海外上市的中国公司的上市地点的选择（英文版）

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1、MA BANKING AND FINANCEChinese companies overseas listing:The choice of listing locationContentExecutive Summary.1Acknowledgement.2Chapter 1 Introduction1.0 Introduction.31.1 Background information. 31.2 Research question.31.3 Aims and objectives.41.4 Structure of the project5Chapter 2 Literature rev

2、iew2.1 Analyze the current situation of Chinas economy and Chinese stock exchanges82.11 State-owned enterprises reform in China .92.12 Brief introduction of Chinas stock exchange markets.102.2 The development of the Chinese stock markets and its weakness.112.3 Motives for Chinese firms listing abroa

3、d.132.31 The benefits of Chinese enterprises listed on each foreign stock exchange. 142.311 Hong Kong stock exchanges.142.312 Singapore stock exchanges.152.313 The U.S stock exchanges.152.4 Conclusion.17Chapter 3 Research Methodology3.1 Introduction.193.2 Research design.193.21 Inductive approach.20

4、3.22 Research methods.213.3 Methods for data collection.223.31 Advantages of using secondary data223.32 Disadvantages of using secondary data.233.33 Determine the samples233.34 Data collection.24 3.341 External sources.243.342 Internal sources.253.4 conclusions.25Chapter 4 Analysis of findings4.1 Th

5、e current situation of Chinese firms overseas listing274.11 Distribution of Domestic IPO in 2009 by Region.274.12 Distribution of overseas IPO by listing Market294.2 Hong Kong Stock exchange-main board (HKMB)304.21 Listing requirement of HKMB.314.22 Advantages of listing on HKMB314.23 Disadvantages

6、of listing on HKMB.324.24 Analysis of the sample group.344.3 The U.S. stock exchanges.354.31 Listing standards of listing on the U.S.364.32 Advantages of listing on the U.S. stock exchanges374.33 Disadvantages of listing on the U.S. stock exchanges.384.34 Analysis of the sample group.394.4 Singapore

7、 stock exchange (SGX).394.41 Listing requirements of SGX.404.42 Advantage of listing on SGX.404.43 Disadvantage of listing on SGX.424.44 Analysis of the sample group.434.5 Findings44Chapter 5 Conclusions and recommendations5.1 Limitations.465.2 General conclusions.475.3 Recommendations for future st

8、udies.48Chapter 6 Reference and Bibliography.50Chapter 7 Appendix55Overseas Listing of Chinese Companies:The Choice of Listing LocationExecutive SummaryAs the title suggests, this project will be investigating the main factors that influence Chinese companies when choosing overseas stock exchanges t

9、o list themselves. Since the 90s of the 20th century, there were dozens of Chinese corporations listing in foreign stock exchanges and the number raised continually. Firms go public is not only solved a part to development financing, but also improve the brands popularity and has a remarkable positi

10、ve function on the improvement of governance performance. So how to choose suitable foreign stock exchanges could be an important question faced by Chinese firms. By comparing the listing standards and current situation of Chinese listed firms in three countries stock exchanges (Hong Kong, the U.S.

11、and Singapore), the results of this study shows Hong Kong stock markets will be a good choice for some large private enterprises and SOEs (State-owned enterprises); small and medium size manufacturing enterprises tend to list on Singapore stock exchanges; the largest stock capitalization of the U.S.

12、 stock exchanges attract all Chinese firms especially high-tech industry firms.AcknowledgementAs my first dissertation, the process of conducting the essay itself gave me a lot of difficulty. I read a large number of articles, newspaper, books from the internet and the Sheffield hallam universitys l

13、ibrary, which helped me to develop my dissertation. First I want to appreciate my supervisor Dora Chan. As I mentioned before, I did not have much experience of writing a dissertation. I was also not good at time scheduling, my academic writing was a bit poor, and I changed my topic twice. All of th

14、at made me upset and caused a lots problems, however Dora gave me many advice even when she was busy with her other job, to help me complete this dissertation, especially during the time before Christmas holiday. Second, I want to appreciate my classmates and friends. I could always get useful sugge

15、stions from them, and also my parents in China who gave me encouragements. All of them helped me finish my first dissertation. Chapter 1 Introduction1.1 Introduction By comparing and analyzing the listing standards of the selected foreign stock exchanges and examining a group of Chinese firms listed

16、 in each foreign stock exchange, this project will show the reasons why Chinese firms tend to list on overseas markets, and how they choose the suitable location to go public. In this chapter, I will introduce the research topic and topic question, and then identify the aims and objectives of this p

17、roject, finally introduce the whole structure of this project. 1.2 Background Information The history of Chinese firms overseas listing is short and lack of experience. In 1993, Tsingtao Beer issued its shares in Shanghai and Hong KongThe Hong Kong stock market is a “foreign” market to Chinese compa

18、nies because it is under the “one-country-two-systems” policy after been handed over to China in 1997. stock exchanges, and it became the first Chinese firm to be listed in foreign stock exchange. Up to today, there were hundreds of Chinese firms listing in Hong Kong, New York and other foreign stoc

19、k exchanges. For those companies wish to employ an international development strategy will usually choose go public in foreign stock exchanges. A popular explanation for firms listing abroad is the lower cost of capital by breaking down the barriers of investment Stapleton and Subrahmanyam, 1977; Er

20、runza and Losq, 1985; Alexander, Eun and Jankiramanan, 1987. With the rapid development of Chinese economy and Chinas entry into WTO, and since the policy of economic opening-up and reforming was executed twenty years ago, more and more Chinese firms tend to enter the international stock market for

21、rising financing to expend their business. In 2009, the global economic recovery accelerated the process of foreign investments and also set off another wave of Chinese firms overseas listings. According to China e-business research center, the number of Chinese firms overseas listing increased from

22、 37(2008) to 77(2009), while the amount of financing in foreign markets reached $27.14 billion in 2009.However, companies overseas listings do not come without risks, it will bring huge lost for listing companies if chose a wrong listing location. A study by Ting Yang and Sie Ting Lau (2006) found t

23、hat the benefits of foreign listing may relate with the choice of listing location. Overseas listing is not only an important way of financing for Chinese firms, but also a complicated systematic work. In order to be successful and achieve the expectant goal, Chinese firms should choose suitable and

24、 reasonable listing location on the basis of companies own financial scale, different stock exchanges listing standards and the cost of listing. Therefore, this project will analyze and identify the factors influence the location choice of overseas listing. 1.3 Research QuestionThe research question

25、 in this project is how company size, ownership and industry influence Chinese firms location choice of different oversea listing. The location choice of enterprises oversea listing is directly related to the cost of financing, and further influences the results of financing. When choose a stock exc

26、hange to go public, enterprises not only need to consider their own conditions, such as company size, ownership and industry, but also need to compare and analyze the advantages and disadvantages of different stock exchanges, after that, the best choice for enterprises is the stock exchange with the

27、 lower listing cost and larger financing amount. The history of Chinese firms overseas listing was very short and the experience was also limited. Going public in foreign stock exchanges is still a new topic for most Chinese enterprises. For those firms, especially privatized firms (Pagano et al., 2

28、002), which tend to list overseas, it is very important for them to gain more knowledge of foreign stock exchanges such as listing requirements, advantages and disadvantages, and current situation of Chinese firms listed in different stock exchanges. This project will help Chinese firms understand m

29、ore about foreign stock exchanges and make a better decision of listing location.According to research from a research by Zero2IPO Research Center in 2009, table 1 shows that Hong Kong, the U.S. and Singapore is the top stock exchanges chose by Chinese firms. This project will force on analyze these

30、 four stock exchanges. Table 1: Geographical distribution of Chinese firms IPO listing location20092008No. of IPOsFinancing Amt. (US$M)No. of IPOsFinancing Amt. (US$M)HKMB5224,835.21195,987.31NASDAQ81,479.43363.45NYSE5458.763240.3SGX5147.1512631.29(Source: Chinese Enterprises IPO Report 2009)1.4 Aim

31、s and ObjectivesThe main objective of this project is to help Chinese companies to obtain a better understanding of popular stock exchanges among Chinese firms, and find out how different with company size, ownership and industry may influence Chinese firms choice of foreign stock exchange listing.

32、In this project, it could be divided into four steps; First step is to understand the history of Chinese stock market and economic reform, and analysis the motives of Chinese firms list abroad. Second step is to analyze the current situation (quantity and financing amount) of Chinese firms list on d

33、ifferent stock exchanges. Third step is to analyze the advantages and disadvantages of each stock market by comparing with these stock exchanges. Fourth step is to analyze and summarize the experiences of Chinese firms listing abroad by observing and analyzing the sample of Chinese firms from each f

34、oreign stock exchange. These steps will closely connect with the structure of whole project. 1.5 Structure of the Project The introduction chapter gives an overview of the dissertation. It introduces the topic area and topic question firstly. It also describes the context of research question in the

35、 background section and identifies the aims and objectives. Chapter two is Literature review of this project. Based on large number of literature review, it described and analyzed Chinas economic reform and history of Chinese stock exchanges, also it analyzed weakness of Chinese stock market and the

36、 motives of Chinese firms listing abroad. By analyzing these literatures, I found the creation of the stock market was driven by the political aims rather than economic logic. The stated control limited the development of Chinese stock markets and finally caused the ineffective system. Therefore, ov

37、ersea listing became a good choice for Chinese enterprises to attract more investments with low cost. For Hong Kong stock exchange, the better information environment and geographical location made it became the first choice for most Chinese firms; for Singapore stock exchange, the biggest advantage

38、 was the lower listing standards and listing fee; the largest and mature capital market of the U.S. attracted most enterprises around the world. Chapter three is the research methodology of this project. The research methodology of the present dissertation was influenced by the research process onio

39、n which developed by Saunders et al (2006). In this project, inductive approach and secondary data analysis will be used as the major research methods. The results of data analysis section shows Hong Kong main board (HKMB) is the first choice for most SOEs (state-owned enterprises) IPO listing (init

40、ial public offering), next is NSDAQ and NYSE (New York Stock Exchange), Singapore stock exchange (SGX) take the fourth seat. Chapter four is analysis of findings and discuses. By compared each foreign stock exchanges, it shows that some large private enterprises and SOEs (State-owned enterprises) we

41、re more interested in Hong Kong stock exchanges because of similar investment environment; small and medium size manufacturing enterprises tend to list on Singapore stock exchanges because of the lower listing standards and listing fee; the largest stock capitalization of the U.S. stock exchanges at

42、tract all Chinese firms especially high-tech industry firms. Chapter five is conclusions and recommendations. It will give the conclusions of whole project, and describe the limitations of this project. End of this part, there are some recommendations for the future study. Chapter 2 Literature Revie

43、wThe literature gives a framework for the analysis of the study. Based on large number of literature review, it described and analyzed Chinas economic reform and history of Chinese stock exchanges, also it analyzed weakness of Chinese stock market and the motives of Chinese firms listing abroad. Fig

44、ure 1 shows the structure of literature review. It analyze Chinas economy reform and development of China stock exchange, then it discuses and analyze the weakness of Chinese stock market, finally focus on the motives of Chinese firms overseas listing on Hong Kong, Singapore and the U.S. stock excha

45、nges.Figure 1: structure of literature review2.1 Analyze the Current Situation of Chinas Economy and Chinese Stock Exchanges China is the fastest growing economy in the world, with average growth rates of ten percent for the past twenty years. Since 1978, china has been pursuing the “reform and open

46、ness” strategy. During the process, in order to improve the performances of the SOEs, the government adopted various measures. To facilitate the SOEs reform by raising money for these inefficiency enterprises, Chinese government created SSE (Shanghai stock exchange) and SZSE (Shenzhen stock exchange

47、). 2.11 State-owned Enterprises Reform in China The process of SOE reform has taken place for over twenty years, and it is now almost complete, the effects of reform have been felt all over China. It can be divided into three stages as following, (China Labor Bulletin)1978-1984: Management reformThe

48、 first stage was to increase economic incentives for SOEs to give management greater autonomy. In 1978, Sichuan government launched a project to expend companies in six enterprises. These enterprises were allowed to keep a part profits instead of submitting all profits to Beijing when their profits

49、were higher than the quota. They were free to use the part profits to invest in technical and production innovations, provided bonuses to staffs, or prepare a reserve fund. In 1979, the State council published some documents (such as the Provisions on Enlarging the Decision-Making Ability for the Op

50、eration and Management of State-Run Industrial Enterprises) to encourage local governments to launched similar projects to increase economic incentives. 1984-1992: The Dual Track SystemThe second stage marked by the promulgation of Provision Regulations was about expanding the autonomy of companies.

51、 It allowed companies to sell exceeded productions outside the state plan, and the price could be twenty percent above the state price. In terms of management, enterprises were allowed to employ or fire mid-level staff, but still didnt have the freedom to employ or fire staff simply based on busines

52、s. In the next few years, the reforms were marked by the promulgation of Regulations Concerning Deepening Enterprises Reform and Increasing Vitality of Enterprises (1986), and Provisional Regulations Concerning the Contract Operational Responsibility System in State-owned Industrial Enterprises (198

53、8). The relationship between the state and companies were replaced by contractual relations, such as share system, leasing system, contract responsibility system and capital assets management responsibility system. Post-1992: Ownership reform From 1988 to 1992, the process of reform was slowing down

54、 because of the negatives impact of reform. It leaded to high unemployment, high cost of living. In 1992, government published Regulations on Transforming the Operational Mechanism of State-owned Industrial Enterprises. It allowed some inefficient SOEs could be leased or sold to publics. An internat

55、ional survey shows: by the end of 2001, eighty six of SOEs had been reformed, and about seventy percent of restructured companies had been fully privatized. 2.12 Brief Introduction of Chinas Stock Exchange MarketsShanghai Stock Exchange (SSE)The Shanghai Stock Exchange (SSE) was found on 26th Novemb

56、er, 1990 and operated on 19th December in the same year. SSE was directly governed by the China Securities Regulatory Commission (CSRC). At the end of 2009, SSE had 1,351 listed securities and 870 listed enterprises, with market capitalization of RMB 18,465.523 billion and 89.6543 million trading ac

57、counts. And the list enterprises raised RMB 334.315 billion on SSE through IPO and new share placement. (SSE website) Shenzhen Stock Exchange (SZSE)Shenzhen Stock Exchange (SZSE) established on 1st December 1990, it was a self regulated organization under the supervision of CSRC. By 30th June 2010,

58、SESE had 1,012 listed companies, and the total market capitalization was RMB 5.6 trillion. In the first half of 2010, it raised RMB 154.3 billion in IPO and total trading value was RMB 9.73 trillion. (SZSE website) By reviewing these brief introductions of two stock exchanges, we saw the opening of

59、SSE and SZSE started from the early 1990s. Like most stock exchanges, their main functions included providing facility and venue for securities trading, arranging securities listing, formulating rules, supervising and organizing securities trading, supervising listed enterprises, and other activitie

60、s under the rule of CSRC. Since then, the Chinese stock markets had been developed rapidly, and greatly contributing to Chinas economic growth. They promoted Chinas reform in investment and financing, financial system, and corporate governance as a whole. 2.2 The Development of the Chinese Stock Markets and its WeaknessChinas stock market has great potential, but it still lags a long way behind other stock markets. The SSE (Shanghai stock exchange) has been