中国民营企业境外上市动机及效果研究
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摘要
自从1999年广东佛山鹰牌控股有限公司以首家民营企业身份登陆境外资本市场以来,在全球经济一体化以及中国经济持续增长的背景刺激下,民营企业境外上市掀起了一波又一波的高潮。然而在民营企业境外上市热潮的背后,国内理论界和实务界却对中国民营企业境外上市存在诸多争议。支持的一方认为,民营企业境外上市可以解决企业发展过程中资金的瓶颈问题,还可以通过境外严格的公司治理环境提升企业管理水平,同时还有助于扩大境外市场；反对的一方却认为民营企业境外上市动机不纯,导致上市过程中重“圈钱”、轻治理；而且众多民营企业以红筹模式境外上市可能会引致优质资产境外大转移,从而招致“国民财富流失”。由于国内各界人士对民营企业境外上市的看法不一,使得国家在制定境外上市政策上也出现多次反复的变化,在究竟应该鼓励还是限制民营企业境外上市这个问题上也莫衷一是。可见在现有的背景下研究民营企业为什么会选择境外上市,境外上市到底会带来怎样的效果?不仅有助于认清民营企业境外上市的实质,还可以在此基础上为拟上市民营企业、政府监管部门和中国境内证券交易所的建设提供相关启示。
本文的研究思路是,以行为科学为指导,在对企业境外上市国内外研究文献进行分析评述的基础上,构建了民营企业境外上市行为分析模式；将民营企业境外上市动机及效果纳入到统一的理论分析框架中,并进行实证检验,揭示了现阶段民营企业境外上市的动机及效果；最后有针对性地提出了相关的建议。
本文在研究过程中,选择以实证为主的研究方法。具体包括：使用统计及比较分析方法阐述了民营企业境外上市的特殊性；采用描述性统计分析、非参数检验、相关性检验及logistic模型实证检验了民营企业境外上市的动机；利用统计分析法、事件研究法、MNR等方法检验了民营企业境外上市的效果。
本文共分为七章：
第一章是绪论。介绍论文的研究背景与研究意义、概念界定、研究思路与研究方法、研究框架与研究内容以及研究创新点。
第二章是文献综述。主要从动机和效果两个角度,对国内、外企业境外上市的相关文献进行了比较全面系统的回顾、梳理和归纳,然后在此基础上分析了国内、外文献的不足,指出了本文的研究定位。
第三章是民营企业境外上市现状及特征。首先介绍了民营企业境外上市的历史沿革；接下来采用统计分析的方法从上市地点、上市板块、上市行业、国内区位、上市模式及上市融资额等角度系统地描述了民营企业境外上市现状；然后通过与国有企业境外上市对比,揭示民营企业境外上市的特殊性。
第四章是民营企业境外上市的理论分析。首先从组织行为学出发,构建了民营企业境外上市动机及效果分析模式；然后利用ERG理论从民营企业内在需要和外界环境两个角度揭示了民营企业境外上市动机的形成过程,进而提出民营企业境外上市动机理论；接下来利用融资理论、寻租理论等分析了民营企业境外上市的直接效果和间接效果。
第五章是民营企业境外上市动机的实证分析。首先提出中国民营企业境外上市动机假设,然后以香港主板上市的民营企业为样本,利用描述性统计分析、非参数检验以及Logistic模型对民营企业境外上市动机假设进行检验,通过实证结果分析揭示现阶段民营企业境外上市的实际动机。
第六章是民营企业境外上市效果的实证分析。首先用统计分析方法考察了与民营企业境外上市动机相对应的直接效果；然后分别从市场表现和业绩表现两个角度检验了境外上市的间接效果,具体上利用累积超常收益率检验了民营企业境外上市后的市场表现,利用ROA、ROE、Tobin'q等财务指标,通过MNR方法检验了民营企业境外上市的业绩表现。
第七章是实证分析结果的进一步探讨及研究结论。首先,在总结动机及效果实证研究结果基础上,分析了动机-直接效果-间接效果之间的联动关系；然后从理论上深层次地剖析了民营企业境外上市行为；接下来对拟上市民营企业、政府监管部门及上海和深圳证券交易所提供相应的启示；最后总结了研究结论,主要有：揭示了民营企业境外上市的特殊性；构建了民营企业境外上市动机及效果的分析模式；用实证方法检验了民营企业境外上市的动机及效果,并指出目前民营企业境外上市动机层次较低、绩效没有得到显著改善,主要原因在于公司治理水平没有得到显著提高；从行为经济学、融资理论、寻租理论角度找到了民营企业境外上市的根源。
论文创新点体现在：(1)从行为科学视角系统地研究了企业境外上市行为,并构建了民营企业境外上市行为分析模式；(2)以民营企业作为研究对象,系统地分析了民营企业境外上市动机及效果,丰富了企业境外上市理论研究；(3)首次收集并使用民营红筹股样本,采用实证研究方法,对民营企业境外上市动机及效果进行了实证检验,拓展了民营企业境外上市理论研究。
Since 1999, Guangdong Foshan Eagle Brand Holdings Limited has landed overseas capital market as the first private enterprises and stimulated by the background of global economic integration and sustainable increasing of Chinese economy, overseas listing of Chinese private enterprises set off waves of climax. However, after the upsurge of overseas listing of Chinese private enterprises, the theory circle and practical circle have many disputes to the overseas listing of Chinese private enterprises. One side which support this point consider that overseas listing of Chinese private enterprises could solve the bottleneck problems during the development of enterprises and improve enterprises management level according to overseas strict corporate governance, furthermore, it also helps enlarge overseas markets. The other side which oppose this point think that it will lead to pay much attention to getting money and pay less attention to governing, some even facing crisis of honesty and faith because of impure motives of overseas listing of Chinese private enterprises; Moreover, many private enterprises making overseas listing by red chip may accompany the transfer of high quality capital and arouse the flow-out of capital, at last it will lead to the flow-out of national fortunes. Because there are many opinions about overseas listing of Chinese private enterprises, our country turn up repeated change on making policies of overseas listing and don't get clear ideas about whether stimulate or restrict overseas listing of Chinese private enterprises. Therefore, the research on why Chinese private enterprises choose overseas listing and what effect it will bring will help clarify the essence of listing of Chinese private enterprises and provide revelation for those which plan to listing, government supervision departments and the construction of Chinese securities exchange.
The researching train of thought of this dissertation is guided by behavioral science. Based on analyzing and commending of relevant researching documents home and abroad about overseas listing of private enterprises, it builds behavioral analyzing mode of overseas listing of private enterprises, brings motivation and effect of overseas listing of private enterprises into the consolidated theory analyzing framework, testifies by empirical tests, discovers motivation and effect of overseas listing of private enterprises nowadays and proposes policy suggestions.
On the process of research, this dissertation mainly chooses empirical study method. It states the specialty of the motivation of overseas listing of private enterprises by comparing analyzing method, testifies the motivation of overseas listing of private enterprises by logistic model, descriptive statistics, nonparametric tests and tests of Pearson's Correlation, analyzes the listing effect of private enterprises by statistical analysis, event study, MNR and so on.
The whole dissertation is divided into 8 chapters.
Chapter one is introduction. It mainly introduces the background and the significance of the study, the definitions of the notions, study ideas, study methods, study framework, the main contents and the innovation of the study.
Chapter two is literature reviews. This part review, card and conclude to relative literature about internal and external overseas listing of private enterprises comparatively and systematically from the points of motivation and effect, and based on above, analyze the deficiency of the present literature about internal and external and point out the study position of this dissertation.
Chapter three is present situation and character of overseas listing of private enterprises. First it introduces the development process of overseas listing of private enterprises; then it describes present situation of overseas listing of private enterprises from the listing place, listing plate, listing industry, domestic location, listing mode and listing financing by the method of statistical analysis; at last, it discovers the specificity of overseas listing of private enterprises by comparing oversea listing of state-owned enterprises.
Chapter four is the theory analysis of overseas listing of private enterprises. First it originates from organizational behavior and builds analyzing mode of the motivation and effect of overseas listing of private enterprises; then it uses theory of ERG to proclaim the coming into being of motivation from the views of internal needs and external environment of overseas listing of private enterprises and then, it puts forward the theory of motivation of overseas listing of private enterprises; finally, it analyzes the direct and indirect effect of overseas listing of private enterprises by the theory of financing and theory of rent-seeking.
Chapter five is the empirical analysis of motivation of overseas listing of private enterprises. First it provides motivation hypothesis of overseas listing of private enterprises, sampled as Hong Kong Listed private enterprises, this part tests motivation hypothesis of overseas listing of Chinese private enterprises by using description statistic analysis, non-parametric test and Logistic model. It reveals the real motivation of overseas listing of private enterprises by analyzing the result of empirical study.
Chapter six is the empirical analysis of the effect of overseas listing of private enterprises. Firstly, this part investigates the direct result connected with the motivation of overseas listing of private enterprises by statistical analysis; then it testifies the indirect effect of overseas listing from two angles of market performance and outcome performance by using CAR to testify market performance after overseas listing of private enterprises and using ROA、ROE、Tobin'q, those financial indicators to testify outcome performance of overseas listing of private enterprises by the method of MNR.
Chapter seven is the further discussion about the empirical analysis of the effect and the research conclusion. First it analyzes the linkage relationships among motivation, direct effect and indirect effect based on summarizing empirical study of motivation and effect; then it analyzes the behavior of overseas listing of private enterprises from the point of theories deeply; then it offers relevant inspirations to those private enterprises planned to listing, government supervise sectors and Shanghai and Shenzhen stock exchange.at last this dissertation draws some meaningful conclusions according to the study of the motivation and effect of overseas listing of Chinese private enterprises. In details, it reveals the specificity of overseas listing of private enterprises, builds the analyzing mode of motivation and effect of overseas listing of private enterprises, testifies motivation and effect of overseas listing of private enterprises by empirical study. It also points out that the motivation of overseas listing of private enterprises still stayed in a low level and performance didn't get significant improved. The main reason is that corporate governance didn't be improved significantly and it finds the roots of overseas listing of private enterprises from the angles of behavior economics, financing theory and the theory of rent-seeking.
The creative points of the paper shows:(1) it studies the behavior of overseas listing of private enterprises systematically from the aspect of behavior science and builds behavior analyzing modes of overseas listing of private enterprises; (2) it analyzes the motivation and effect of overseas listing of private enterprises systematically by studying private enterprises and it also enriches the study on the theory of overseas listing of private enterprises; (3) this paper firstly collects and utilizes the data of red chip of private enterprises and makes empirical test to motivation and effect of overseas listing of private enterprises and it also broadens the theory study about overseas listing of private enterprises.
本文的研究思路是,以行为科学为指导,在对企业境外上市国内外研究文献进行分析评述的基础上,构建了民营企业境外上市行为分析模式；将民营企业境外上市动机及效果纳入到统一的理论分析框架中,并进行实证检验,揭示了现阶段民营企业境外上市的动机及效果；最后有针对性地提出了相关的建议。
本文在研究过程中,选择以实证为主的研究方法。具体包括：使用统计及比较分析方法阐述了民营企业境外上市的特殊性；采用描述性统计分析、非参数检验、相关性检验及logistic模型实证检验了民营企业境外上市的动机；利用统计分析法、事件研究法、MNR等方法检验了民营企业境外上市的效果。
本文共分为七章：
第一章是绪论。介绍论文的研究背景与研究意义、概念界定、研究思路与研究方法、研究框架与研究内容以及研究创新点。
第二章是文献综述。主要从动机和效果两个角度,对国内、外企业境外上市的相关文献进行了比较全面系统的回顾、梳理和归纳,然后在此基础上分析了国内、外文献的不足,指出了本文的研究定位。
第三章是民营企业境外上市现状及特征。首先介绍了民营企业境外上市的历史沿革；接下来采用统计分析的方法从上市地点、上市板块、上市行业、国内区位、上市模式及上市融资额等角度系统地描述了民营企业境外上市现状；然后通过与国有企业境外上市对比,揭示民营企业境外上市的特殊性。
第四章是民营企业境外上市的理论分析。首先从组织行为学出发,构建了民营企业境外上市动机及效果分析模式；然后利用ERG理论从民营企业内在需要和外界环境两个角度揭示了民营企业境外上市动机的形成过程,进而提出民营企业境外上市动机理论；接下来利用融资理论、寻租理论等分析了民营企业境外上市的直接效果和间接效果。
第五章是民营企业境外上市动机的实证分析。首先提出中国民营企业境外上市动机假设,然后以香港主板上市的民营企业为样本,利用描述性统计分析、非参数检验以及Logistic模型对民营企业境外上市动机假设进行检验,通过实证结果分析揭示现阶段民营企业境外上市的实际动机。
第六章是民营企业境外上市效果的实证分析。首先用统计分析方法考察了与民营企业境外上市动机相对应的直接效果；然后分别从市场表现和业绩表现两个角度检验了境外上市的间接效果,具体上利用累积超常收益率检验了民营企业境外上市后的市场表现,利用ROA、ROE、Tobin'q等财务指标,通过MNR方法检验了民营企业境外上市的业绩表现。
第七章是实证分析结果的进一步探讨及研究结论。首先,在总结动机及效果实证研究结果基础上,分析了动机-直接效果-间接效果之间的联动关系；然后从理论上深层次地剖析了民营企业境外上市行为；接下来对拟上市民营企业、政府监管部门及上海和深圳证券交易所提供相应的启示；最后总结了研究结论,主要有：揭示了民营企业境外上市的特殊性；构建了民营企业境外上市动机及效果的分析模式；用实证方法检验了民营企业境外上市的动机及效果,并指出目前民营企业境外上市动机层次较低、绩效没有得到显著改善,主要原因在于公司治理水平没有得到显著提高；从行为经济学、融资理论、寻租理论角度找到了民营企业境外上市的根源。
论文创新点体现在：(1)从行为科学视角系统地研究了企业境外上市行为,并构建了民营企业境外上市行为分析模式；(2)以民营企业作为研究对象,系统地分析了民营企业境外上市动机及效果,丰富了企业境外上市理论研究；(3)首次收集并使用民营红筹股样本,采用实证研究方法,对民营企业境外上市动机及效果进行了实证检验,拓展了民营企业境外上市理论研究。
Since 1999, Guangdong Foshan Eagle Brand Holdings Limited has landed overseas capital market as the first private enterprises and stimulated by the background of global economic integration and sustainable increasing of Chinese economy, overseas listing of Chinese private enterprises set off waves of climax. However, after the upsurge of overseas listing of Chinese private enterprises, the theory circle and practical circle have many disputes to the overseas listing of Chinese private enterprises. One side which support this point consider that overseas listing of Chinese private enterprises could solve the bottleneck problems during the development of enterprises and improve enterprises management level according to overseas strict corporate governance, furthermore, it also helps enlarge overseas markets. The other side which oppose this point think that it will lead to pay much attention to getting money and pay less attention to governing, some even facing crisis of honesty and faith because of impure motives of overseas listing of Chinese private enterprises; Moreover, many private enterprises making overseas listing by red chip may accompany the transfer of high quality capital and arouse the flow-out of capital, at last it will lead to the flow-out of national fortunes. Because there are many opinions about overseas listing of Chinese private enterprises, our country turn up repeated change on making policies of overseas listing and don't get clear ideas about whether stimulate or restrict overseas listing of Chinese private enterprises. Therefore, the research on why Chinese private enterprises choose overseas listing and what effect it will bring will help clarify the essence of listing of Chinese private enterprises and provide revelation for those which plan to listing, government supervision departments and the construction of Chinese securities exchange.
The researching train of thought of this dissertation is guided by behavioral science. Based on analyzing and commending of relevant researching documents home and abroad about overseas listing of private enterprises, it builds behavioral analyzing mode of overseas listing of private enterprises, brings motivation and effect of overseas listing of private enterprises into the consolidated theory analyzing framework, testifies by empirical tests, discovers motivation and effect of overseas listing of private enterprises nowadays and proposes policy suggestions.
On the process of research, this dissertation mainly chooses empirical study method. It states the specialty of the motivation of overseas listing of private enterprises by comparing analyzing method, testifies the motivation of overseas listing of private enterprises by logistic model, descriptive statistics, nonparametric tests and tests of Pearson's Correlation, analyzes the listing effect of private enterprises by statistical analysis, event study, MNR and so on.
The whole dissertation is divided into 8 chapters.
Chapter one is introduction. It mainly introduces the background and the significance of the study, the definitions of the notions, study ideas, study methods, study framework, the main contents and the innovation of the study.
Chapter two is literature reviews. This part review, card and conclude to relative literature about internal and external overseas listing of private enterprises comparatively and systematically from the points of motivation and effect, and based on above, analyze the deficiency of the present literature about internal and external and point out the study position of this dissertation.
Chapter three is present situation and character of overseas listing of private enterprises. First it introduces the development process of overseas listing of private enterprises; then it describes present situation of overseas listing of private enterprises from the listing place, listing plate, listing industry, domestic location, listing mode and listing financing by the method of statistical analysis; at last, it discovers the specificity of overseas listing of private enterprises by comparing oversea listing of state-owned enterprises.
Chapter four is the theory analysis of overseas listing of private enterprises. First it originates from organizational behavior and builds analyzing mode of the motivation and effect of overseas listing of private enterprises; then it uses theory of ERG to proclaim the coming into being of motivation from the views of internal needs and external environment of overseas listing of private enterprises and then, it puts forward the theory of motivation of overseas listing of private enterprises; finally, it analyzes the direct and indirect effect of overseas listing of private enterprises by the theory of financing and theory of rent-seeking.
Chapter five is the empirical analysis of motivation of overseas listing of private enterprises. First it provides motivation hypothesis of overseas listing of private enterprises, sampled as Hong Kong Listed private enterprises, this part tests motivation hypothesis of overseas listing of Chinese private enterprises by using description statistic analysis, non-parametric test and Logistic model. It reveals the real motivation of overseas listing of private enterprises by analyzing the result of empirical study.
Chapter six is the empirical analysis of the effect of overseas listing of private enterprises. Firstly, this part investigates the direct result connected with the motivation of overseas listing of private enterprises by statistical analysis; then it testifies the indirect effect of overseas listing from two angles of market performance and outcome performance by using CAR to testify market performance after overseas listing of private enterprises and using ROA、ROE、Tobin'q, those financial indicators to testify outcome performance of overseas listing of private enterprises by the method of MNR.
Chapter seven is the further discussion about the empirical analysis of the effect and the research conclusion. First it analyzes the linkage relationships among motivation, direct effect and indirect effect based on summarizing empirical study of motivation and effect; then it analyzes the behavior of overseas listing of private enterprises from the point of theories deeply; then it offers relevant inspirations to those private enterprises planned to listing, government supervise sectors and Shanghai and Shenzhen stock exchange.at last this dissertation draws some meaningful conclusions according to the study of the motivation and effect of overseas listing of Chinese private enterprises. In details, it reveals the specificity of overseas listing of private enterprises, builds the analyzing mode of motivation and effect of overseas listing of private enterprises, testifies motivation and effect of overseas listing of private enterprises by empirical study. It also points out that the motivation of overseas listing of private enterprises still stayed in a low level and performance didn't get significant improved. The main reason is that corporate governance didn't be improved significantly and it finds the roots of overseas listing of private enterprises from the angles of behavior economics, financing theory and the theory of rent-seeking.
The creative points of the paper shows:(1) it studies the behavior of overseas listing of private enterprises systematically from the aspect of behavior science and builds behavior analyzing modes of overseas listing of private enterprises; (2) it analyzes the motivation and effect of overseas listing of private enterprises systematically by studying private enterprises and it also enriches the study on the theory of overseas listing of private enterprises; (3) this paper firstly collects and utilizes the data of red chip of private enterprises and makes empirical test to motivation and effect of overseas listing of private enterprises and it also broadens the theory study about overseas listing of private enterprises.
引文
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