本文選題：海外退市　切入點(diǎn)：影響因素　出處：《天津大學(xué)》2014年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：我國(guó)企業(yè)的海外上市行為始于上世紀(jì)80年代,從第一家在香港上市的青島啤酒到近年來(lái)在美國(guó)先后上市的中國(guó)概念股,我國(guó)企業(yè)的海外上市之旅已經(jīng)經(jīng)過(guò)三十多個(gè)年頭,上市企業(yè)的性質(zhì)從最初的國(guó)有企業(yè)到現(xiàn)在的民營(yíng)企業(yè),上市交易所包括美國(guó)、日本、香港、倫敦等國(guó)家和地區(qū)的交易所。上市的方式包括直接上市、間接上市以及其他上市方式。海外上市對(duì)中國(guó)企業(yè)而言有著重要的意義,然而,近年來(lái)眾多企業(yè)從海外資本市場(chǎng)退市,退市交易所包括美國(guó)、新加坡、中國(guó)香港、倫敦等交易所,其中從美國(guó)退市的企業(yè)所占比例最大,因而本文主要側(cè)重于從美國(guó)退市的企業(yè)的研究。然而我國(guó)學(xué)者關(guān)于我國(guó)企業(yè)海外上市的研究,多集中于上市后企業(yè)的股票市場(chǎng)表現(xiàn)與公司績(jī)效、治理等方面相互關(guān)系的實(shí)證研究,對(duì)于企業(yè)的退市方面的研究多集中在規(guī)范研究上。為了探明我國(guó)企業(yè)境外退市的影響因素,本文從學(xué)術(shù)界研究的一般上市動(dòng)機(jī)與海外上市的動(dòng)機(jī)著手,從動(dòng)機(jī)失敗的角度,結(jié)合學(xué)術(shù)界對(duì)我國(guó)企業(yè)的海外上市之旅的研究,來(lái)設(shè)計(jì)本文的研究。本文選取2011年至2013年間從海外退市的中國(guó)企業(yè)作為研究樣本,對(duì)這些企業(yè)的退市方式及退市原因進(jìn)行分析。這些企業(yè)主要集中從美國(guó)的交易所退市,退市情況分為主動(dòng)和被動(dòng)退市,退市的63家企業(yè)中,其中主動(dòng)退市的樣本企業(yè)的共有26家,被動(dòng)退市的樣本企業(yè)共有37家。其中被動(dòng)退市的企業(yè)主要因?yàn)橛|犯了交易所的規(guī)則而被摘牌。通過(guò)對(duì)樣本期間內(nèi)境外中國(guó)企業(yè)的交易量和本土股票交易量的對(duì)比,本文發(fā)現(xiàn)企業(yè)主動(dòng)退市的原因之一是交易量低。該項(xiàng)發(fā)現(xiàn)和有關(guān)文獻(xiàn)中所述擴(kuò)大股東基數(shù)和提高股票流動(dòng)性是企業(yè)海外上市的主要?jiǎng)訖C(jī)的理論相一致。在選擇了留在美國(guó)市場(chǎng)的企業(yè)作為對(duì)照樣本,對(duì)企業(yè)的退市決策進(jìn)行回歸分析研究后,本文發(fā)現(xiàn),成長(zhǎng)率低、資產(chǎn)負(fù)債率高、盈利性低的企業(yè)更容易從美國(guó)退市,企業(yè)特征與企業(yè)主動(dòng)從海外退市的決策之間存在聯(lián)系。本文最后給出了有關(guān)海外上市的建議。
[Abstract]:The overseas listing of Chinese enterprises began in -20s. From Tsing Tao Beer, the first listed company in Hong Kong, to the Chinese concept stocks listed successively in the United States in recent years, the overseas listing of Chinese enterprises has gone through more than 30 years. The nature of the listed enterprises is from the initial state-owned enterprises to the private enterprises. The listed exchanges include exchanges in the United States, Japan, Hong Kong, London and other countries and regions. The way of listing includes direct listing. Indirect listing and other modes of listing. Overseas listings are of great significance to Chinese enterprises. However, in recent years, many enterprises have delisted from overseas capital markets, including the United States, Singapore, Hong Kong, China. London and other exchanges, in which the largest proportion of delisting enterprises from the United States, so this paper mainly focuses on the delisting of enterprises from the United States. Most of them focus on the empirical research on the relationship between stock market performance and corporate performance, governance and other aspects after listing. The research on delisting is mostly focused on the normative research. In order to find out the influencing factors of the delisting of Chinese enterprises overseas, This paper starts with the general motivation of listing and the motivation of overseas listing, and from the angle of motivation failure, combined with the academic research on the overseas listing of Chinese enterprises. From 2011 to 2013, the Chinese enterprises delisting from overseas are selected as the research samples to analyze the delisting methods and the reasons for delisting. These enterprises mainly delist from the exchanges in the United States. The situation of delisting is divided into active and passive delisting. Of the 63 delisting enterprises, 26 are sample enterprises that have delisted voluntarily. The total number of passive delisting enterprises was 37. Among them, passive delisting enterprises were delisted mainly because they violated the rules of the exchange. By comparing the trading volume of overseas Chinese enterprises with the local stock trading volume during the sample period, This paper finds that one of the reasons for the active delisting of enterprises is the low trading volume. This finding is consistent with the theory that expanding the shareholder base and increasing stock liquidity are the main motivations for enterprises to list overseas. Companies that remain in the U. S. market as a control sample, Based on the regression analysis of the decision of delisting, this paper finds that the enterprises with low growth rate, high asset-liability ratio and low profitability are more likely to delist from the United States. There is a relationship between the characteristics of enterprises and the decision to take the initiative to delist from overseas. At the end of this paper, some suggestions on overseas listing are given.
【學(xué)位授予單位】：天津大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F279.2;F831.51

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