江苏民营企业海外上市发行定价和后市表现实证分析

本文采用事件分析法,对江苏民营企业海外上市的发行定价和后市表现进行了实证分析。江苏民营企业海外上市地点主要是新加坡、香港和美国。研究表明,新加坡市场平均首日收益率远高于香港和美国市场;三地市场普遍存在发行抑价现象,其中,新加坡市场发行抑价率最高;从长期表现来看,美国市场后市表现较好,新加坡和香港市场后市表现弱于国内市场。

The effects of initial return and aftermarket performance：evidence from foreign listings of Jiangsu private enterprises

This paper focused on the initial return and aftermarket performance by using the Event-Study Methodology.Singapore、Hong Kong and USA are the main foreign listing locations of private enterprises of Jiangsu.This paper finds that initial return is higher in Singapore market than that of Hong Kong and USA.But underpricing is a common phenomenon of foreign listing,worst of all in Singapore market.In the long-run,the performance of market in Singapore and Hong Kong is less underperformed than that of China,except USA market.