沪港双重上市公司的发行问题研究

【作者】 吴秀波；

【导师】 谢百三；

【作者基本信息】 复旦大学 ， 产业经济学， 2008， 博士

【摘要】 双重上市又称为跨境交叉上市,是指一家公司的股票同时在境内外两地(或以上)市场挂牌交易,是一种重要的融资机制。对于一家准备首次公开发行(IPO)的大型企业而言,由于融资需求巨大,势必对市场带来压力,选择在一个还是在多个金融市场融资值得考虑;在面临新的投资机会时,选择在现有的市场再融资还是到异地市场再融资同样值得考虑。在成熟资本市场上,公司股票双重上市的现象十分普遍。虽然有学者质疑双重上市的绩效,但是主流的观点仍认为跨境双重上市存在诸多优点。自从1993年8月27日青岛啤酒(H股)返回上海证券交易所发行A股并挂牌上市以来,公司的股票同时在香港与内地交易所双重上市的现象越来越多。截至2008年8月底,同时在香港和内地证券市场双重上市的中国公司共有56家。可以合理预计,未来采取双重上市的公司会越来越多。当前,在双重上市的股票发行方面存在如下问题:第一,发行次序安排。从中国现有情况看,实现双重上市机制的发行次序包括:(1)“先H后A”模式;(2)“先A后H”模式;(3)“A+H同步发行”的模式。分析它们的差异,为今后的发行上市政策提供理论依据。第二,回归A股发行模式。中国海外上市兵团规模庞大,越来越多的海外上市公司将回归A股市场。尽管大型H股公司已经回归A股市场,但是红筹股公司还没有成功回归的案例。对H股回归的经验及时进行总结很有必要。回归的发行模式包括:(1)直接在A股市场IPO;(2)换股吸收合并现有A股公司;(3)中国联通模式;(4)创设中国存托凭证(CDR)。每种模式各有其优缺点,海外上市公司应采取何种发行模式最好?长远来看,中国资本市场将有序开放,并将最终建成国际知名资本市场,外国公司也会来A股市场发行上市,海外上市公司成功回归的经验会给它们带来帮助。第三,实现双重上市的监管合作。长期来看,内地与香港证券市场最终走向融合。但是在现阶段,内地与香港在新股资源的开发方面存在一定的竞争关系,两地的监管竞争将导致“相互降低监管标准”(race down the bottom),对投资者的权益保护不利。采取让公司双重上市的方式有助于缓解矛盾,而内地与香港应如何开展监管合作,是当前迫切需要解决的问题。本文将重点研究双重上市的发行次序,海外公司回归A股市场的模式选择,对红筹股公司的回归提供解决方案,协调两地与香港之间的发行监管合作问题。本文包括九章,内容结构如下:第一章绪论。主要介绍选题背景、选题意义、现有文献的简单回顾。第二章全球双重上市的现状与文献综述。早期的文献主要关注双重上市的股价反应,认为双重上市可以融到更多的资金;提高股价、流动性;降低资金成本;扩大投资者基础。近期的文献则主要从公司治理角度来考察,认为双重上市可以提供法律绑定效应、提高信息披露水平、借助外国资本市场实行有效的监督等等。双重上市对本国资本市场的影响则包括溢出效应和分流效应,但是难以确定净效应。第三章沪港公司双重上市的理性分析(上)。H股回归经历折射了双重上市政策的摇摆不定,社会各界对双重上市缺乏理性思考。现有的关于双重上市公司业绩的研究并不全面。基于信息不对称视角,双重上市是企业的市场选择之一。H股公司回归A股市场可解决企业再融资问题、股权分置问题,有助于中国资本市场的做大做强。实证结果表明,H股公司的回归平抑了A股市场的泡沫。第四章沪港公司双重上市的理性分析(下)。内地公司赴香港发行上市包括H股模式和红筹股模式,具体选择与当时的历史环境有关。与上市地同期发行的新股相比,并不存在整体压低内地公司发行价问题。香港上市在解决生产所需的资金的同时,也存在牺牲境内投资者利益、主要惠及境外机构等等问题。由于内地大小非问题严重,因此赴香港发行将成为A股上市公司的第二发行地。第五章双重上市的发行次序选择。“先H后A”模式主要适用于现有存量海外公司的回归;A+H同步发行由于存在较多的协调问题,尽管有两个成功发行的案例,将来难以成为主流模式:内地上市公司有再融资的需要,而大量限售股解禁后,市场可能会有较长的低迷期,“先A后H”应该是今后主流的发行模式。第六章IPO模式与跨市场换股吸收合并模式比较。与换股吸收模式相比,采取IPO模式存在的问题包括熊市环境IPO不可行、难以解决同业竞争与关联交易问题等。跨市场换股吸收合并模式的优点包括实现A股市场上市、解决同业竞争问题、缓解合并所需融资压力、获得协同效应等;缺点则包括合并成本不确定、失去现金融资的好机会、复杂的审批程序等等。换股吸收合并的基本原则是双方股东的财富不能因为换股而减少,介绍中国铝业换股吸收合并的成功案例。第七章实现红筹回归的发行模式创新。红筹股公司的回归一直是市场热烈讨论的话题,其回归模式有三种:直接IPO、联通模式、CDR模式。采取IPO方式回归的优点是配套政策措施较少,缺点则是存在存量或增量发行争论、发行主体法律资格障碍等,上述缺陷都可以克服,目前管理层迟迟未能批准红筹回归的原因在于担忧中国资本市场开放进程太快以及如何协调香港利益问题。联通模式需要国务院特批,并无推广价值。创设CDR实现红筹公司回归的时机已经成熟,与其让投资者到境外去投资,不如主动创设一些新的投资工具如CDR,使投资者在境内就可以买到境外公司的股票,而且可以避开IPO模式存在的法律障碍、存量与增量之争,有效协调内地与香港市场方面的利益。第八章沪港双重上市的发行监管合作问题。两地关于H股和红筹股实施监管合作的历史既有成功经验也有失败教训。现阶段新的问题包括红筹股公司回归问题、两地关于上市资源的争夺问题、两地关于跨境发行股价操纵问题、资金的跨境灰色流动问题、股票发行中的股票面值问题、大股东跨境套现问题等等。应借鉴欧盟成功经验,完善两地发行上市监管合作。第九章文章结论及政策建议。更多还原

【Abstract】 Dual-listing,also known as cross-border listing refers to a company’s stock at the same time listed on the inside and outside(the two or more) market,is an important financing mechanism.For a large-scale enterprise,due to huge demand for financing, it is bound to bring pressure on the market,choose one or more markets to finance should be considered.While having new investment opportunities,the choice in the existing market refinancing against or to different places should also be considered.In a mature capital market,the company dual-listing stocks are very common phenomenon.Although some scholars have questioned the performance of dual-listing,but still the mainstreams view that there are many advantages of dual listing.Since August 27, 1993 Qingdao Beer(H shares) returned to the Shanghai Stock Exchange issued A-shares and listing,the phenomenon of the company’s stock at the Stock Exchange of Hong Kong and the Mainland dual listing get more and more.At the end of August 2008,while in Hong Kong and the mainland securities market dual-listed Chinese companies a total of 56.It can reasonably be expected,the future of dual-listed companies will be more and more.At present,the dual-listed shares in issue with regard to the following questions:First,the order issued arrangements.Market mechanisms to achieve double the issuance of the order include:(1) " first H late A" model;(2) " first A late H" model;(3) "A + H simultaneously issued" model.Analysis of their differences,for the future of the issuing and listing policies provide a theoretical basis.Second,the return of A-shares issued model.China’s overseas listing of large-scale Corps,an increasing number of overseas listed companies will be returned to the A-share market.Although large-scale H-share companies has returned to the A-share market,but the red-chip companies has not been successful return to the case.H-shares on a timely return to sum up the experience are necessary.The issue of the reunification model include:(1) directly in the A-share market IPO;(2) A shares convertible absorb the merger of existing companies;(3) China Unicom mode; (4) the creation of China Depository Receipts(CDR).Each model has its advantages and disadvantages,overseas listed companies should take to issue the best mode. Long-term perspective,China’s capital market will be open,orderly,and well-known and will eventually be an international capital market,foreign companies will be permitted to list on the A-share market;the successful return of overseas listed companies will give them the helpful experience.Third,achieve the regulatory cooperation of the dual listing.The Mainland and Hong Kong stock market eventually moves toward integration.But at this stage,in the development of new shares resources there is a certain competition between the Mainland and Hong Kong regulatory,competition will lead to "reduce the regulatory standards of each other" (race down the bottom),the protection of the rights and interests of investors adversely.Dual-listed companies would help to alleviate conflicts,and the Mainland and Hong Kong should know how to carry out supervision cooperation,which is currently an urgent need to address the problem.This paper will focus on the issue of dual listed on the order of overseas companies return to the A-share market model chosen,the return of red-chip companies to provide solutions,coordination between the two places and the issue of the Hong Kong regulatory cooperation.In this paper, the content and structure are as follows:Chapter 1 Introduction.Main topics on background,the significance of topics, a brief review of existing literature.ChapterⅡReview dual listing of the global status quo and Literature.Early literature major concern of dual listing that can raise share prices,liquidity;lower cost of capital,enhance the investor base.Recent literature mainly from the perspective of corporate governance inspection that the dual listing could provide a legal bonding effect,raise the level of information disclosure,implement effective supervision through foreign capital markets.Dual listing on the domestic capital markets, including the impact of the spillover effects and the effects of segregation,but it is difficult to determine the net effect.ChapterⅢA rational analysis to dual-listed Chinese companies(Ⅰ).The policies of dual listing are unsteadily and the public had no reasonable thinking about dual listing.The research about performance of dual listing corporate is not objective by far.Dual listing may be one market choice of the firm based on the asymmetric information perspective.H share corporate came back to A share market will help to solve problems such as SEO,equity partition,and to broaden China capital market. The positive analysis showed that H share corporate listing on A share market had cooled the bubbles.ChapterⅣA rational analysis to dual-listed Chinese companies(Ⅱ).Mainland companies went to listing on Hong Kong,including red chips and H-shares model, and which one be more suitable based on the environment.No evidences show that H share be systematically lower priced compare to other IPOs in the same time and the same market.While oversea listing get the money the firm needed,there also exist the problems such as sacrificing the interests of the mainland investors,mainly benefiting foreign institutions and so on.ChapterⅤThe choice of dual listing offering order.The IPO mode of First H Late A is suitable for the oversea corporate coming back,Because A+H simultaneously IPO had problems about coordination,although there had two successful cases,in the future it will be skeptically to be the mainstream modes.After the limited shares being marketable,The market may have a longer downturn," First A Late H" should be the issue of the future mainstream models.ChapterⅣA comparison between IPO model and cross-market merger of absorbing model.Compared to cross-market merger of convertible absorbing model, the IPO mode has disadvantages including a bear market environment IPO impractical,difficult to resolve intra-industry competition and related trade issues. Cross-market model has the advantages including the realization of the A-share market listing,with the industry to resolve the issue of competition,easing pressure on the merger of the necessary financing,access to synergies;Drawbacks include the cost of the merger being uncertainty,losing a good opportunity to cash financing and need complex approval procedures,and so on.The basic principle of cross-market mode is that both sides shareholder wealth can not be reduced after the merger,the article also introduced the successful case of China’s Aluminum Industry.ChapterⅦInnovation models of red chips to return A share market.The topic of Red-chip company’s return to the A market had been a lively discussion,there are three models to select:Direct IPO,China Unicom mode,CDR model.IPO need less supporting policy measures,but has the shortcomings such as existing or incremental stock offering controversy,the obstacles of legal qualifications.These shortcomings all can be overcome,the reasons for the management’s delay in approval of the return of red chips is worried about China’s capital market opening-up process too quickly, as well as how to coordinate the interests of Hong Kong issues.China Unicorn mode need special approval by the State Council,so there is no promotional value.CDR creation of red-chip companies is ripe,instead of allowing investors to invest abroad, creating some new investment tools such as CDR,investors can buy the company’s stock in the hometown,CDR can also avoid such as the legal obstacles,the storage and incremental struggle of IPO mode,CDR can coordinate effectively the Mainland and Hong Kong market’s interests.ChapterⅧThe issues of dual listed regulatory cooperation.The history of two places on the H-shares and red chips regulating cooperation has both successful experiences and lessons.At new stage,the new problems need solutions such as the return of red-chip companies,the competition of listing resources between the two sides,the cross-border price manipulation,the cross-border gray capital flows,the par value,the major shareholders cross-border arbitrage problems.The two sides should learn from EU successful experiences and improve the regulatory cooperation.ChapterⅨConclusions and policy suggestions.更多还原