科技创新企业A股上市倾向及其途径比较分析  

Comparative Analysis of A-share Listing Tendency and Ways of Depository Receipts Pilot Enterprises

作　　者：孙瀛 SUN Ying(School of Economics and Management,Shandong University of Science and Technology,Qingdao 266590,China)

机构地区：[1]山东科技大学经济管理学院

出　　处：《郑州航空工业管理学院学报》2019年第3期52-59,共8页Journal of Zhengzhou University of Aeronautics

摘　　要：科技创新企业上市面临两个问题:一是科技创新企业是否选择A股上市;二是科技创新企业选择哪种途径A股上市。建立并研究科技创新企业上市与监督审查程度的完全信息动态博弈模型发现:在完全信息条件下,科技创新企业选择A股上市的收益大于成本,因此倾向于A股上市。科技创新企业A股上市路径有三:拆除VIE架构借壳上市、发行存托凭证回归A股、IPO上市。比较可知:拆除VIE架构借壳上市耗费时间较长;发行中国存托凭证A股上市的监管制度相对于借壳上市和IPO上市不够成熟;拆除VIE架构借壳上市和发行中国存托凭证较IPO上市面临更多的政策风险;发行中国存托凭证与IPO上市的成本低于拆除VIE架构借壳上市。Depository receipts pilot enterprises always face pilot on listing or not,and the path of listing.A complete information dynamic game model is established to study the degree of listing and supervision of science and technology innovation enterprises.It is found that under the condition of complete information,the benefits of science and technology innovation enterprises choosing to list are greater than the costs,so they tend to list in A shares.There are three ways to list A shares of science and technology innovation enterprises: dismantling VIE framework,backdoor listing,issuing depositary receipts to return to A shares,IPO listing.The comparison shows that it takes a long time to dismantle VIE framework and go public.The A - share listing of China Depository Receipts is a green channel for the listing of science and technology innovation enterprises,and its regulatory system is less mature than backdoor listing and IPO listing.Demolition of VIE structure,backdoor listing and issuance of Chinese depositary receipts face more policy risks than IPO listing;The cost of issuing China Depository Receipts and IPO is lower than that of dismantling VIE framework and backdoor listing.

关 键 词：科技创新企业 上市途径 A股上市 完全信息动态博弈模型 

分 类 号：F830.91[经济管理—金融学]