内地企业海外上市有何渠道

我国内地企业海外上市融资的方式和渠道主要有以下五种:(1)内地企业在境外直接上市(IPO)———以H股、N股及S股等形式在境外上市。中国内地的企业法人通过在香港首次发行股票(简称H股),或者在纽约首次发行股票(简称N股),或者在新加坡首次发行股票(简称S股)的方式直接在境外获得上市的方式,H股如青岛啤酒,S股如中新药业等等。(2)涉及境内权益的境外公司在境外直接上市(IPO、红筹股形式)。中国内地之外的法人公司或其他股权关联公司直接或间接享有中国内地企业的股权权益或者资产权利,并且在中国境外直接上市的方式,如裕兴电脑在香港创…     

境外上市、IPO效应与捆绑效应——基于中国在美上市公司的经验证据

文章选取中国在美上市公司2003-2010年的经验数据为样本观测值,研究了境外上市的两种效应假说——IPO效应和捆绑效应。结果表明,境外上市前后公司具有显著的IPO效应;虽然有证据表明,从境外上市后长时间来看,境外上市有助于提升企业绩效,但是由于不具有显著性,所以境外上市是否具有捆绑效应还有待进一步的研究。因此,政府应加大对境外上市企业的监管、审查以及违规处罚力度;企业应选择合适时机,以合法合规的程序争取境外上市;中介机构应不断提高执业水准,发挥其应有的第三方鉴证作用。     

我国国际板框架下境外企业境内上市模式的法律分析

国际板的推出可以满足中国资本市场多样化和全球化的发展要求以及顺应世界金融市场国际化的发展趋势。境外企业境内上市采取何种模式是我国在推出国际板建设时要考虑的重要问题。境外企业境内上市一般采取存托凭证（DR）和直接上市（IPO）两种方式,两种模式各自存在优缺点,在法律层面上比较分析得出在我国国际板框架下,境外企业在境内采用IPO模式上市较为合适。     

IPO价格形成机制及对金融资产管理公司境外上市的建议

通过分析影响拟上市企业IPO定价的若干因素,发现决定IPO价格形式的主要因素包括三种:企业自身因素、市场供求因素和投行发行因素。在此基础上,分别从公司价值、资本市场和投资银行三个方面分析企业IPO的价格形成机制,并借鉴中国信达的上市经验,为金融资产管理公司境外IPO定价的相关问题提出对策建议。     

“中国概念”

2009年虽然全球金融危机向纵深发展，但中国经济的稳定增长和率先恢复令世界瞩目。在全球IPO市场上，“中国概念”延续了近年来的热度，2009年共有191家内地企业在境内外上市，融资达620亿美元，占全球IPO的半壁江山，其中境外首发融资300亿美元。境外权威媒体不约而同地称，2009年全球IPO市场主打“中国概念”。     

企业怎样创造IPO的条件

随着海外IPO市场持续回暖以及境内创业板的开启，创投、私募股权投资、金融机构支持的中国企业境内外上市数量和融资额明显增加。对于企业而言，如何才能做好IPO，如何才能获得投资人、承销商及审批机构的青睐，记者采访了业内相关人士，他们从不同角度给急于IPO的企业提供了很好的建议。     

让IPO飞——2010年中国IPO市场盘点

强势复苏之下,无论境内资本市场还是境外交易所,无论上市数量还是融资额,中国企业都在富有转折性的2010年创造了"史上IPO最给力的一年"。     

企业IPO过程中相关财务问题及对策

IPO是企业上市获得更多流通资金,实现初期投资利益最大化的有利途径,随着企业IPO放开,越来越多的企业参与IPO,希望借助IPO获得更多的生存机会。但是我国多数民营企业尤其是中小企业在财务核算、审计方面等存在缺陷,IPO审查风险偏大。本文主要针对我国大多数企业IPO过程中的问题,提出优化IPO的对策。     

双创背景下,创业投资对企业IPO抑价的影响的实证分析

随着李克强总理提出:"大众创新,万众创业"。双创战略的布局,各项政策法规的出台,为中国提供了良好的创业环境与氛围。全国各地都掀起了创业热,投资热。本文以创业板企业为研究对象。分析了双创战略提出前后,创业投资对企业IPO抑价的影响变化。本文的自变量是:是否有创业投资机构投资、参与投资的投资机构数量、投资机构总共持有的股权比例,本文以这三个自变量再加上8项控制变量,建立多元回归模型来研究双创前后,创业投资对企业IPO抑价的影响,得出是否有创业投资机构投资对企业IPO无显著影响;双创背景下参与投资的投资机构数量对IPO抑价的影响要大于非双创背景;非双创背景下投资机构总共持有的股权比例对IPO抑价率的影响要大于双创背景。     

中小企业IPO时应注意的财务问题探讨

本文通过对IPO过程中被否决企业的财务问题进行分析，从而提醒即将IPO的企业对有关财务问题进行关注，为企业确保IPO顺利通过提供参考。     

The institutional determinants of IPO firm prospectus length in a developing context: A research note

This study focuses on the impact of institutional quality on the amount of disclosure in IPO firms listing prospectuses using the six well established World Bank Governance indices, namely corruption control, government effectiveness in promotion of private sector development, political stability and absence from terrorism, regulatory quality, rule of law and lastly democratic voice and accountability. Using a unique hand-collected sample of 165 IPO firms from across Africa from 2000 to 2011 I find evidence that enhanced rule of law and regulatory quality impact on the amount of disclosure by firms, reflected in length of IPO listings prospectuses. In addition I find evidence that founder-led entrepreneurial firms are more likely to disclose more alongside firms in extractive and technology industries that rely on local stock exchanges as a source of external finance. In contrast IPO firms that have significant long term foreign partners or are subsidiaries of foreign Multinational Enterprises are likely to disclose less than other types of firm underscoring their apathy to domestic investors and relative lack of dependence on indigenous stock markets as a viable source of external finance.     

Do anti-corruption campaigns affect IPO underpricing? Evidence from a central discipline inspection of the CSRC in China

The system of central discipline inspections has become a key anti-corruption governance tool in China since 2013. This paper investigates the impact of a central discipline inspection of the China Securities Regulatory Commission (CSRC) on initial public offering (IPO) underpricing. We find that IPO firms listed during the inspection period exhibit greater IPO underpricing than those listed outside the inspection period. The reason is the increased focus of the CSRC on maintaining capital market stability, which makes it more inclined to approve IPO firms with lower issue prices during the inspection period compared with other periods. We also find that IPO firms listed during the inspection period have better short-term market performance but poorer long-term returns than those listed outside the inspection period. Moreover, the effect of the anti-corruption inspection on IPO underpricing is more pronounced for non-state-owned enterprises, firms with low-quality auditors and firms located in regions with high corruption. Overall, our paper enriches the literature on IPO underpricing and the economic consequences of the central discipline inspection system.     

合资承销商影响新股破发率的实证研究

新股破发是目前中国股市目前面临的一个重要现象。本文基于2004年至2010年上市的A股IPO,研究合资承销商对新股破发率的影响。研究发现,合资承销商所承销的新股破发率显著低于本土承销商。合资承销商的低破发率主要归功于更加有效且符合市场预期的一级市场发行定价能力,其表现为合资承销商发行的股票的短期市场价格相对发行价的偏离程度显著低于本土承销商发行的股票。另外,我们还发现合资承销商采取了一定的托市行为,该行为也减小了短期内新股跌破发行价的概率。本文的发现从新股发行的角度提供了开放金融市场对我国资本市场影响的新现象。     

Decisions of Initial Public Offering Review Committees: Causes and Consequences

We investigate the causes and consequences of the decisions made by an initial public offering (IPO) reviewing committee using a unique data set from Taiwan. Firms that were approved for listing are associated with better financial performance measures and are larger in equity size. Whether the committee unanimously approves an IPO firm depends on whether the firm's associated auditor changes or gives a nonunqualified report. The voting outcome has a discernable effect in the sense that unanimously approved firms are associated with higher financial performance measures (returns on equity, returns on assets, earnings per share, and the price-to-earnings ratio) than are nonunanimously approved firms, with the differences being more significant in the two years after the IPO.     

IPO限价发行与新股二级市场价格泡沫——论股票市场“弹簧效应”

本文通过对比2009年7月1日至2014年6月30日IPO市场化定价发行阶段与2014年7月1日至2018年6月30日IPO限价发行阶段共1950个IPO样本,发现IPO限价发行对于新股在二级市场股价表现具有“弹簧效应”:即抑制股票一级市场发行价格会造成新股在二级市场价格短期内超涨,限价发行新股的二级市场定价显著高于市场化定价发行新股的二级市场定价。限价发行引起的过高二级市场定价最终导致股票长期回报率低下。另外,创业板公司“弹簧效应”显著强于主板公司。这些实证结果都可以被本文提出的一级市场价格压抑造成二级市场非理性投资者上涨预期一致、盲目追涨的理论模型所解释。本文的研究指出抑制股票一级市场定价虽然形式上可以解决新股发行价过高问题,但是却造成二级市场更大的价格扭曲。这一发现为进一步完善我国IPO发行定价机制提供了依据。     

Do media connections help? Evidence from IPO pricing in China

This study examines how social connections between media executives and firms affect initial public offering (IPO) pricing using manually collected Chinese data. We find media-connected firms receive more frequent and more positive coverage than their unconnected peers, resulting in reduced IPO underpricing. However, media-connected firms have worse post-IPO market performance. Although media-connected firms have better pre-IPO accounting performance, they conduct more earnings management under the cover provided by their connected media. Additional results show that the negative effect of media connections on IPO underpricing is more pronounced for media that are not controlled by the central government and are based in the same city as the firm. It is also more pronounced for firms with less institutional ownership and non-state-owned enterprises. Our results remain valid after various robustness tests, such as alternative proxies for IPO underpricing, eliminating alternative hypotheses, matching analysis, instrumental variable analysis, as well as placebo tests. Collectively, our findings suggest that media connections compromise IPO pricing efficiency.     

The dynamics of earnings management in IPOs and the role of venture capital

We investigate the dynamics of earnings management (EM) in IPOs and the role of venture capitalist (VC) in hampering such practice. We study the behavior of EM in four phases: Pre-IPO, IPO, Lock-up and Post-lock-up. We find that VC-sponsored firms tend to do more EM in the Pre-IPO period, and less in two subsequent periods. These results are distinct for those of Wongsunwai (2013), for which, VC-sponsored firms do less EM only in the IPO period. We also find that VC and non-VC-sponsored firms do EM around the IPO in distinct fashions. Non-VC-sponsored firms inflate earnings during the IPO period and deflate in the Lock-up and Post-lock-up periods. VC-sponsored firms inflate earnings in the Pre-IPO period and deflate earnings only in the Lock-up period. Our results are robust with respect to how one measures EM and the statistical methods used.     

Size and diversity in VC syndicates and their impact on IPO performance

This paper investigates the impact of venture capital (VC) syndicate size and composition on the IPO and post-IPO performances of investee companies in an attempt to shed some light on the extent to which larger and more diverse syndicates are more likely to suffer from internal agency problems which might hinder the decision-making process and lead to less value added for their portfolio companies. The question is of great relevance because, while the vast majority of the empirical literature compares VC backed IPOs with non-VC backed ones, most VC funding is provided by syndicates of two or more financiers. We construct alternative measures of size as well as diversity based on several VC characteristics such as age, geographic location, type and affiliation of VC firms and find that larger and more diverse syndicates are associated with higher underpricing and lower valuation at the IPO date. Furthermore, we provide evidence that that diversity and size are negatively correlated to the long-term performance of the IPO firms and this finding is robust to several alternative measures of long-term performance.     

Stock market restrictions and corporate social responsibility: Evidence from IPO suspension in China

Improving corporate social responsibility (CSR) requires not only the efforts of firms themselves but also the support of the appropriate institutional environment. This paper assesses whether access to the stock market can promote firms’ CSR. Using China’s suspension of IPOs in 2012–2014, we find that firms affected by the suspension show lower CSR in their listing year. The later listing after the suspension ends, the greater reduction in CSR. Moreover, the effect of the IPO suspension is more serious for firms with financial constraints than for non-financially constrained firms. Furthermore, we show that the IPO suspension has an adverse impact on firms’ liquidity and profitability. When this suspension ends, firms’ CSR activities recover within 1–2 years. Overall, our conclusion enriches the literature on the factors influencing CSR and provides firm-level evidence of the adverse impact of an IPO suspension.     

Does an Industry Effect Exist for Initial Public Offerings?

We examine the impact of initial public offerings (IPOs) on rival firms and find that the valuation effects are insignificant. This insignificant reaction can be explained by offsetting information and competitive effects. Significant positive information effects are associated with IPOs in regulated industries and the first IPO in an industry following a period of dormancy. Significant negative competitive effects are associated with larger IPOs in competitive industries, those in relatively risky industries, those in high‐performing industries, and those in the technology sector. IPO firms that use the proceeds for debt repayment appear to represent a more significant competitive threat to rival firms relative to IPO firms that use their proceeds for other purposes.