中国企业赴美上市原因及趋势分析  

Why do Chinese Firms Choose to List in U.S.and the Trend Change

作　　者：李璇[1] 郭英[1] 徐昊[2] LI Xuan;GUO Ying;XU Hao(School of Economics and Management Tongji University,Shanghai 200092,China;Shanghai Jiao Tong University,Shanghai 200030,China)

机构地区：[1]同济大学经济与管理学院,上海200092 [2]上海交通大学,上海200030

出　　处：《经济研究导刊》2019年第22期95-104,106,共11页Economic Research Guide

基　　金：同济大学科研启动费的资助

摘　　要：基于中美两国不同的新股发行制度,考察我国企业赴美上市的原因及趋势变化.结果表明,中国在美上市的公司中有近半数企业不符合国内的上市标准.这说明,我国新股发行较高的上市门槛迫使许多企业赴美上市.进一步分析,给定符合国内的上市标准,盈利性好和成长性高的优质企业更有可能选择赴海外上市,这可能由于在美国股票市场上市能够对外传递一个良好的信号.但是,中概股信任危机加大了美国投资者和中国公司之间的信息不对称,使得相对信任危机前、信任危机后美国投资者更为熟悉的高科技企业和高成长性的企业更有可能赴美上市.研究结果为企业赴美上市和证监会推进注册制改革提供了重要的经验证据.Based on the different stock issuance system between China and America,this paper examines the motivations to list in the U.S.and the change in trend for Chinese firms.Firstly,more than half of U.S.-listed Chinese firms do not meet domestic listing standards.Many companies are forced to list in United States due to high listing threshold.Furthermore,for the companies meeting domestic listing standards,high quality companies with high profitability and growth are more likely to list in U.S.,because listing in American stock market help to release a good signal to the market.However,the trust crisis increases the information asymmetry,and then the high-tech enterprises and high growth companies,which are familiar with the U.S.investors,are more likely to be listed in the United States.This paper provides important empirical evidence for the U.S.listed Chinese firms and the further reform of registration system.

关 键 词：赴美上市 新股发行改革 信号作用 中概股信任危机 

分 类 号：F830.91[经济管理—金融学]