选择海外上市地点要注意什么?

海外上市热潮再起 继上世纪90年代的国企出海潮和2000年前后的网络科技上市热之后,2007年很可能成为中国企业海外上市的又一个高峰期.据统计,今年中国企业海外上市呈现几大特征:首先,是企业盈利能力和质量大大提高;第二,是行业分布越来越广,与过去的"国企 互联网"相比,现在有新能源、消费服务以及医疗卫生等各个领域;第三,地域分布广泛,不管是上市公司的来源,还是海外去向而言,都是如此.     

选择最佳上市地点

到底是选择国内资本市场,还是扬帆出海?当一家企业已经决定上市,上市地点就成为一项非常重要的战略性选择。2010年全球资本市场终于在疲倦之后再现活力,中国内地企业也由此活跃于各个资本市场。据统计,2010年共有476家中国企业在境内外资本市场上市,其中129家企业在境外13个资本市场上市,融资332.95亿美元;境内资本市场则共吸引347家企业上市,融资720.59亿美元。     

内地企业香港上市遇新规

今年伊始,香港交易所为在新形势下继续保持其作为“中国首要集资中心”的地位,在其发表的《企业管治咨询总结报告》中,对上市规则进行了多项修订,其动向吸引着业界和股民的极大关注。在这个内地企业首选的境外上市之地,《国际先驱导报》对香港交易所总裁周文耀进行了专访。     

我国新三板上市企业估值理论研究

新三板是专为高新园区中的非上市中小企业进入证券公司代办股份转让系统进行股权交易服务的场外交易市场。随着"大众创新,万众创业"的热潮全面袭来,高科技中小企业迅速发展。在新三板全国扩容后,新三板挂牌企业数量目前已过万家,但是,新三板依然存在一些问题,其中最主要的问题是新三板企业估值不易,投资价值难以判断。因此,本文首先简要介绍我国新三板的发展概况,然后对企业估值理论进行分析,将市场法、收益法和实物期权法三种方法进行对比,探讨新三板企业估值方法的适用性。     

科技型企业上市的时机选择

"创新创业"自提出以来便受到我国各行各业的广泛关注,科技型企业作为"创新创业"行列中的重要板块融资难的问题不容忽略。科技型企业尤其是中小型科技企业的融资来源分为外部融资和内部融资,外部融资的主要方式便是IPO上市;但在企业上市之后将会进行信息的公开披露,投资者所关注的是其各项指标,最直观的指标便是其市盈率,根据市盈率=每股价格/每股收益,这建立在净利润达到一定水平的基础上,企业失去了将更多的利润投入研发的机会。本文基于这一矛盾,对科技型企业上市现状进行分析,建议科技型企业上市的最佳机会在于企业基本进入稳定期之后。     

"保荐王"谈中国内地企业到海外上市

京华山—是一家在大中华区根基深厚的投资银行,已保荐了40家公司在香港、新加坡上市。被内地媒体称为“保荐王”的京华山—企业融资有限公司执行董事暨投资银行部主管温天络前不久接受了本刊记者的采访     

上市企业估值理论与应用现状述评

公司价值评估理论在股票定价、兼并收购价格确定,以及公司发展战略确定方面发挥重大作用。公司价值评估理论,对于投资者树立正确科学的投资理念,促进我国证券市场的健康发展,确保我国国民经济的持续增长,有着重要的意义。本文通过对国内外上市企业估值理论体系的梳理以及现状分析,为我国资本市场的多层次发展提供一定的理论依据。     

内地企业香港上市的比较研究

近年来,内地企业特别是民营企业把到香港上市作为扩大筹资渠道,求得自身更大发展的重要举措。本文介绍了内地企业香港上市的概况,并指出了存在的主要问题,深入比较分析了内地企业香港上市的四种模式,对内地企业香港上市前景进行了展望。     

内地企业香港上市的比较研究

近年来,内地企业特别是民营企业把到香港上市作为扩大筹资渠道,求得自身更大发展的重要举措.本文介绍了内地企业香港上市的概况,并指出了存在的主要问题,深入比较分析了内地企业香港上市的四种模式,对内地企业香港上市前景进行了展望.     

企业要不要上市

上市是企业的一项重大战略决策，上市可以给企业带来六方面的好处，分别是融资效应、财富效应、治理效应、品牌效应、激励效应和发展效应。同时，上市也需要企业承担一定的成本和风险，分别是上市直接成本、上市相关成本、上市规范成本和可能的管理风险。企业是否上市取决于效益和成本之间的比较。[第一段]     

Comparable firms and the precision of equity valuations

I investigate the relationship between the amount of information provided by a firm's comparables (i.e., firms in the same line of business as the firm being valued) and the precision of the firm's equity valuation. When investors have more information, previous studies argue that investors can make a more precise estimate of a firm's true equity value and this implies a lower (excess) stock return volatility around corporate events such as earnings announcements. I develop a simple model that shows a negative relationship between the amount of information provided by a firm's comparables and the firm's stock return volatility. Using alternative measures of information provided by comparables and different definitions of comparables, I consistently find a negative and significant relationship between these information measures and stock return volatility, ceteris paribus.     

Foreign currency borrowing by small firms in emerging markets: When domestic banks intermediate dollars

This paper investigates what induces small firms in an emerging market economy to borrow dollar credit from domestic banks. Our data are from a unique survey of firms in Lebanon. The findings complement studies of large firms with foreign currency loans from foreign lenders. Exporters, naturally hedged against currency risk, are more likely to incur dollar debt. Firms also partly hedge themselves by passing currency risk to customers and suppliers. Less opaque firms with easily verifiable collateral and higher net worth are more likely to access dollar credit. Firms reliant on formal financing (banks and supplier credit) are more likely to contract dollar debt than firms reliant on informal financing (family, friends and moneylenders). Bank relationships, however, do not increase the dollar debt likelihood. And finally, profitable firms are less likely to have dollar debt. Information frictions and limited collateral, therefore, constrain dollar credit even when it is intermediated domestically.     

Canonical sectors and evolution of firms in the US stock markets

Unsupervised machine learning can provide an objective and comprehensive broad-level sector decomposition of stocks     

The structure of equity markets across countries: Scarcity and stock valuations

We build a dataset of the industrial composition of the stock market and the economy for 26 countries. This composition is far from representative of that of the economy, particularly in less-developed markets. Based on this, we build a measure of scarcity of investable securities and show that industries that are underrepresented relative to the economy exhibit higher valuations. Moreover, valuation differences are shown to be more important when informational issues make it more difficult for firms to get listed.     

Competition in markets with dominant firms: A note on the evidence from the Italian banking industry

In this paper we consider the Italian banking industry, where the eight largest firms operate at a national level, manage about a half of total loans, and have a notably larger dimension than the other competitors. We estimate a structural model containing a behavioural parameter, in order to assess the market conduct of the largest banks for the period 1988–2000. Our finding is that, in spite of their noteworthy size and significant market share, these banks have been characterised by a more competitive conduct than the Bertrand–Nash outcome: this is in line with the results of the latest literature of the field, for which in the banking industry there is often no conflict between competition and concentration.     

Transaction costs and competition among audit firms in local markets

We develop a measure to capture an audit firm's competitive position in a local audit market based on the transaction costs of changing audit firms included in DeAngelo's (1981) multi-period audit pricing model. Our competition measure reflects the size difference between the largest audit firm in a market specified by client industry at the city level and the other audit firms operating in that market. We find that audit fees of a client decrease as this size difference increases. This result suggests that smaller audit firms charge lower audit fees because of their competitive disadvantage to the local largest firm.     

境内外审计差异的案例分析

一、差异情况 根据有关要求,不含B股的境内金融类上市公司年报,在经境内会计师事务所审计的同时,还须经境外国际会计师事务所审计.而截止2000年底,在沪深两市中,除含有B股的上市公司外,银行类上市公司只有二家,即民生银行、浦发银行和深圳发展银行.     

The new multinationals: Developing-country firms in international markets

Driven by a variety of factors, including deficiencies in domestic demand, developing-country firms are increasing their direct foreign investment in, and sales of technology to, other developing countries. The recipients usually gain various benefits that they would not in similar deals with OECD multinationals. But any increase in such international flows depends heavily on the strategic choices of OECD corporations (ie which markets they move out of) and on the pattern of government incentives and controls in the countries of origin and destination.     

Organizational complexity and CEO labor markets: Evidence from diversified firms

We examine whether CEO turnover and succession patterns vary with firm complexity. Specifically, we compare CEO turnover in diversified versus focused firms. We find that CEO turnover in diversified firms is completely insensitive to both accounting and stock-price performance, but CEO turnover in focused firms is sensitive to firm performance. Diversified firms also experience less forced turnover than focused firms. Following turnover, replacement CEOs in diversified firms are older, more educated, and are paid more when hired. Collectively, our results indicate that the labor market for CEOs is different across diversified and focused firms and that firm complexity and scope affect CEO succession.     

A comparison of V-I-E model predictions: A cross-national study in professional accounting firms

Behavioral research in accounting has largely ignored the impact of cross-national differences. This paper deviates from that trend and reports the results of a study comparing the predictive ability of the Valence-Instrumentality-Expectancy (V-I-E) model of motivation in two cultural settings: Australia and the United States of America. Data was collected from a matched sample of 45 staff-level auditors drawn from a large public accounting firm in each of the two respective countries. The findings indicate that few differences exist between the two groups with respect to personal value structures, motivation levels, and perceptions of the work environment. The results are significant both as a systematic cross-national comparison of accounting groups and as an extension of current V-I-E research in accounting.