【作者】 朱萍；

【导师】 顾纪生；

【作者基本信息】 江南大学 ， 国际贸易学， 2010， 硕士

【摘要】 随着经济全球化进程的加速,资本证券化趋势的确立,海外上市已成为一种导向。一方面,随着我国经济的迅速增长,我国公司迎来了发展的契机,以资本运营方式为主的整合与扩张运动正悄然兴起,我国公司对资本市场的依赖程度也日益增加,资本市场在扮演资金提供者角色的同时还承载着体制改革、提高公司管理水平等责任。而我国资本市场由于起步较晚,机制不健全等原因,尚未完全发挥资本市场的应有功能,故我国公司借助国际资本市场发展的要求进一步加强;另一方面,世界资本市场上要素流动性增强,国际间要素争夺也日益激烈,国外发达资本市场发展历史悠久,其本国上市资源已经得到充分运用,纷纷寻求海外资源,以维持其国内资本市场的稳定与繁荣。换言之,我国经济迅速崛起,人民币升值预期渐增,我国公司已然成为国际资本市场竞相角逐的优质资源。海外上市是我国公司进入并运用国际资本市场,谋求国际发展,进行国际资本运营的主要途径,也是国际资本市场可持续发展的重要举措之一,对海外上市问题的研究理所当然地成为我国现阶段经济发展下的热门问题之一。对海外上市效应的研究不仅能够分析海外上市行为对我国公司内部管理、公司价值与公司发展的影响,还能对我国资本市场乃至国家经济的发展进行有益指导,具有较为重大的理论与实践意义。本文以上市效应为切入点研究海外上市作用及影响,探索性地将海外上市效应分为宏观、中观、微观三个层次进行研究。首先,海外上市效应不仅指海外上市行为对经济的促进作用,还包括海外上市所形成的负面效果,在分析海外上市时,应综合分析这一经济行为的正面效应与负面效应。其次,海外上市效应在各层面下表现有所不同,基本可分为宏观、中观、微观三个层面,分析海外上市的整体效应前,应对上述不同层面的效应进行相对的独立研究。再次,各效应并不绝对独立,存在统一性与矛盾性,在分析海外上市效应时,需以统筹视角将上述效应的独立作用进行整合比较、做出评价,即文章在分别阐述各个效应的基础上,应进行海外上市效应的综合分析,尝试性地以整合视角初步剖析其内在统一性与矛盾性,并探索性地提出海外上市综合效应评估的逻辑框架,讨论拟上市公司在上述框架下的上市决策流程。接着,本文选取盛大网络以及同济堂药业为例,以前文的分析思路具体研究两个公司的海外上市效应,并给出了相关评价与建议。最后在综合全文的基础上,得出文章结论,对我国政府及公司提出相关政策建议,并给出后续研究思路。海外上市研究不是对股价联动效应、上市地选择问题及融资额大小等单一效应的研究,而是在搭建系统性研究框架基础上对各层面效应的整体审视,相信随着我国资本市场的不断发展,理论研究的进一步深入,海外上市效应研究在逻辑性、框架性、实证性与可操作性上都将不断地深入与完善。更多还原

【Abstract】 With economic globalization and the acceleration of the integration process, the trend towards securitization has been established and overseas listing has become the new guidance. On one hand, with the rapid growth of Chinese economy, Chinese companies have new development opportunities, and the campaign of integration and expansion based on capital operation is being forwarded. With Chinese companies’increasing dependence on it, the capital market is not only playing a role of capital providers, but also taking the responsibility of institutional reform, management improving and reputation expanding. Because of the late start and imperfect mechanism, China’s capital market doesn’t work well, so Chinese companies require the help of the international capital markets. On the other hand, in the international capital market, factor mobility is increased and the competition for international element is becoming increasingly intense. Developed capital market has a long history, whose public resources have been fully utilized, so it is looking for overseas resources to maintain its stability and prosperity. With the rapid rise of China’s economic strength and the expected appreciation of RMB, the international capital market is competing for our companies as quality resources. Now, Chinese companies listing overseas is not only one of main ways that seizing the opportunity, planning the development and operating international capital, but also becoming an important measure of sustainable development for the international capital markets. So, overseas listing of Chinese companies is the demand both of the further development of Chinese companies and the intense competition among capital markets. Nowadays, research on overseas listing is becoming one of the popular directions. Doing research on overseas listing not only provides analysis of corporate value, management and development but also gives useful guidance for the development of China’s capital market and economic strength, which is of great theoretical and practical significance.With a view of a comprehensive and systematic analysis this article researches on the different effects of overseas listing from macro level, medium measure and micro level. First, the effects of overseas listing not only refer to promotion effects on the economy, but also the negative effects, so comprehensive analysis of the positive effects and negative effects is becoming necessary. Second, effects at different levels performance differently and have their own characteristics. Basically, effects can be divided into macro level, meso level, and micro level, which should be analyzed individually before the analysis on the overall effect. Again, the effects at different levels are not absolutely independent, which contain unity and contradiction. Analysis on effects of overseas listing should not be taken from one side. We need to draw conclusions based on the analysis of integrated effects, according to which, we guide the behavior of Chinese companies listed overseas. Therefore, based on illuminating effects respectively, this article makes an integrated research on the effects of overseas listing, develops a new perspective to integrate its internal unity and contradiction, and explores to construct a research system which synthetically evaluates the overseas listing effects. According to the system, this article discusses how to use index to make a reasonable decision for listing overseas. And then, the article analyzes integrated effects of overseas listing, taking Shenda and Tongjitang as example, and gives related evaluation and recommendations. Finally, the article draws conclusions, provides relevant policy and recommendations to Chinese government and companies, and then gives suggestions for future research.The research on overseas listing is not only analysis of stock price linkage, listing site selection or the amount of financing, but also an integrated and comprehensive analysis with a systematic research framework. It is convinced that logicality, framework and empirical studies on overseas listing of Chinese companies will be developed and improved, with the continuous development of China’s capital markets and further theoretical study.更多还原