中美发行优先股上市公司市场表现对比研究

发布时间：2018-06-15 21:14

本文选题：优先股 + 资本结构　；参考：《上海管理科学》2015年05期

【摘要】：随着2013年《国务院关于开展优先股试点的指导意见》的发布,中国再一次开启了优先股进入中国资本市场的通道。本文对比研究了中国A股、港股和美股发行优先股上市公司资本结构、经营业绩以及公司估值等的变化,发现优先股的发行会对上市公司的资本结构、经营业绩以及公司估值等方面产生重要影响,据此得出:发行优先股的上市公司短期内其资本结构会减少债务结构的比重,发行前经营业绩有下滑趋势,发行后经营业绩出现改善,但不明显,并且发现上市公司发行当年会具有较低的股本市值与账面值的比率等。文章通过研究中国发行优先股的上市公司在发行前的表现,以及美国发行优先股的上市公司在发行前后的表现,分析各自在发行前后的特征,希望对中国发行优先股的上市公司未来的表现做出预测。
[Abstract]:With the release in 2013 of the State Council's guidance on the pilot of preferred stock, China has once again opened the door for preferred stock to enter the Chinese capital market. This paper makes a comparative study of the capital structure, operating performance and company valuation of Chinese A-shares, Hong Kong stocks and American preferred shares, and finds that the issuance of preferred shares will affect the capital structure of listed companies. It is concluded that the capital structure of listed companies issuing preferred shares will reduce the proportion of debt structure in the short term, and the operating performance will decline before issuance. After issuance, the operating performance is improved, but not obvious, and it is found that the listed company will have a lower ratio of equity market value to book value in the year of issue. By studying the performance of the listed companies issued in China before and after the issuance of preferred stock, as well as the performance of the listed companies in the United States before and after the issuance of preferred shares, this paper analyzes the characteristics of each company before and after the issuance of preferred shares. We hope to predict the future performance of listed companies issuing preferred stock in China.
【作者单位】：上海交通大学安泰经济与管理学院;
【分类号】：F831.51

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