【作者】 罗飞飞；

【导师】 刘园；

【作者基本信息】 对外经济贸易大学 ， 国际贸易， 2006， 博士

【摘要】 根据M-M定理,如果全球资本市场是完美的一体化市场,上市地点的选择是没有意义的。但是,在过去的十几年里,越来越多的公司选择了在本国之外的境外资本市场上市交易。已有研究也表明:上市地点、方式的选择对股票价格、公司价值及经营业绩的影响不容忽略。中国国有企业的境外上市始于上个世纪90年代初期。其初衷,一是拓宽引进外资的渠道以加快资本积累,二是以境外上市促进国有企业改革。亚洲金融危机之后,国有企业境外上市曾一度停滞;但2000年以来进入了一个新的快速发展期,境外上市国有企业的数量和规模都是空前的。从操作模式来看,国有企业可以通过发行普通股或股权存托凭证在境外上市交易。从统计数据看,大多数国有企业是通过发行H股或红筹股在香港联交所上市来实现境外上市的,这其中的一部分国有企业同时还通过发行ADR在美国或通过直接发行普通股在伦敦证券交易所上市。对中国企业的境外上市行为,已有的研究有两类,一类主要探讨H股与A股的价格关系,另一类则试图从某一个角度揭示境外上市的动因。与已有的文献不同,本文试图系统分析境外上市对国有企业经营绩效究竟有何影响以及这种影响是如何产生的。境外上市这一事件对国有企业经营绩效的影响可能由以下三种效应所引起,(1)民营化效应,(2)IPO效应,(3)境外上市效应。本文以27家2003年之前在香港及内地A股市场多重上市的国有企业为研究样本,利用非参数方法和多元回归分析检验了这些国有企业回归A股前后的经营绩效变化及以上三种效应的实际影响。检验发现:(1)A+H多重上市国有企业的规模更大。这与境外上市国有企业的行业分布、境外上市前的重组方式以及国有企业在境内外不同市场上市时的遴选政策差异有关。(2)非参数检验结果显示,从A+H多重上市国有企业回归A股后,盈利能力和营运效率下降;偿债能力增强,资本结构优化,规模/产出扩大。(3)除了实际税前利润(NI)以外,上市前后A+H多重上市国有企业与作为对照样本的纯A股公司其它财务绩效指标的变动方向一致。但是,A+H多重上市国有企业的市场价值指标(Tobin’s Q)显著小于对照样本。(4)多元回归分析亦未能检验到显著的境外上市效应。本文认为,对于A+H多重上市国有企业而言,IPO效应的影响要大于民营化效应,正向的境外上市效应对国有企业的经营绩效和公司价值的提升作用并不显著。换言之。境外上市这一事件并不能从根本上消除国有企业存在的诸种弊病,期望通过境外上市来更多还原

【Abstract】 According to M-M theorem, the choice of listing location was useless if the global capital market was a perfect integration market. However, overseas listing is becoming an increasingly important strategic issue for companies. A concomitant growth of theoretical and empirical studies seeking to understand the benefits and costs of the corporate decision to list shares on overseas exchanges have shown the impact of listing abroad should not be overlooked.From 1993 to 1998, five batches of state-owned enterprises (SOEs) have been selected to be listed on overseas exchanges by Chinese government agency to attract foreign investment and accelerate SOEs reform. The number of Chinese SOEs listed on overseas exchange increase rapidly science 2000 years, while overseas listing had been significantly slowdown after the Asian financial crisis. There are two alternatives for SOEs to be listed and traded on international capital market, the typical listing (issue ordinary shares) or Depositary Receipt (DR) program. Statistically, most SOEs are listed in Hong Kong Stock Exchange by issuing H-shares or red chips. Meanwhile, some of them are listed in the United States market through ADR program or in London Stock Exchange (LSE) through typical listing.There are two strands of literature attempts to explain overseas listing of Chinese enterprises. One attempts to explain the relationship between the price of H-shares and A-shares. The other attempts to rationalize why firms pursue overseas listings in one aspect, such as the effect of overseas listing on capital structure, corporate governance and risk exposures of the companies. This study investigates the effects of overseas listing on SOEs’ financial and operating performance.Theoretically, there are three major influences on the performance of overseas listing SOEs: the positive privatization effect, the negative IPO effect and the positive overseas listing effect. This study compares the financial and operating performance before and after postlisting A-share listing for 27 SOEs, which had been listed in Hong Kong before 2003 with the use of nonparametric methods and multiple regression analysis. Major findings are: (1) A+H cross-listed SOEs are larger then pure A share firms, which can be explained by the difference of industry, reconstruction and selection process between them. (2) The results of nonparametric更多还原