中國企業在美國上市後股價表現之分析與探討

Abstract

美國上市之中國企業數目與日俱增，同時中國經濟成長快速及投資機會驚人，造成世界資本市場重大影響。中國企業至美國上市有多種途徑，因此本文欲深入分析中國企業於美國上市後的股價表現並比較不同上市方法間是否存在差異，藉以瞭解資本市場對於中國企業之評價。本文涵蓋1999年至2011年於美國三大交易所(NYSE、AMEX及NASDAQ)上市之243筆中國公司，利用累積異常報酬及財富相對性指標比較中國公司之表現是否優於配對公司或交易所大盤。

實證結果顯示中國企業長期股價表現較配對公司與交易所大盤差，進一步分析得知上市方法為反向併購之中國企業表現最不理想，然而表現最佳的上市類別為美國存託憑證多地上市之中國公司。本文為了消弭研究方法之限制進行額外測試，測試指出與主要結果差異極小。中國公司上市後長期股價表現低落，且不同上市方式影響甚大，故未來投資於中國公司時，除了慎選投資標的外，必須將公司之上市方法納入考量。

Chinese enterprises listing in the United States have been increasing in the past decades. In the meanwhile, the rapid growth of economy and investment opportunities in China has a great influence on capital markets in the world. There are many approaches for Chinese enterprises to list in the U.S. The study aims to analyze the stock performance after Chinese enterprises listing in the United States and compare these different approaches in order to get the picture of how the capital market evaluates Chinese enterprises. The study covers 243 companies in the three major U.S. stock exchanges (NYSE, AMEX, and NASDAQ) from 1999 to 2011, and adopts cumulative abnormal return (CAR) and wealth relatives (WR) to show whether the performance of Chinese enterprises is superior to matching companies or exchange composite indices.

The empirical results prove that the long-term performance of Chinese enterprises is inferior to matching companies and exchange composite indices. Further analysis about listing approaches shows that reverse merger (RM) is worst; however, American depositary receipts (ADR) with cross listing is best. The study provides additional tests to reduce limitations of the study, and the result shows no significant difference. The long-term performance of Chinese enterprises is not as expected, especially related to different approaches. As a result, to invest in Chinese enterprises should consider not only investment objects but also listing approaches.