20081421002 ) 2012 5 5

1993 7 15 600 18 12 18 18 18 1

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

1... 1 1.1... 1 1.2... 2 2... 3 3... 4 4... 5 4.1... 5 4.2... 6 4.3... 6 5... 12 5.1... 13 5.2... 13 5.3... 15 5.4... 16 5.5... 17... 20... 21... 22 1... 23 1

1 1.1 1.1.1 19 1914 1921 1947 1986 8 2 2009 3 2008 2008 9 10.3 2008 17 1

1.1.2 2012 2 645 H 167 107 H 371 55.1% 68.2% 2000 1.2 18 2011 12 1.2.1 18 12 2

1.2.2 18 5 12 2 Aharony, Lee Wong(2000) 83 B H IPO H B 2001 A A 2005 H 2 3 H 3

2003 A 23 2010 53 2009 8 53 3 H 2012 2 102 5 107 H 2012 2 H 138 29 167 76 A+H H 33 10 3-1 H H 4

4 4.1 H 28 4-1 4-1 17 5 3 7 10 9 http://vip.stock.finance.sina.com.cn 4-2 1 902 1998-1-21 17,670,255,697 H A+H 2 916 2009-12-10 18,188,924,490 H 3 956 2010-10-13 2,397,611,040 H 4 958 2011-6-10 5,532,014,920 H 5 991 1997-3-21 9,350,210,770 H (A+H) 6 1065 1994-5-17 765,000,000 H (A+H) 7 1071 1999-6-30 2,647,401,800 H 8 1265 2004-1-9 480,057,600 H 9 1798 2010-12-17 3,651,563,806 H 10 2208 2010-10-8 2,530,236,808 H (A+H) 11 232 1991-12-12 1,427,659,555 12 270 1988-12-30 31,788,290,162 13 371 1993-4-19 14,371,074,611 14 735 1999-11-4 3,076,725,252 15 836 2003-11-12 72,449,126,166 16 1185 1997-8-11 1,408,993,462 17 1193 1994-11-7 24,768,130,452 18 2380 2004-10-15 9,856,627,300 19 8035 2000-3-16 2,516,981,040 www.hkex.com.hk 32 H 19 5

2012 2011 2011 2011 H 18 H 9 9 8 1 9 H 4 A+H 2 8 4.2 12 12 / 4.3 12 4.3.1 CR (QR) 2 1 1 1.5 6

CR<1 & QR<0.5 1.5<CR<2 & 0.75<QR<1 CR>2 & QR>1 4-3 ( ) ( ) / 902 0.38 0.3 0.7895 916 0.49 0.46 0.9388 956 1.08 1.06 0.9815 991 0.47 0.38 0.8085 1065 1.05 1 0.9524 1071 0.24 0.19 0.7917 1265 2.29 2.28 0.9956 1798 0.91 0.91 1 2208 1.61 1.29 0.8012 232 4.64 4.63 0.9978 270 6 1.09 0.1817 371 1.75 1.6 0.9143 735 1.09 1.03 0.945 836 0.53 0.45 0.8491 1185 1.42 1.01 0.7113 1193 1.18 1.13 0.9576 2380 0.48 0.43 0.8958 8035 0.8 0.71 0.8875 www.aastocks.com 4-4 1.195 1.01292 4.8722 5.2968 1.1083 1.01806 3.5278 4.28869 126.0822 124.5779 21.5506 18.91872 177.3928 170.9468 15.8144 14.76249 / 57.7083 30.44691 10.85 10.17693 7.9994 5.55922 50.5822 78.34398 SPSS 4-3 4-4 18 2011 1.1083 1 18 2/3 0.7 0.8 3 0.8 0.9 5 0.9 1 10 0.9005 18 2011 7

6 10 4.3.2 / 4-5 / / / (%) (%) (%) 902 192.01 328.36 103.89 916 122.83 187.04 74.77 956 117.46 129.67 55.17 991 325.09 383.96 81.13 1065 85.51 114.32 56.77 1071 405.8 645.3 110.55 1265 0 5.65 5.64 1798 324.74 387.09 84.87 2208 20 62.47 49.48 232 0 1.72 1.62 270 6.23 17.74 13.29 371 95.16 108.39 48.45 735 96.58 104.71 51.45 836 119.16 174.81 69.51 1185 46.2 76.97 49 1193 61.26 80.22 40.03 2380 249.37 320.76 84.12 8035 2.08 63.89 59.01 www.aastocks.com 20% 4-4 4-5 18 5 8

20% 126.0822 13 4-4 4-5 18 177.3928 11 100% 18 124.5779 170.9468 18 / 4-4 4-5 18 18 57.7083 30.4469 18 18 IPO 4.3.3 15% 20% 4-6 18 1 21.74% 15% 3 12% 15% 4-4 7.9994 12% 9

4-4 18 4.8722 / 18 18 18.32% 3.5278 17 4-6 (%) (%) (%) 00902 2.32 0.73 0.46 00916 10.35 4.14 2.93 00956 8.62 3.67 3.19 00991 5.06 1.07 0.8 01065 7.73 3.84 3.04 01071 0.45 0.08 0.05 01265 6.51 6.47 5.51 01798 8.03 1.76 1.34 02208 4.71 3.73 1.9 00232 21.74 20.47 18.32 00270 13.86 10.39 8.6 00371 7.43 3.32 2.43 00735 3.64 1.79 1.55 00836 9.37 3.73 2.64 01185 0.67 0.42 0.3 01193 14.82 7.39 4.73 10

02380 3.85 1.01 0.8 08035 14.83 13.69 4.91 www.aastocks.com 4 3 H 4.3.4 4-7 % 0-10 6 7 12 11-20 5 5 4 21-30 2 4 1 31-40 2 1 0 41-50 1 0 1 51-60 0 0 0 61-70 2 1 0 www.aastocks.com 4-4 4-7 18 0%-10% 0%-20% 61.11% 66.67% 88.89% 18 11

4-8 (%) (%) (%) ( ) 00902 6.56 1.54 0.88 17.73 00916 31.17 22.34 16.32 18.16 00956 27.55 22.11 14.16 128.41 00991 13.2 5.13 2.72 11.88 01065 38.33 25.18 18.47 18.53 01071 5.82 0.3 0.14 19.51 01265 10.98 11.4 8.59 147.52 01798 63.44 26.26 19.06 307.19 02208 5.99 6.78 4.76 2.48 00232 5.2 14.33 8.08 12.41 00270 60.23 61.74 41.81 116.79 00371 43.44 32.43 22.63 2.62 00735 23.23 12.2 9.7 20.23 00836 15.72 11.3 7.33 16.9 01185 0.27 3.25 2.82 0.87 01193 15.03 15.9 8.89 32.77 02380 14.14 4.86 3.14 22 08035 7.61 7.61 5.8 14.48 www.aastocks.com 4-8 4-4 50.5822 78.344 18 5 12

5.1 5.1.1 1 Sig. 5.1.2 KMO Bartlett 5-1 KMO Bartlett KMO (Bartlett) Df(Bartlett) Sig.( Bartlett) 0.657 84.177 66 0 000 KMO 0~1 KMO 0.9 0.5 5-1 KMO 0.657 Bartlett Sig. 0.000 1 5.2 5.2.1 5-2 1 0.863 1 0.848 1 0.891 1 0.943 1 0.951 1 0.954 1 0.939 1 0.951 / 1 0.879 1 0.962 1 0.734 1 0.622 SPSS 5-2 13

0.863 86.3% 5.2.2 5-3 % % % % % % 1 6.302 52.517 52.517 6.302 52.517 52.517 4.766 39.718 39.718 2 3.018 25.147 77.665 3.018 25.147 77.665 3.264 27.203 66.921 3 1.217 10.14 87.804 1.217 10.14 87.804 2.506 20.884 87.804 4 0.776 6.464 94.268 5 0.442 3.681 97.948 6 0.127 1.057 99.006 7 0.067 0.561 99.567 8 0.028 0.237 99.804 9 0.016 0.13 99.934 10 0.006 0.047 99.982 11 0.002 0.013 99.995 12 0.001 0.005 100 5-3 1 52.517% 87.804% 85% 5.2.3 14

5-1 5-1 1 5.3 5-4 1 2 3 0.897-0.087-0.224 0.925-0.04-0.181-0.406-0.026 0.886-0.422-0.123 0.863 / -0.669-0.204 0.624 0.778 0.283-0.22 0.875 0.067-0.28 0.943 0.118-0.199-0.081 0.971 0.069 0.141 0.922-0.284 0.097 0.932-0.289 0.13 0.661 0.411 Kaiser 5 / 6 F1 4 F2 2 F3 15

5.4 1 2 3 0.245-0.062 0.106 0.266-0.046 0.144 0.115 0.042 0.46 0.105 0.01 0.436 / -0.045-0.02 0.206 0.195 0.059 0.091 0.217-0.015 0.07 0.262 0.003 0.144-0.035 0.315 0.064-0.058 0.278-0.104-0.075 0.282-0.119 0.143 0.226 0.334 5.4.1 5-5 F1 = 0.245* + 0.266* + + 0.143* F2 = -0.062* - 0.046* + + 0.226* F3 = 0.106* + 0.144* + + 0.334* 5-5 Kaiser 5.4.2 5-6 1 2 3 0.824-0.341 0.259 0.839-0.299 0.312-0.784 0.171 0.555-0.812 0.08 0.522 / -0.918 0.042 0.187 0.827 0.046 0.219 0.876-0.193 0.207 0.906-0.153 0.313 0.167 0.96 0.064 0.512 0.819-0.129 0.482 0.84-0.155 16

0.084 0.642 0.451 5-6 = 0.824F1-0.341F2 + 0.259F3 = 0.839F1-0.299F2 + 0.312F3 = 0.084F1 + 0.642F2 + 0.451F3 5.4.3 5-7 F1 F2 F3 F 3.62367-0.76053 0.32212 1.3 1 0.18218 1.95677 2.34459 1.09 2 0.21466 2.59587-1.09755 0.56 3 0.79128-0.20126-0.47752 0.16 4-0.03965 0.54934 0.0615 0.15 5-0.56642-0.82317 2.09961-0.01 6-0.22497 0.7991-0.67731-0.01 6 0.31844-0.16207-0.49557-0.02 8-0.46975-0.55893 1.02847-0.12 9-0.48882 0.42964-0.24466-0.13 10-0.40181 0.57193-0.61724-0.13 11 0.3293-0.58814-0.64505-0.16 12-0.59746-0.55421 0.63866-0.25 13-0.41849-0.299-0.22794-0.3 14-0.5448-0.19908-0.62237-0.4 15-0.78329-0.85325 0.51714-0.44 16-0.24953-0.84091-0.9176-0.52 17-0.67453-1.06209-0.9893-0.76 18 5-5 18 F = 0.3972F1 + 0.272F2 + 0.2088F3 / 0.878 18 5-7 5.5 17

6 F1 0 F1 F1 18 6 F2 0 4 F3 F1 3 F2 3 3 7 F3 0 18

0 18 18 18 0.000556 18 14 0 5 0-0.01 F3 F3 19

18 2011 18 2011 20

1. [J]. 2003 8 2. [D]. 2007 3. [J]. 2010 6 4. [N]. 2002 4 5.H [J]. 2005 5 6. 31 H [D]. 2010 7. [N]. 2010 11 8. [D]. 2009 9. [J]. 2000 10. [J]..2006(11) 11. [J]. 2007 7 12 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,1996 14 R Charles. Moyer, Contemporary Financial Management[M], 1998 21

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1 / 1.000.994 -.552 -.579 -.777.562.716.836 -.137.107.079.001.994 1.000 -.525 -.558 -.775.605.743.868 -.093.143.112.045 -.552 -.525 1.000.972.823 -.513 -.613 -.540.079 -.297 -.292.190 -.579 -.558.972 1.000.867 -.535 -.583 -.542 -.034 -.368 -.361.095 -.777 -.775.823.867 1.000 -.600 -.692 -.745 -.078 -.443 -.421 -.076.562.605 -.513 -.535 -.600 1.000.910.854.190.440.393.085.716.743 -.613 -.583 -.692.910 1.000.934 -.048.278.238 -.035.836.868 -.540 -.542 -.745.854.934 1.000.010.337.290.020 -.137 -.093.079 -.034 -.078.190 -.048.010 1.000.859.880.618.107.143 -.297 -.368 -.443.440.278.337.859 1.000.995.398.079.112 -.292 -.361 -.421.393.238.290.880.995 1.000.411.001.045.190.095 -.076.085 -.035.020.618.398.411 1.000 Sig..000.009.006.000.008.000.000.294.336.378.499.000.013.008.000.004.000.000.357.286.329.429.009.013.000.000.015.003.010.378.115.120.225.006.008.000.000.011.006.010.447.066.070.354.000.000.000.000.004.001.000.379.033.041.382.008.004.015.011.004.000.000.225.034.053.369.000.000.003.006.001.000.000.425.132.170.445.000.000.010.010.000.000.000.484.086.121.469.294.357.378.447.379.225.425.484.000.000.003.336.286.115.066.033.034.132.086.000.000.051.378.329.120.070.041.053.170.121.000.000.045.499.429.225.354.382.369.445.469.003.051.045 23