巴西企业海外上市现象研究

近二三十年以来，巴西证券市场发展滞后，新股首发募集资金量少，在本土挂牌的公司数量逐年减少，而在美国上市的公司数量不断增多。除了宏观因素外，忽视对中小投资者保护的证券法规建设是导致这种现象的主要原因。巴西的经验教训对于我国发展资本市场大有裨益。

Overseas Listing of Brazilian Enterprises

Securities market in Brazil was sluggish in the past two decades. Fund raised through initial public offerings was inadequate. More companies selected the US as their market of choice. Except for the macro situation, inadequate legislation on investor protection is another key factor to blame. Lessons should be drawn.