本文選題：赴美上市　切入點：境內(nèi)上市　出處：《山東大學》2013年碩士論文　論文類型：學位論文

【摘要】：從IPO數(shù)量上看,每年大規(guī)模在美國市場IPO是從2006年開始的并于2010年達到了頂峰,而且赴美上市的中國企業(yè)多為中小民營企業(yè)。不可否認美國具有成熟的資本市場,層次豐富,為中小民營企業(yè)進行融資提供了廣闊的空間,但是中國證券市場也不斷推陳出新進行改革,2009年推出創(chuàng)業(yè)板以及近年來不斷打擊內(nèi)幕交易,使得中國證券市場層次和交易秩序都有了很大的改善。而與此同時,2010年開始爆發(fā)的SEC中國概念股審計風暴,使得赴美上市的中國企業(yè)面臨寒冬。在這種新形勢下,對中國概念股赴美上市的行為是否促進企業(yè)成長,以及赴美上市所帶來的公司成長是否與國內(nèi)A股上市的同類企業(yè)顯著不同兩個問題進行探討顯得尤其必要。 本文首先分別分析在美國證券市場上市的中國公司的成長性和中國境內(nèi)上市公司的成長性,在此基礎上分析兩個不同的市場上中國公司的成長性是否存在顯著的差異。如果存在顯著的差異,則可能選擇成長性高的市場上市是有利的。即如果中國境內(nèi)上市企業(yè)的成長性顯著低于赴美上市的中國企業(yè),則說明美國的資本市場仍然是企業(yè)進行融資的不錯選擇。然而如果研究結果表明中國境內(nèi)上市企業(yè)和赴美上市中國企業(yè)的成長性不存在顯著差異,則說明不切實際的追趕赴美上市的熱潮是不明智的,中國擬上市企業(yè)應考慮自身企業(yè)的具體情況,把目光投向中國的資本市場。 本文選取2009年1月1日至2011年12月31日赴美上市進行IPO融資的46家中國企業(yè)作為第一組樣本,同時選擇與其在同年上市的同行業(yè)企業(yè)46家作為配對樣本進行實證檢驗。檢驗結果表明赴美上市公司和國內(nèi)上市公司外部融資所帶來的公司成長性存在顯著的差異,其成長性顯著高于國內(nèi)上市公司。但是赴美上市公司這種成長性并不是由于赴美上市進行融資所推動的,恰恰相反,中國公司赴美上市的行為損害了公司的成長性。而與此不同,國內(nèi)公司雖然成長性不如赴美上市公司,但其在國內(nèi)成功上市后,成長性大大提高。中國企業(yè)赴美上市的融資環(huán)境不斷惡化,SEC審計風暴使得赴美上市的中國企業(yè)廣發(fā)的牽連,美國證監(jiān)會也加大了對中國企業(yè)赴美上市IPO的審查力度,因此在新的形勢下,中國擬上市企業(yè)應考慮自身企業(yè)的具體情況,把目光投向國內(nèi)的資本市場。
[Abstract]:In terms of the number of IPO, the annual large-scale IPO in the American market began on 2006 and reached its peak on 2010, and the majority of Chinese enterprises listed in the United States are small and medium-sized private enterprises. There is no denying that the United States has a mature capital market with rich levels. It provides a wide space for small and medium-sized private enterprises to finance, but China's securities market is also constantly introducing new and reforming, in 2009, the launch of the growth Enterprise Market and in recent years, continued to crack down on insider trading. This has greatly improved the level of China's securities market and the order of transactions. Meanwhile, the SEC China concept audit storm that began on 2010, has made Chinese enterprises listed in the United States face a cold winter. Under this new situation, It is particularly necessary to discuss whether the listing of Chinese concept shares in the United States promotes the growth of enterprises and whether the growth of companies listed in the United States is significantly different from that of domestic A-share listed companies. This paper first analyzes the growth of Chinese companies listed on the US stock market and the growth of listed companies in China. On this basis, this paper analyzes whether there are significant differences in the growth of Chinese companies in two different markets. That is, if the growth of listed enterprises in China is significantly lower than that of Chinese companies listed in the United States, However, if the research results show that there is no significant difference in the growth of listed enterprises in China and those listed in the United States, This shows that it is unwise to catch up with the wave of going public in the United States, and that Chinese companies should consider the specific conditions of their own companies and turn their eyes to China's capital market. From January 1st 2009 to December 31st 2011, 46 Chinese companies listed in the United States for IPO financing were selected as the first set of samples. At the same time, 46 companies in the same industry listed in the same year were selected as paired samples for empirical test. The results show that there are significant differences in the growth of companies brought about by external financing of listed companies in the United States and domestic listed companies. Its growth rate is significantly higher than that of domestic listed companies. However, this growth of listed companies in the United States is not driven by the financing of listed companies in the United States. On the contrary, it is the opposite. The listing of Chinese companies in the United States has damaged their growth. In contrast to this, although domestic companies have not grown as well as those listed in the United States, they have successfully listed in the United States. The financing environment for Chinese enterprises to list in the United States has deteriorated continuously. The US Securities Regulatory Commission has also stepped up the examination of the IPO listing of Chinese enterprises in the United States. The US Securities Regulatory Commission has also stepped up its scrutiny of the IPO listed in the United States by the US Securities Regulatory Commission, as a result of the SEC audit storm. Therefore, under the new situation, Chinese listed enterprises should consider the specific situation of their own enterprises and turn their eyes to the domestic capital market.
【學位授予單位】：山東大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F279.2;F832.51

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