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兽岸谢
7 years ago
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3 Title Empirical Analysis to Operating Performance of Mainland Companies Listed in Hong Kong Abstract With the deepening reform of development, more and more mainland companies choose to list overseas. Since July 15, 1993, Tsingtao Brewster as the first mainland company listed in Hong Kong, more than 600 mainland companies has chosen to list in Hong Kong in less than twenty years. The Chinese government supports it much on policy, and the Hong Kong securities market with convenient listing process, diversified financing means and international trading platform, attracts a large number of mainland companies to list there. Hong Kong has become the preferred place that mainland companies listed overseas. Past operating performance of listed companies provides a reliable basis for the major shareholders and the company executives to make future decision, and the establishment of comprehensive evaluation index system is the effective means to operating performance analysis. I choose 12 financial ratios of 18 mainland companies in public utilities industry listed in Hong Kong in this paper, by the use of the factor analysis method in statistics, and establish the operating performance comprehensive evaluation index system. Then I take empirical analysis of the operating performance over the 18 companies, draw the 18 companies in the terms of operating performance comprehensive ranking and present my evaluation about the operating performance of the 18 companies in the end. Keywords Hong Kong listed Financial ratios Mainland companies Utilities Factor analysis 1

6 H H % 68.2%

7 Aharony, Lee Wong(2000) 83 B H IPO H B 2001 A A 2005 H 2 3 H 3

8 2003 A H H H A+H H H H 4

9 4 4.1 H ,670,255,697 H A+H ,188,924,490 H ,397,611,040 H ,532,014,920 H ,350,210,770 H (A+H) ,000,000 H (A+H) ,647,401,800 H ,057,600 H ,651,563,806 H ,530,236,808 H (A+H) ,427,659, ,788,290, ,371,074, ,076,725, ,449,126, ,408,993, ,768,130, ,856,627, ,516,981, H 19 5

10 H 18 H H 4 A+H / CR (QR)

11 CR<1 & QR< <CR<2 & 0.75<QR<1 CR>2 & QR>1 4-3 ( ) ( ) / / SPSS /

12 / 4-5 / / / (%) (%) (%) %

13 20% % / IPO % 20% % 15% 3 12% 15% % 9

14 / % (%) (%) (%)

15 H % %-10% 0%-20% 61.11% 66.67% 88.89% 18 11

16 4-8 (%) (%) (%) ( )

17 Sig KMO Bartlett 5-1 KMO Bartlett KMO (Bartlett) Df(Bartlett) Sig.( Bartlett) KMO 0~1 KMO KMO Bartlett Sig / SPSS

18 % % % % % % % % % 85%

19 / Kaiser 5 / 6 F1 4 F2 2 F3 15

20 / F1 = 0.245* * * F2 = * * * F3 = 0.106* * * 5-5 Kaiser /

21 = 0.824F F F3 = 0.839F F F3 = 0.084F F F F1 F2 F3 F F = F F F3 /

22 6 F1 0 F1 F F2 0 4 F3 F1 3 F F3 0 18

23 F3 F3 19

25 1. [J] [D] [J] [N] H [J] H [D] [N] [D] [J] [J]..2006(11) 11. [J] Aharony, Joseph, Chi wen Jevons Lee and T.J.Wong, Financial Packaging of IPO Firms in China[J].Journal of Accounting Research, 2000,(38) 13 Whittington G, Financial Statement and Performance Measurement, Accounting and Performance Measurement[M], Paul Chapman Publishing Ltd, R Charles. Moyer, Contemporary Financial Management[M],

26 22

27 1 / Sig

境外中概股危机：背景、成因与影响-李明达编.doc

境外中概股危机：背景、成因与影响-李明达编.doc 境外中概股危机 : 背景成因与影响余波 ( 湖北省社会科学院经济研究所, 湖北武汉 430077) 内容提要 : 本文回顾了近期境外中概股遭遇股价暴跌和诚信危机的背景, 认为这既有中概股良莠不齐会计造假商业模式受质疑以及 VIE 潜在道