中國海外上市公司之研究

Abstract

中國自1979年改革開放以來，經濟快速成長，2010年已經是全球第二大經濟體。儘管中國企業受到全世界的注目，但中國資本市場有許多管制，中國政府也限制企業海外上市，直到近期才開始有較多的中國企業到境外交易所掛牌交易。境外上市的中國企業，部分表現亮眼，例如：百度2005年在美國上市後，6年內股價上升50倍。但也有許多中國公司由於財務報表不實而被迫下市，並遭受到美國證監會調查。 本文希望透過二年期的研究，對於中國海外上市公司作完整的分析。第一年預計分析中國企業海外上市的原因，以及海外上市後的長期績效。第二年將收集中國海外上市公司下市的情形，並分析影響中國企業下市的因素。本文研究結果將有助於投資人更瞭解中國海外上市公司，並有助於投資人之投資決策。

Since the economic reform started in 1979, the economy of China grows so rapidly as to replace Japan as the second largest economic entity in the world in 2010. Although Chinese industries draw so much attention from the world, Chinese government imposed a lot of constraints on capital market and limitations on overseas IPO as well. Lately, more and more Chinese corporations are listed on foreign stock exchanges. Some of those create tremendous return of return for their investors such as Baidu.com, Inc. which has been listed on Nasdaq since 2005 and of which stock price has gone up for 50 times in 6 years. However, some were delisted because of misrepresentation of financial statements and are under investigation by SEC. This 2-year research proposal attempts to examine on the Chinese corporations listed overseas comprehensively. In the first year, this research will analyze the incentives for those corporations to be listed abroad and the long-term performance of those firms after IPO. In the second year, this research will collect data of those delisting Chinese firms and find out the factors that cause delisting. This research will improve our understanding of Chinese corporations listed overseas and help investors make better investment decisions.