浅谈红筹企业回归A股市场的动因及影响——以Z公司为例  

Motivation and Influence of Red-Chip Enterprises Returning to the A-Share Market——Taking Z Company as an Example

作　　者：徐文东 XU Wendong(School of Accounting,Lanzhou University of Finance and Economics,Lanzhou 730010,China)

机构地区：[1]兰州财经大学会计学院,甘肃兰州730010

出　　处：《商业观察》2023年第20期96-99,共4页BUSINESS OBSERVATION

摘　　要：红筹企业回归A股市场必定有其强烈的回归动机,而且它们还会因此受到不同程度的影响。为了更加详细的了解红筹企业的回归动机是否与A股市场的特点相匹配,其回归后所受的影响对企业而言是否为良性。文章以2020年回归科创板的首家“A+H”红筹股企业——Z公司为例,通过研究其回归A股市场的各种动因以及回归后其财务绩效与经营战略的变化,明晰红筹企业回归对自身发展所产生的利弊。这将在一定程度上既为科创板相关制度的完善提供依据,也为计划回归科创板的红筹企业提供相应的借鉴意义。Red-chip enterprises must have a strong motivation to return to the A-share market,and they will also be affected to varying degrees.In order to understand in more detail whether the return motivation of red-chip enterprises matches the characteristics of the A-share market,and whether the impact of their return is benign for enterprises,this paper will take Z Company,the first"A+H"red-chip enterprise returning to the science and technology innovation board in 2020,as an example.It clarifies the advantages and disadvantages of the return of red-chip enterprises to their own development by studying various reasons for their return to the A-share market and the changes in their financial performance and business strategy after the return.This will,to a certain extent,provide a basis for the improvement of the relevant systems of the science and technology innovation board,and also provide a corresponding reference for red-chip enterprises planning to return to the science and technology innovation board.

关 键 词：红筹股 A股市场 财务绩效 公司战略 

分 类 号：F275[经济管理—企业管理]