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.     

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。     

汇丰全球化的经验及对中资银行推进全球化战略的启示

受美国次贷危机的沉重打击,2008年众多欧美国际大型银行出现大幅亏损,而汇丰却实现了微弱的盈利。能够盈利是由于汇丰长期以来秉承了全球化的发展战略,而利润大幅下滑则是因为2008年汇丰在美国市场出现巨额亏损。汇丰能够在短短的几十年内成功推进全球化战略,使得其资产、利润来源分布于全球,主要得益于两大重要支柱:一是全球并购,二是全球上市。汇丰的全球化经验对中资银行推进全球化战略的重要启示有三:一是全球化战略要与银行的整体战略协调一致;二是要综合运用不同的方式拓展海外业务;三是要重点着眼于海外并购后的整合。     

对如何准确进行工程结算审核的思考——以钢结构厂房为例

工程结算一般是由施工单位编制,通过建设单位审核后,按照合同的相关规定来明确承发包双方的责任和义务,最终确定工程造价以及应向施工方支付的费用。本文以钢结构厂房结算审核的主要内容入手,对如何准确进行结算审核进行了思考。     

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.     

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。     

破解中小企业融资难的现实选择：临清私募股权挂牌案例

本文通过山东省临清私募股权挂牌的个案描述,揭示了股权挂牌在中小企业融资中的作用机理及其各种增值收益,对破解中小企业融资困境有一定借鉴意义。     

The U.S. listing gap

Relative to other countries, the U.S. now has abnormally few listed firms. This “U.S. listing gap” is consistent with a decrease in the net benefit of a listing for U.S. firms. Since the listing peak in 1996, the propensity to be listed is lower for all firm size categories and industries, the new list rate is low, and the delist rate is high. The high delist rate accounts for 46% of the listing gap and the low new list rate for 54%. The high delist rate is explained by an unusually high rate of acquisitions of publicly listed firms.