中国企业海外退市的影响因素研究

发布时间：2018-03-11 12:32

本文选题：海外退市　切入点：影响因素　出处：《天津大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国企业的海外上市行为始于上世纪80年代,从第一家在香港上市的青岛啤酒到近年来在美国先后上市的中国概念股,我国企业的海外上市之旅已经经过三十多个年头,上市企业的性质从最初的国有企业到现在的民营企业,上市交易所包括美国、日本、香港、伦敦等国家和地区的交易所。上市的方式包括直接上市、间接上市以及其他上市方式。海外上市对中国企业而言有着重要的意义,然而,近年来众多企业从海外资本市场退市,退市交易所包括美国、新加坡、中国香港、伦敦等交易所,其中从美国退市的企业所占比例最大,因而本文主要侧重于从美国退市的企业的研究。然而我国学者关于我国企业海外上市的研究,多集中于上市后企业的股票市场表现与公司绩效、治理等方面相互关系的实证研究,对于企业的退市方面的研究多集中在规范研究上。为了探明我国企业境外退市的影响因素,本文从学术界研究的一般上市动机与海外上市的动机着手,从动机失败的角度,结合学术界对我国企业的海外上市之旅的研究,来设计本文的研究。本文选取2011年至2013年间从海外退市的中国企业作为研究样本,对这些企业的退市方式及退市原因进行分析。这些企业主要集中从美国的交易所退市,退市情况分为主动和被动退市,退市的63家企业中,其中主动退市的样本企业的共有26家,被动退市的样本企业共有37家。其中被动退市的企业主要因为触犯了交易所的规则而被摘牌。通过对样本期间内境外中国企业的交易量和本土股票交易量的对比,本文发现企业主动退市的原因之一是交易量低。该项发现和有关文献中所述扩大股东基数和提高股票流动性是企业海外上市的主要动机的理论相一致。在选择了留在美国市场的企业作为对照样本,对企业的退市决策进行回归分析研究后,本文发现,成长率低、资产负债率高、盈利性低的企业更容易从美国退市,企业特征与企业主动从海外退市的决策之间存在联系。本文最后给出了有关海外上市的建议。
[Abstract]:The overseas listing of Chinese enterprises began in -20s. From Tsing Tao Beer, the first listed company in Hong Kong, to the Chinese concept stocks listed successively in the United States in recent years, the overseas listing of Chinese enterprises has gone through more than 30 years. The nature of the listed enterprises is from the initial state-owned enterprises to the private enterprises. The listed exchanges include exchanges in the United States, Japan, Hong Kong, London and other countries and regions. The way of listing includes direct listing. Indirect listing and other modes of listing. Overseas listings are of great significance to Chinese enterprises. However, in recent years, many enterprises have delisted from overseas capital markets, including the United States, Singapore, Hong Kong, China. London and other exchanges, in which the largest proportion of delisting enterprises from the United States, so this paper mainly focuses on the delisting of enterprises from the United States. Most of them focus on the empirical research on the relationship between stock market performance and corporate performance, governance and other aspects after listing. The research on delisting is mostly focused on the normative research. In order to find out the influencing factors of the delisting of Chinese enterprises overseas, This paper starts with the general motivation of listing and the motivation of overseas listing, and from the angle of motivation failure, combined with the academic research on the overseas listing of Chinese enterprises. From 2011 to 2013, the Chinese enterprises delisting from overseas are selected as the research samples to analyze the delisting methods and the reasons for delisting. These enterprises mainly delist from the exchanges in the United States. The situation of delisting is divided into active and passive delisting. Of the 63 delisting enterprises, 26 are sample enterprises that have delisted voluntarily. The total number of passive delisting enterprises was 37. Among them, passive delisting enterprises were delisted mainly because they violated the rules of the exchange. By comparing the trading volume of overseas Chinese enterprises with the local stock trading volume during the sample period, This paper finds that one of the reasons for the active delisting of enterprises is the low trading volume. This finding is consistent with the theory that expanding the shareholder base and increasing stock liquidity are the main motivations for enterprises to list overseas. Companies that remain in the U. S. market as a control sample, Based on the regression analysis of the decision of delisting, this paper finds that the enterprises with low growth rate, high asset-liability ratio and low profitability are more likely to delist from the United States. There is a relationship between the characteristics of enterprises and the decision to take the initiative to delist from overseas. At the end of this paper, some suggestions on overseas listing are given.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F279.2;F831.51

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