中国交叉上市公司发行折价:上市地点的影响

发布时间：2018-11-09 18:37

【摘要】：本文从公司特征、承销过程和市场影响等多个方面研究中国公司交叉上市问题，基于1993年到2012年之间在中国A股市场、香港证券市场与纽约证券交易所交叉上市的中国公司数据。结论显示，中国A股市场的IPO折价显著高于纽约与香港。公司层面的影响因素，诸如上市前公司资产总量与承销商数量将会显著影响折价水平，较大的资产总量与较多的承销商有助于降低IPO折价水平。此外，由于中国公司大多数情况选择先在海外上市，后期回归本土市场，而海外市场的折价率较低，致使中国公司首次上市的折价率低于增发的折价率，与之前学者研究的结果有些许出路。在考虑之前研究提到的可能影响IPO折价程度的因子之后，上市地点的选择对于折价率的影响依然显著，并且这种影响将会至少持续30个交易日。近一步的研究显示，具有较高流动性如较大的年交易额与较多上市公司的上市地点将会有较低的折价率。上述所得结论在多种稳健性检验下依然成立。
[Abstract]:This paper studies the cross-listing of Chinese companies in terms of corporate characteristics, underwriting process and market impact, based on the A-share market in China between 1993 and 2012. Data on cross-listed Chinese companies on the Hong Kong Stock Exchange and the New York Stock Exchange. The conclusion shows that the IPO discount of A-share market in China is significantly higher than that in New York and Hong Kong. Factors at firm level, such as total assets and underwriters before listing, will significantly affect the discount level, while larger assets and more underwriters will help to reduce the discount level of IPO. In addition, since most Chinese companies choose to list overseas first and return to the local market later, the discount rate of the overseas market is lower than the discount rate for the initial listing of Chinese companies, which is lower than the discount rate for the additional offering. There is some way out with the previous research results. After taking into account the factors mentioned in previous studies that may affect the discount of IPO, the impact of the location selection on the discount rate is still significant, and the effect will last at least 30 trading days. Further studies show that with higher liquidity such as larger annual turnover and more listed companies will have a lower discount rate. The above conclusions are still valid under various robustness tests.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

【共引文献】