境外上市企业国内融资问题研究

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2 A IPO IPO IPO IPO A IPO A IPO 2

3 A IPO IPO IPO IPO A IPO A 1 1 3

4 A IPO IPO 4.3 IPO

5 H %

6 35 6 N L 1 S 1 H N 9 H L 3 H S 1 H N L H N S L HN HL HS HNL IPOA IPO IPO IPO 6

7 2 2.1 A A A H A H 3 A 1997 H % B H A A B H A

8 1997 H H A A H 18 A A A A A A A A A A A 8

9 A (0) (15) (1) (11)16 7 (1) (7) (0) (0) (12) 6 9 (10) 10 ST (4) A A A 2 26 (-41) 30(35) (35) (9) (73) 4 A A H %

10 % (%) (%)

11 Nasdaq HKEx % % ( ) 1,528,839 2,512,142 39% ( ) 8,400 13, % ()( ) 17,752(04/19) 35,746(02/15) 50% ()( ) 3,175(01/02) 6,251(06/26) 49.2% ( ) 1,151,923 1,933, % ( ) 6,329 10, % 18,108,966 29,447, % 99, , % HKEx H 1 6 H N H N

12 %-8% % GDP 50% A : GDP % / % /

13 A A A NA NA NA ; H 30.1% A H

14 ERP A H ARPU H 14

15 9 A ST % 5.518% 4.9% 0.37% % -32.4% % 5.19% 1.66% 1.09% 2.44% % % 11.25% 5.51% 1.16% 10.73% 6.29% % 12.43% 10.50% 6.21% 7.14% 7.47% % 10.03% 2.41% 5.36% 6.98% % 17.7% 13.4% -16.4% % 8.67% 6.92% 3.35% 4.65% 4.40% 3.69% 4.26% % 7.75% 4.95% % 3.11% % % 13.53% 12.43% 11.19% % 9.83% 9.42% 10.65% % % % % 7.69% 2.51% 3.02% 1.41% % % % 16.17% 20.23% 9.59% 5.77% 1.88% 5.69% 6.54% % % % 8.18% 16.68% % 1.26% 0.36% 0.21% -4.65% -9.21% 0.19% % 0.68% 0.51% -1.41% 0.11% 0.86% 15

16 % 10.64% 8.27% 5.41% 4.79% 5.40% 5.40% % 4.81% 4.12% 3.58% -3.13% -1.88% % % % 3.78% 4.25% % 2.65% 0.54% -2.88% 9.05% 9.53% % 0.66% 1.25% -39% % 12.66% % % % % % % % % % % % :% H H 1/3 ST 16

17 2.3.4 A A ,029 21, ,254 8, ,397 7, ,995 12, ,385,561 21, ,868,119 19, ,905,601 22, ,001,894 30, ~9 89 3,067,073 34,461 A A A A

18 IPO B H A A B H A B 18

19 H N S A A H N S A IPO H 1502.HK Successful Plan 73% A A CDR 3 19

21 H N L S A IOSCO A 1998 A H A B A A 21

22 IPO A, A 22

23 25 A 1 ST 4% A ST 6% 1 PT A A A

24 A A A < > A A A 23 A 36 64% A 24

25 A A A A % A 9 A

26 % % A 14 *

27 % % 25% % 6% * IPO 27

28 A A IPO 28

29 A A 8% % 15 H A A A

30 3.3.2 A A A A A A H N L S A

31 4 IPO 4.1 A B CDR pecking order 31

32 A A B B A A 1993 A % A GDP 50% A A A A A 2000 A A A A A A A H H A A 32

33 10 A IPO 2 16 A

34 CDR CDR H N S L CDR H N S L CDR A B CDR CDR CDR CDR H N L S CDR CDR CDR CDR CDR CDR CDR CDR CDR CDR 4.2 IPO A B CDR CDR A 34

35 A B A H IPO A IPO IPO 25 A A H N L S RMB RMB RMB RMB ST A H N S IPO 35

36 1 cross listed book-building fixed price auctions firm commitment best effort A 10 36

37 road show A 25 A A IPO A IPO IPO 11 2 IPO A IPO IPO IPO A 18 IPO A

38 IPO IPO IPO IPO 5 3 IPO IPO A IPO IPO IPO A () () () IPO IPO IPO A IPO 38

39 4.2.3 IPO D IPO = c + a Q a Q a a + + Timespread + IndexA + IndexH + Pr ofita + Pr ofith A Share H Share a a a IPO A Q H Share D IPO Q A Share H Timesread IndexA A A 12 IndexH H H ProfitA A ProfitH H H H IPO 5% t A H IPO H IPO H A A H IPO IPO A H H A IPO 12 39

40 21 IPO IndexA IndexH QA-share QH-share Timespread ProfitA ProfitH c R 2 F E E (-0.497) (3.334*) (-0.849) (-1.731) (3.209*) (1.75) (-1.71) (2.185*) (-0.361) (2.335*) (0.704) E E (-0.096) (3.33*) (-0.625) (-1.76) (2.39*) 4.72E E (0.622) (-1.455) (2.335*) (3.91*) (2.608*) (3.36*) (1.614) (2.364*) (2.553*) (1.531) (0.652) (4.464*) (7.077*) t * 5% 0 E-view 4.3 IPO A IPO A 25 A A PEA IPOH Machine Medicine Petri Public Steel c R 2 F (1.486) (1.420) (-1.217) (-0.759) (-2.478*) (-2.212*) (-2.000*) (1.946*) (1.537) (1.471) (-1.279) (-0.759) (-2.564*) (-2.317*) (-2.154*) (2.061*) (1.412) (1.495) (-1.016) (-2.654*) (-2.345*) (-2.099*) (1.931*) 40

41 (2.008*) (2.150*) (-2.578*) (-2.137*) (-1.835*) (1.738**) t * 5% 0** 10% 0 E-view IPOA= c+ b 1 PEA+ b2 IPOH + b3 Machine+ b4 Medicine+ b5 Petri+ b6 Public+ b7 Steel IPOA A PEA A IPOH H Machine Medicine Petri Public Steel A A H A A 22 A A A IPO A IPO () A IPO () A IPO () A IPO A IPO

42 4.3.2 A, IPO A A A A IPO 1 / 1 A A 2 A A 3 A A A A A 1 H 5000 A A A 42

43 401/3202/327 A /,,,,,, 2000 H,, 4.20, 35.90, / 7.95 / 10,000 43

44 2000 A A H A 13 2 A A H 4 A A H 20 A A A H A A

45 A A A , 45

47 % 35% D 5% 10 13D 1% 47

49 26 15 (a) 30% (b) 30% 30% (c) 30% 50% 12 2% (d) 30% 50% 12 2%

50 30% 29% GAAP IAS 50

51 % %

53 Cadbury Code

55 % NASDAQ A Practical guide to listing on The Nasdaq Stock Market

56 CDR

57 Memoranda of Understanding, MOUs EU IOSCO IOSCO 57

58 58

59 6 IPO A IPO A A IPO IPO A IPO IPO IPO A 59

60 H IPO H IPO H A A H IPO IPO IPO A IPO A H A A

61 61

62 ,2000, 2001 IPO Capital China ,2000, a, 2000b,,2001, A IPO ,2001, A (),1999, ( ) Damodar N.Gujarati,1995, Basic Economics Third Edition,McGraw-Hill,Inc. Podpierra, Richard, 2001, International Cross-listing: the Effects 62

63 of Market Fragmentation and Information Flows, Sugato Chakravarty, Asani Sarkar and Lifan Wu, 1998, Information Asymmetry, Market Segmentation and the Pricing of Cross-listed Shares: Theory and Evidence from Chinese A and B Shares, 63

: A H, AH, AH, : ; AH ; AH,;, AH,,,,,,Hietala (1989),Bailey Jagtiani (1994),Stulz Wasserfallen (1995) Domowitz, Glen and Madhavan (1997), Bailey, Chun

: A H, AH, AH, : ; AH ; AH,;, AH,,,,,,Hietala (1989),Bailey Jagtiani (1994),Stulz Wasserfallen (1995) Domowitz, Glen and Madhavan (1997), Bailey, Chun 2008 4 A H 3 :, 2007 12 31 51 AH, AH : A H,AH ; AH ; AH,AH ;, QDII AH, AH :AH QDII AH, A H 1993 8 27 AH, 2007 12 31 51 AH, A H,, AH AH 2007 7 9 AH,AH, A H AH 2007 8 20,,, H A, A H,AH,AH, AH, AH,, 2007