本文關(guān)鍵詞：中國企業(yè)海外上市的影響因素及上市后表現(xiàn)的研究　出處：《復(fù)旦大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 海外上市 影響因素 市場表現(xiàn) IPO發(fā)行要求

【摘要】：本文研究了國內(nèi)企業(yè)赴海外上市的影響因素,以及海外上市的企業(yè)IPO后表現(xiàn)。 國外的研究認(rèn)為海外上市有利于企業(yè)獲得低成本的資金,獲得更好的流動性,同時,接受更加成熟的監(jiān)管,向公眾發(fā)出優(yōu)秀公司的信號。國內(nèi)對于中國企業(yè)海外上市的研究則大多數(shù)關(guān)注于在香港、A股兩地上市的公司與純A股公司之間的對比,本文采用在全球各地上市中國企業(yè)全樣本進(jìn)行分析,期望獲得更加客觀的結(jié)論。另外,本文將我國IPO財務(wù)要求和創(chuàng)業(yè)板等因素加入了考慮。 本文發(fā)現(xiàn)融資規(guī)模大、融資需求迫切的企業(yè)更傾向于海外上市,這一點與海外上市獲取資本假說的結(jié)論一致。在行業(yè)方面,信息科技等新興產(chǎn)業(yè)公司更可能赴海外上市,這一結(jié)論符合海外上市綁定假說。此外,穩(wěn)定的市場環(huán)境、有利的時機(jī)也是公司選擇上市地點的重要考慮因素。在創(chuàng)業(yè)板成立后,由于高估值的吸引力,企業(yè)比以前更傾向于在國內(nèi)上市。 本文另外一個重要發(fā)現(xiàn)是：海外上市公司這一總體與國內(nèi)配對上市公司的股價在IPO日后500交易日回報并沒有顯著差異,且財務(wù)績效在上市當(dāng)年與上市后與國內(nèi)上市公司相比互有優(yōu)劣,并沒有發(fā)現(xiàn)國內(nèi)其他研究所顯示海外上市公司的顯著優(yōu)勢。不過,若將海外公司樣本按照利潤是否大于1000萬分為滿足A股上市的利潤條件組和不滿足該條件組,達(dá)到A股上市條件的海外樣本在財務(wù)指標(biāo)和市場表現(xiàn)方面均好于沒有達(dá)到條件的一組(且.該組市場表現(xiàn)較配對的A股更好)。表明A股上市所要求的財務(wù)指標(biāo)在總體上為國內(nèi)投資者剔除了盈利低、風(fēng)險較大的一組公司,對投資者形成一定的保護(hù)作用。
[Abstract]:This paper studies the influencing factors of overseas listing of domestic enterprises and the performance of overseas listed enterprises after IPO. Foreign studies believe that overseas listing is conducive to enterprises to obtain low-cost funds, better liquidity, and accept more mature regulation. The majority of domestic research on overseas listing of Chinese enterprises focuses on the comparison between Hong Kong, A shares listed companies and pure A share companies. In this paper, we use the whole sample of listed Chinese enterprises from all over the world to analyze, and expect to get a more objective conclusion. In addition, we take into account the financial requirements of China's IPO and the growth Enterprise Market (gem). This paper finds that enterprises with large financing scale and urgent financing needs tend to list overseas, which is consistent with the conclusion of the hypothesis of overseas listing to acquire capital. Emerging industries such as information technology are more likely to list overseas, a conclusion consistent with the overseas listing binding hypothesis. In addition, a stable market environment. The favorable timing is also an important consideration for the company to choose the listing location. After the establishment of the gem, because of the attraction of high valuation, companies are more inclined to list at home than before. Another important finding of this paper is that there is no significant difference between the overseas listed companies and the share prices of the domestic matched listed companies in the 500-trading days after IPO. And the financial performance in the year of listing and after listing compared with the domestic listed companies have advantages and disadvantages, and did not find that other domestic research shows the significant advantages of overseas listed companies. If the sample of overseas companies according to whether the profit is greater than 1000 million to meet the A-share listed profit conditions and not meet the conditions of the group. Overseas samples that meet A-share listing conditions perform better in terms of financial indicators and market performance than groups that do not (and that group performs better than paired A-shares). It shows that the financial indicators required for A share listing are generally excluded from low profitability for domestic investors. A group of higher risk companies, investors form a certain protection.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F224

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本文編號：1410780