本文選題：民營企業(yè)　切入點：海外上市　出處：《西南財經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：近年來,我國民營企業(yè)呈現(xiàn)出迅猛發(fā)展的良好態(tài)勢,已經(jīng)成為國民經(jīng)濟發(fā)展中的一個重要組成部分。據(jù)國家相關(guān)統(tǒng)計資料顯示,我國民營企業(yè)創(chuàng)造經(jīng)濟價值占國內(nèi)生產(chǎn)總值的比重已達(dá)65%。而企業(yè)在擴大生產(chǎn)規(guī)模的同時,要想做大做強,就需要在更大、更廣的領(lǐng)域?qū)a(chǎn)品經(jīng)營和資本運營有機結(jié)合起來。但是我國民營企業(yè)大多在成長過程中面臨嚴(yán)重的融資困難。一方面是因為,我國民營企業(yè)普遍規(guī)模較小、本身存在治理結(jié)構(gòu)不完善、信用度難以擔(dān)保等問題,難以從銀行獲取貸款；另一方面,由于我國現(xiàn)行證券市場制度的限制,使得民營企業(yè)直接融資渠道也不通暢。面對這種狀況,越來越多的民營企業(yè)選擇進(jìn)入國際資本市場。 從1999年僑興環(huán)球在納斯達(dá)克成功登陸以來,民營企業(yè)海外上市已經(jīng)持續(xù)了十多年時間。據(jù)不完全統(tǒng)計,目前以各種方式在海外資本市場上市的中國民營企業(yè)已達(dá)700多家。上市地點也擴大到香港、紐約、新加坡、倫敦、法蘭克福、東京、首爾等地,所涉及的行業(yè)包括能源、電力、機械制造、原材料、鋼鐵、汽車、金融以及高科技、網(wǎng)絡(luò)、電子商務(wù)等。不論是行業(yè)老大還是后起之秀,不論是老牌傳統(tǒng)企業(yè)還是新興領(lǐng)域企業(yè),都爭相選擇海外上市發(fā)展路徑,以至于國際資本市場上刮起了一股“中國概念”風(fēng)潮。 相對于實務(wù)界的活躍,我國學(xué)者對海外上市問題研究的起步較晚,對民營企業(yè)海外上市的研究還只是停留在上市方式、上市地點選擇等描述性階段,缺乏系統(tǒng)性的理論現(xiàn)狀分析和實證研究。作為一個新興市場,我國民營企業(yè)海外上市的動機和效果是復(fù)雜的。民營企業(yè)究竟為什么選擇海外上市?海外上市后其績效表現(xiàn)又是怎樣?為了使我國民營企業(yè)海外上市更加理性和順利,本文試圖通過對理論和現(xiàn)狀的分析,探討民營企業(yè)海外上市的多元化動機,并實證分析民營企業(yè)海外上市后的業(yè)績表現(xiàn)和市場反應(yīng),以對其他民營企業(yè)提供合理化參考與建議。 本文主要研究以下內(nèi)容： 第一章是導(dǎo)論。闡述本文的選題背景和研究意義,介紹研究內(nèi)容、研究框架和研究方法,對相關(guān)概念進(jìn)行界定,并提出本文可能的創(chuàng)新點與不足之處。 第二章是本文的文獻(xiàn)綜述部分。通過對海外上市動機與上市后表現(xiàn)的國內(nèi)外相關(guān)文獻(xiàn)進(jìn)行系統(tǒng)回顧和梳理,總結(jié)研究現(xiàn)狀和研究方向,提煉已有觀點和方法,并在此基礎(chǔ)上提出本文的研究論點。雖然國外已形成較為成熟的企業(yè)海外上市理論假說,但是這些理論的研究對象主要為發(fā)達(dá)國家公司,而且多為境外交叉上市。在中國特殊的國情背景下,這些理論假說并不能很好地解釋我國企業(yè)海外上市行為,需要結(jié)合我國國情加以完善。 第三章是我國民營企業(yè)海外上市現(xiàn)狀。首先介紹了我國民營企業(yè)海外上市經(jīng)歷的四個階段,每個階段的特征除了受到宏觀經(jīng)濟環(huán)境影響外,還顯著受到相關(guān)政策法規(guī)的約束。從長期趨勢來看,越來越多的民營企業(yè)將奔赴海外上市。其次介紹了海外上市方式,包括直接上市、間接上市(買殼、紅籌),我國民營企業(yè)海外上市以紅籌方式為主。再次介紹了海外上市地點和上市行業(yè),我國民營企業(yè)海外上市的最主要地點目前為香港、美國和新加坡。但海外上市地點范圍在不斷擴大,已有不少民營企業(yè)選擇英國、韓國、德國、加拿大等證券市場,未來還有進(jìn)一步擴大的趨勢。此外,每個交易所對上市行業(yè)有不同偏好。美國證券市場偏好科技類,香港和新加坡證券市場則偏好傳統(tǒng)制造類。民營企業(yè)需要根據(jù)自身特點、規(guī)模、發(fā)展戰(zhàn)略來選擇合適的證券市場。最后指出現(xiàn)階段民營企業(yè)海外上市存在的問題。 第四章是我國民營企業(yè)海外上市動機分析。首先提出,動機的產(chǎn)生是內(nèi)部需要和外部環(huán)境刺激所產(chǎn)生的行為結(jié)果這一分析框架。接下來,剖析了我國民營企業(yè)內(nèi)在的基本需求和發(fā)展需求,分析了民營企業(yè)所處的經(jīng)濟環(huán)境壓力、政治環(huán)境約束、融資環(huán)境限制、政策環(huán)境變化,以及海外證券市場的各種有利條件,私募基金和風(fēng)投基金的推動,同行業(yè)的示范效應(yīng)等外部環(huán)境影響因素,得出我國民營企業(yè)海外上市動機是政府推動、機構(gòu)拉動、資本市場被動、企業(yè)主動共同作用的結(jié)果。最后總結(jié)出我國民營企業(yè)在財務(wù)、商業(yè)、公司治理、政策規(guī)避等方面的多元化海外上市動機。 第五章是我國民營企業(yè)海外上市后的表現(xiàn)分析。為了比較全面地分析民營企業(yè)海外上市后的表現(xiàn),從業(yè)績表現(xiàn)和市場反應(yīng)兩個角度進(jìn)行了實證分析。業(yè)績表現(xiàn)方面,從四個角度選取7個財務(wù)指標(biāo)進(jìn)行海外上市前后各三年的對比,通過統(tǒng)計分析和非參數(shù)檢驗,結(jié)果發(fā)現(xiàn)民營企業(yè)海外上市后,業(yè)績表現(xiàn)一定程度上得到提高,符合民營企業(yè)家的預(yù)期動機。包括資本結(jié)構(gòu)改善,資產(chǎn)管理能力提高,發(fā)展能力增強。但因利潤增長率趕不上營業(yè)收入增長率,引起總資產(chǎn)收益率和凈資產(chǎn)收益率為指標(biāo)的盈利能力有所下滑。市場反應(yīng)方面,采用事件研究法以累計異常收益率CAR為指標(biāo),衡量海外上市后三年股價變化,結(jié)果發(fā)現(xiàn)我國民營企業(yè)海外上市的市場反應(yīng)整體較好,短期內(nèi)受到投資者熱捧,達(dá)到了預(yù)期融資的動機,并且長期表現(xiàn)達(dá)到了市場平均水平也好于同類國內(nèi)上市的民營企業(yè),但長期差異不顯著。 第六章是全文的主要結(jié)論與啟示。總結(jié)了全文的研究結(jié)論以及研究的局限性,最后對政府部門以及民營企業(yè)提出相應(yīng)的建議。民營企業(yè)應(yīng)合理評估自身狀況,衡量海外上市的收益與風(fēng)險,并建立合適的海外上市動機,充分利用國際資本市場資源。 本文的創(chuàng)新點體現(xiàn)在： (1)研究對象上,以我國民營企業(yè)作為研究對象,收集大量數(shù)據(jù),展現(xiàn)了我國民營企業(yè)海外上市狀況,填補了細(xì)分研究對象上的不足。 (2)研究數(shù)據(jù)上,包括了以各種方式實現(xiàn)海外上市的民營企業(yè)相關(guān)數(shù)據(jù),彌補了現(xiàn)階段相關(guān)統(tǒng)計分析的空白。 (3)研究范圍上,用財務(wù)指標(biāo)和累積異常收益率指標(biāo)分別從業(yè)績表現(xiàn)和市場反應(yīng)兩方面進(jìn)行了實證分析,擴大了對民營企業(yè)海外上市后表現(xiàn)的研究范圍。
[Abstract]:In recent years, China's private enterprises showing a good momentum of rapid development, has become an important part in the development of the national economy. According to the national statistics show that China's private enterprises to create economic value of GDP has reached 65%. and enterprises in the expansion of the scale of production at the same time, in order to develop we need strong, in larger, wider field of product management and capital operation organically. But China's private enterprises are in the process of growing up facing severe financing difficulties. On the one hand is because of China's private enterprises generally smaller scale, inherent governance structure is not perfect, credit is difficult to guarantee so, it is difficult to obtain loans from the bank; on the other hand, because of China's current system of securities market, the direct financing channel for private enterprises is not available. Facing this situation, more and more Private enterprises choose to enter the international capital market.
From 1999 since the successful landing NASDAQ Xing, has lasted more than 10 years overseas listing of private enterprises. According to incomplete statistics, at present in various ways in the overseas capital market listing China private enterprises has reached more than 700. The listing also expanded to Hongkong, New York, Singapore, London, Frankfurt, Tokyo, Seoul and other places, involved in industries including energy, electric power, machinery manufacturing, raw materials, steel, automotive, financial, high-tech, Internet, electronic commerce is the industry leader. Regardless of whether the traditional or the bright younger generation, the emerging field of enterprises or enterprises, to choose the overseas market development path, the international capital market blew up a the concept of "trend that China.
Compared with the practice of active, the scholars of our country started late on overseas listing of private enterprises listed overseas, also just stay in the market, listed location descriptive stage, lack of the present situation of the theory of systematic analysis and empirical research. As an emerging market, the motivation and the effect of China's private enterprises overseas the listing is complicated. Why do private enterprises choose overseas listing overseas listing after its performance? How is it? In order to make the overseas listing of Chinese private enterprises more rationally and smoothly, this paper through the analysis of the theory and present situation, to explore the diversified motivation of private enterprises listed overseas, and empirical analysis of performance and market the reaction of overseas listing private enterprises, in order to provide reference and suggestions for other private enterprises.
This paper mainly studies the following content:
The first chapter is the introduction. This chapter expounds the research background and significance, introduces research content, research framework and research methods, the definition of related concepts, and puts forward the possible innovations and shortcomings.
The second chapter is the literature review of this paper. Made a systematic review based on the findings of overseas listing motivation and after the listing of the related literature at home and abroad, summarizes the research status and research direction, refine the existing viewpoints and methods, and on the basis of this argument. Although foreign has formed a mature theory of overseas listed companies but the study hypothesis, these theories mainly developed countries, but also for overseas cross listing. In China special national circumstances, these theories cannot well explain Chinese enterprises overseas listing, it needs to be perfected according to the situation of our country.
The third chapter is the overseas listing of Chinese private enterprises the status quo. First introduced the four stages of overseas listing of private enterprises in China, the characteristics of each stage as well as by the impact of the macroeconomic environment, but also significantly affected by the relevant policies and regulations constraints. From the long-term trend, more and more private enterprises will go to the overseas market. Secondly overseas listing, including direct listing, listing (RTO, red chips), mainly to red chips listed overseas private enterprises in our country. Then introduced the overseas listing place and listed industry, the main site of China's private enterprises listed overseas is currently in Hongkong, America and Singapore. But the place in the scope of overseas listing there are many private enterprises choose to expand, Britain, South Korea, Germany, Canada and other securities market, the future still further expand. In addition, each exchange listed on the industry There are different preferences. The securities market preference technology, Hongkong stock market and Singapore preference of traditional manufacturing. Private enterprises need according to their own characteristics, scale, development strategy to choose the right stock market. Finally pointed out that private enterprises listed overseas problems.
The fourth chapter is the analysis of the motivation of overseas listing of private enterprises in China. Firstly, the motivation is the internal needs and external environmental stimuli generated by the behavior of the results of this analysis framework. Then, analyzes the basic demand of private enterprises in China and the development of internal demand, analyzes the private enterprises in the economic environment and political pressure. Environmental constraints, financing environment, policy environment, and all kinds of favorable conditions in overseas stock markets, promote private equity funds and venture capital funds, external environment factors in the same industry demonstration effect, the motivation of overseas listing of Chinese private enterprises is the government to promote the capital market mechanism to pull, passive, active enterprise common result finally summed up China's private enterprises in the financial, commercial companies, governance, policy parts of the diversification of overseas listing motives.
The fifth chapter is the analysis of the overseas listing of Chinese private enterprises after the performance. In order to comprehensively analyze the overseas listed private enterprises after the performance, the empirical analysis from two aspects of performance and market reaction. The performance, from the perspective of four selected 7 financial indicators of listed overseas and the three - year comparison through statistical analysis and non parametric test, the results shows that private enterprises listed overseas, the performance of a certain extent improved, with private entrepreneurs. The expected motivation includes capital structure improvement, improve asset management ability, development ability. But because of the profit growth rate of not operating income growth rate, caused by the rate of return on total assets and net assets return rate as the index of profitability decline. The market reaction, the cumulative abnormal return rate of CAR as index by the method of case study, three years after the measure of overseas listing The stock price changes, the market reaction of the overseas listing of Chinese private enterprises better overall, the short term touted by investors, expected Financing Motivation, and long-term performance reached the market average level is better than similar domestic listed private enterprises, but the long-term difference is not significant.
The sixth chapter is the conclusion and enlightenment. This paper summarizes the limitations of the conclusion of the study and research, and finally puts forward the corresponding suggestions to the government and private enterprises. Private enterprises should evaluate their own situation, measure the income and risk of listed overseas, and established the overseas listing motivation to meet, make full use of the international capital market resources.
The innovation in this paper:
(1) the object of study, China's private enterprises as the research object, collecting large amounts of data, to show the status of the overseas listing of Chinese private enterprises, to fill the lack of segmentation research objects.
(2) research data, including the implementation of the overseas listing of private enterprises related data in a variety of ways, which makes up the statistical analysis blank at the present stage.
(3) the scope of the study, makes an empirical analysis of financial index and the cumulative abnormal return of two indicators separately from the performance and market reaction, expand the scope of the performance study of overseas listing private enterprises.

【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F276.5

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