我国证券交易所获取外国上市资源的竞争能力分析

境外公司境内上市是我国股票市场国际化发展和建立国际金融中心的必然要求。为了分析我国证券交易所获取外国上市资源的竞争能力,文章运用证券交易所竞争能力的影响因素建立实证模型,并以此预测我国证券交易所争夺境外上市资源的竞争能力。根据我国当前宏观环境和证券交易所条件等预测发现,平均可容纳49家外国公司到我国证券交易所上市,最多可容纳322家境外公司,接近在纳斯达克上市的外国公司数量。     

Stock listing and financial flexibility

A stock listing usually reflects easy access to external equity financing. Although scant empirical evidence exists on the matter, the literature suggests that the enhanced standing towards creditors - which would result in easier access to debt financing - is an extra advantage of being publicly quoted. This paper tests whether a stock listing leads to more flexibility of debt financing, using a data set of listed and comparably large unlisted companies. The data reveals that listing mainly increases the flexible use of debt financing. The difference between listed and unlisted firms is most apparent when investment opportunities tend to arrive in low-cash-flow states. Furthermore, as the unlisted firms in the dataset are all large consolidating business groups, the results indicate that a group structure does not substitute for listing. The results are robust to different estimation methods.     

中国上市公司海外并购财务绩效评估体系构建

海外并购是跨国公司对外发展的常态。通过对中国上司公司海外并购前后的经营绩效进行财务指标分析,构建财务指标的绩效评估体系,为本国上市公司走向国际提供了可行性研究。     

对浙江民营企业上市热现象的思考--民营上市公司可持续发展系列研究之一

该文通过对近年采浙江民营企业上市热现象及有关特点的分析。从资本结构、融资绩效和公司治理结构等视角，比较全面地审视了浙江民企上市融资过程中现存的若干突出问题，文章最后提出了4条建议。     

浙江民企境外上市情况分析

阐述了浙江民营企业境外上市概况，分析了浙江民营企业境外上市的内外动因和成本，提出了确定企业发展战略、提升企业自身素质、考虑行业发展现状与发展趋势、选择合适的上市地和上市方式等建议。     

Is Off–Board Trading Detrimental to Market Liquidity?

Dual trading can have opposite effects: although competition between markets should induce dealers to offer cheaper transactions, market fragmentation could reduce market activity, liquidity, and exchange efficiency. This paper shows that for French stocks traded on the London Stock Exchange's SEAQ International (SEAQ–I), market activity decreases significantly in the Paris Bourse during UK bank holidays. Thus, SEAQ–I market makers seem to divert a new clientele to the Paris Bourse, increasing both market activity and the breadth of the Bourse's order book. Also, contrary to the fragmentation hypothesis, dual trading does not seem to increase information asymmetry.     

上市公司的科技投入对公司绩效的贡献度研究

科技创新是经济发展、社会进步的动力源泉,坚定发展自主创新是我国上市公司提高核心竞争能力的必由之路。本文以科学地评价科技投入对我国上市公司绩效的贡献度为核心研究内容,遴选了 R＆D 科技投入和其它科技投入及其派生指标作为科技投入的表征变量,遴选了产品销售收入、净利润、净资产收益率、每股收益率及其增长率作为公司绩效的表征变量,并通过相关分析和回归分析展开了实证分析。实证分析的结论表明,科技投入和我国上市公司绩效之间存在一定的关联,但影响作用并不明显。针对这一实际问题,本文给出了相应的政策建议,以期让科技投入更好地促进上市公司绩效的提升。     

Taxation influences upon the market in venture capital trust stocks: theory and practice

Individuals investing in a venture capital trust (VCT) IPO listed on the London Stock Exchange receive a number of conditional tax incentives; the time-related nature of the associated conditions can create a ‘lock-in effect’. By deriving and testing a model of the value of these incentives we examine how they influence investors’ pricing and trading decisions. This paper contributes to the ongoing tax capitalisation debate in three ways: first, by calculating the magnitude of the lock-in effect without reference to underlying shareholder records; second, by adopting a time series approach in view of the time-varying magnitude of the potential lock-in effect, and thereby avoiding control issues involved in cross-sectional analysis of the effects of taxation on pricing; and third, by focusing on changes in the bid–ask spread rather than, for example, mid price, so reducing the impact of changes in the market value of the instruments under consideration on the analysis. Our results have direct policy implications in suggesting a conflict between the existence of time-related conditional tax incentives and the requirement for VCTs to be listed on the London Stock Exchange explicitly in order to promote liquidity in a historically illiquid sector of the market.     

1999～2012年我国民营企业境外上市的总结与未来展望

1999～2012年中国民营企业境外上市展现出两方面的特点：境外上市企业的绝对数量逐渐增多,但呈现出波浪式发展的态势;境外上市地点主要集中于香港地区、美国和新加坡等交易所,但是体现出逐步扩展的趋势。民营企业境外上市绝对数量的增加以我国经济特别是私营经济的快速发展为基础;民营企业境外上市的发展呈现出波浪式发展态势主要与境内外融资市场的状况及法律规制相关;外资PE、VC是推动民营企业境外上市的主要力量;民营企业境外上市地点集中主要与各交易所上市交易规则及行业估值的差异有关;民营企业境外上市地点的分散与企业的国际化有关。预测在未来,民营企业境外上市的绝对数量会随着我国经济的发展而增加,而上市地点在集中的前提下会进一步扩展。     

中国林业上市公司经营绩效评价

运用因子分析法对中国14家林业上市公司进行经营绩效评价,研究结果表明:中国林业上市公司经营绩效差距较大,且在盈利能力、偿债水平、营运水平和发展能力4个方面发展不均衡,并根据分析结果提出了通过电子商务提升林业企业经营绩效;促进科企、科农对接,推进林业科技成果的转化和应用;充分开发林业资源,延长林业生态文化产业链;加大政策扶持力度,改善林业弱质性等对策建议。