企业上市地选择与证券交易所境外上市资源竞争  

Where to List: Choices of the Firms and Competitions of the Exchanges

作　　者：崔丰慧[1,2] 陈学胜[2] 

机构地区：[1]东北财经大学,辽宁大连116025 [2]山东大学,山东威海264209

出　　处：《上海金融学院学报》2016年第3期64-78,共15页Journal of Shanhai Finance University

基　　金：中国博士后科学基金面上资助项目(2014M551104);山东省自然科学基金一般项目(ZR2015GM003);山东省社会科学规划一般项目(15CJJJ17)

摘　　要：筹建国际板是我国股票市场国际化发展和建立国际金融中心的必然要求。但是国际板的建设需要市场的认可,特别是潜在的上市公司和投资者的认可,这是关系到国际板建设成功与否以及可持续发展的关键问题。本文从影响上市公司上市地点选择的国家因子和市场因子两个方面对全球主要证券交易所的上市资源竞争力进行了比较,研究发现上海证券交易所的优势主要体现在宏观经济发展前景、证券市场规模以及证券交易所上市成本上。但是在人才集中度、市场开放程度、市场规则制定及运行质量上存在比较大的差距。The establishment of Sha nghai Exchange ＇s international board is the necessary requirement of the internationalization of stock markets and the establishment of an international financial center in China 。 But the establishment of Shanghai Exchange ＇s international board is not one＇s own wishful thinking, it needs the market＇s approval,especially the approval of the firms and the investors that plan to list or invest on Shanghai Exchange. That is the key point whether the international board could establish successfully and keep on going. This paper analyzes the exchanges ＇ competition ability of the global listing resources through country factors and market factors that affect the firms ＇choices of listing places. The research found that Shanghai Exchange has an advantage at good economic outlook, big stock market scale and low listing cost but disadvantage at talents, market opening, market rules and the operating qualities.

关 键 词：证券交易所 上市资源 国际板 

分 类 号：F830.92[经济管理—金融学]