中国境内外上市公司成长性的比较研究

发布时间：2018-03-15 11:43

本文选题：赴美上市　切入点：境内上市　出处：《山东大学》2013年硕士论文　论文类型：学位论文

【摘要】：从IPO数量上看,每年大规模在美国市场IPO是从2006年开始的并于2010年达到了顶峰,而且赴美上市的中国企业多为中小民营企业。不可否认美国具有成熟的资本市场,层次丰富,为中小民营企业进行融资提供了广阔的空间,但是中国证券市场也不断推陈出新进行改革,2009年推出创业板以及近年来不断打击内幕交易,使得中国证券市场层次和交易秩序都有了很大的改善。而与此同时,2010年开始爆发的SEC中国概念股审计风暴,使得赴美上市的中国企业面临寒冬。在这种新形势下,对中国概念股赴美上市的行为是否促进企业成长,以及赴美上市所带来的公司成长是否与国内A股上市的同类企业显著不同两个问题进行探讨显得尤其必要。本文首先分别分析在美国证券市场上市的中国公司的成长性和中国境内上市公司的成长性,在此基础上分析两个不同的市场上中国公司的成长性是否存在显著的差异。如果存在显著的差异,则可能选择成长性高的市场上市是有利的。即如果中国境内上市企业的成长性显著低于赴美上市的中国企业,则说明美国的资本市场仍然是企业进行融资的不错选择。然而如果研究结果表明中国境内上市企业和赴美上市中国企业的成长性不存在显著差异,则说明不切实际的追赶赴美上市的热潮是不明智的,中国拟上市企业应考虑自身企业的具体情况,把目光投向中国的资本市场。本文选取2009年1月1日至2011年12月31日赴美上市进行IPO融资的46家中国企业作为第一组样本,同时选择与其在同年上市的同行业企业46家作为配对样本进行实证检验。检验结果表明赴美上市公司和国内上市公司外部融资所带来的公司成长性存在显著的差异,其成长性显著高于国内上市公司。但是赴美上市公司这种成长性并不是由于赴美上市进行融资所推动的,恰恰相反,中国公司赴美上市的行为损害了公司的成长性。而与此不同,国内公司虽然成长性不如赴美上市公司,但其在国内成功上市后,成长性大大提高。中国企业赴美上市的融资环境不断恶化,SEC审计风暴使得赴美上市的中国企业广发的牵连,美国证监会也加大了对中国企业赴美上市IPO的审查力度,因此在新的形势下,中国拟上市企业应考虑自身企业的具体情况,把目光投向国内的资本市场。
[Abstract]:In terms of the number of IPO, the annual large-scale IPO in the American market began on 2006 and reached its peak on 2010, and the majority of Chinese enterprises listed in the United States are small and medium-sized private enterprises. There is no denying that the United States has a mature capital market with rich levels. It provides a wide space for small and medium-sized private enterprises to finance, but China's securities market is also constantly introducing new and reforming, in 2009, the launch of the growth Enterprise Market and in recent years, continued to crack down on insider trading. This has greatly improved the level of China's securities market and the order of transactions. Meanwhile, the SEC China concept audit storm that began on 2010, has made Chinese enterprises listed in the United States face a cold winter. Under this new situation, It is particularly necessary to discuss whether the listing of Chinese concept shares in the United States promotes the growth of enterprises and whether the growth of companies listed in the United States is significantly different from that of domestic A-share listed companies. This paper first analyzes the growth of Chinese companies listed on the US stock market and the growth of listed companies in China. On this basis, this paper analyzes whether there are significant differences in the growth of Chinese companies in two different markets. That is, if the growth of listed enterprises in China is significantly lower than that of Chinese companies listed in the United States, However, if the research results show that there is no significant difference in the growth of listed enterprises in China and those listed in the United States, This shows that it is unwise to catch up with the wave of going public in the United States, and that Chinese companies should consider the specific conditions of their own companies and turn their eyes to China's capital market. From January 1st 2009 to December 31st 2011, 46 Chinese companies listed in the United States for IPO financing were selected as the first set of samples. At the same time, 46 companies in the same industry listed in the same year were selected as paired samples for empirical test. The results show that there are significant differences in the growth of companies brought about by external financing of listed companies in the United States and domestic listed companies. Its growth rate is significantly higher than that of domestic listed companies. However, this growth of listed companies in the United States is not driven by the financing of listed companies in the United States. On the contrary, it is the opposite. The listing of Chinese companies in the United States has damaged their growth. In contrast to this, although domestic companies have not grown as well as those listed in the United States, they have successfully listed in the United States. The financing environment for Chinese enterprises to list in the United States has deteriorated continuously. The US Securities Regulatory Commission has also stepped up the examination of the IPO listing of Chinese enterprises in the United States. The US Securities Regulatory Commission has also stepped up its scrutiny of the IPO listed in the United States by the US Securities Regulatory Commission, as a result of the SEC audit storm. Therefore, under the new situation, Chinese listed enterprises should consider the specific situation of their own enterprises and turn their eyes to the domestic capital market.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F279.2;F832.51

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