实证分析,扩大了对民营企业海外上市后表现的研究范围。
[Abstract]:In recent years, China's private enterprises showing a good momentum of rapid development, has become an important part in the development of the national economy. According to the national statistics show that China's private enterprises to create economic value of GDP has reached 65%. and enterprises in the expansion of the scale of production at the same time, in order to develop we need strong, in larger, wider field of product management and capital operation organically. But China's private enterprises are in the process of growing up facing severe financing difficulties. On the one hand is because of China's private enterprises generally smaller scale, inherent governance structure is not perfect, credit is difficult to guarantee so, it is difficult to obtain loans from the bank; on the other hand, because of China's current system of securities market, the direct financing channel for private enterprises is not available. Facing this situation, more and more Private enterprises choose to enter the international capital market.
From 1999 since the successful landing NASDAQ Xing, has lasted more than 10 years overseas listing of private enterprises. According to incomplete statistics, at present in various ways in the overseas capital market listing China private enterprises has reached more than 700. The listing also expanded to Hongkong, New York, Singapore, London, Frankfurt, Tokyo, Seoul and other places, involved in industries including energy, electric power, machinery manufacturing, raw materials, steel, automotive, financial, high-tech, Internet, electronic commerce is the industry leader. Regardless of whether the traditional or the bright younger generation, the emerging field of enterprises or enterprises, to choose the overseas market development path, the international capital market blew up a the concept of "trend that China.
Compared with the practice of active, the scholars of our country started late on overseas listing of private enterprises listed overseas, also just stay in the market, listed location descriptive stage, lack of the present situation of the theory of systematic analysis and empirical research. As an emerging market, the motivation and the effect of China's private enterprises overseas the listing is complicated. Why do private enterprises choose overseas listing overseas listing after its performance? How is it? In order to make the overseas listing of Chinese private enterprises more rationally and smoothly, this paper through the analysis of the theory and present situation, to explore the diversified motivation of private enterprises listed overseas, and empirical analysis of performance and market the reaction of overseas listing private enterprises, in order to provide reference and suggestions for other private enterprises.
This paper mainly studies the following content:
The first chapter is the introduction. This chapter expounds the research background and significance, introduces research content, research framework and research methods, the definition of related concepts, and puts forward the possible innovations and shortcomings.
The second chapter is the literature review of this paper. Made a systematic review based on the findings of overseas listing motivation and after the listing of the related literature at home and abroad, summarizes the research status and research direction, refine the existing viewpoints and methods, and on the basis of this argument. Although foreign has formed a mature theory of overseas listed companies but the study hypothesis, these theories mainly developed countries, but also for overseas cross listing. In China special national circumstances, these theories cannot well explain Chinese enterprises overseas listing, it needs to be perfected according to the situation of our country.
The third chapter is the overseas listing of Chinese private enterprises the status quo. First introduced the four stages of overseas listing of private enterprises in China, the characteristics of each stage as well as by the impact of the macroeconomic environment, but also significantly affected by the relevant policies and regulations constraints. From the long-term trend, more and more private enterprises will go to the overseas market. Secondly overseas listing, including direct listing, listing (RTO, red chips), mainly to red chips listed overseas private enterprises in our country. Then introduced the overseas listing place and listed industry, the main site of China's private enterprises listed overseas is currently in Hongkong, America and Singapore. But the place in the scope of overseas listing there are many private enterprises choose to expand, Britain, South Korea, Germany, Canada and other securities market, the future still further expand. In addition, each exchange listed on the industry There are different preferences. The securities market preference technology, Hongkong stock market and Singapore preference of traditional manufacturing. Private enterprises need according to their own characteristics, scale, development strategy to choose the right stock market. Finally pointed out that private enterprises listed overseas problems.
The fourth chapter is the analysis of the motivation of overseas listing of private enterprises in China. Firstly, the motivation is the internal needs and external environmental stimuli generated by the behavior of the results of this analysis framework. Then, analyzes the basic demand of private enterprises in China and the development of internal demand, analyzes the private enterprises in the economic environment and political pressure. Environmental constraints, financing environment, policy environment, and all kinds of favorable conditions in overseas stock markets, promote private equity funds and venture capital funds, external environment factors in the same industry demonstration effect, the motivation of overseas listing of Chinese private enterprises is the government to promote the capital market mechanism to pull, passive, active enterprise common result finally summed up China's private enterprises in the financial, commercial companies, governance, policy parts of the diversification of overseas listing motives.
The fifth chapter is the analysis of the overseas listing of Chinese private enterprises after the performance. In order to comprehensively analyze the overseas listed private enterprises after the performance, the empirical analysis from two aspects of performance and market reaction. The performance, from the perspective of four selected 7 financial indicators of listed overseas and the three - year comparison through statistical analysis and non parametric test, the results shows that private enterprises listed overseas, the performance of a certain extent improved, with private entrepreneurs. The expected motivation includes capital structure improvement, improve asset management ability, development ability. But because of the profit growth rate of not operating income growth rate, caused by the rate of return on total assets and net assets return rate as the index of profitability decline. The market reaction, the cumulative abnormal return rate of CAR as index by the method of case study, three years after the measure of overseas listing The stock price changes, the market reaction of the overseas listing of Chinese private enterprises better overall, the short term touted by investors, expected Financing Motivation, and long-term performance reached the market average level is better than similar domestic listed private enterprises, but the long-term difference is not significant.
The sixth chapter is the conclusion and enlightenment. This paper summarizes the limitations of the conclusion of the study and research, and finally puts forward the corresponding suggestions to the government and private enterprises. Private enterprises should evaluate their own situation, measure the income and risk of listed overseas, and established the overseas listing motivation to meet, make full use of the international capital market resources.
The innovation in this paper:
(1) the object of study, China's private enterprises as the research object, collecting large amounts of data, to show the status of the overseas listing of Chinese private enterprises, to fill the lack of segmentation research objects.
(2) research data, including the implementation of the overseas listing of private enterprises related data in a variety of ways, which makes up the statistical analysis blank at the present stage.
(3) the scope of the study, makes an empirical analysis of financial index and the cumulative abnormal return of two indicators separately from the performance and market reaction, expand the scope of the performance study of overseas listing private enterprises.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F276.5

【参考文献】