H股公司上市前后绩效变化的实证研究

A Case Study of the Change in the Achievement of H Share Companies before and after Listing

本文利用会计数据比较了所有在中国大陆注册,并在香港上市的H股公司上市前后的财务及经营绩效。理论上看,有两种相反的力量影响着这些新上市公司的绩效:正向的公司化改造及民营化效应和负向的IPO效应。本实证研究发现H股公司上市后2￣3年里经营绩效大幅下降,但是作为控制组的民营企业上市后与H股公司相比绩效下降幅度更大,这可能是因为对H股而言正向的公司化改造及民营化效应抵消了部分IPO效应。本文首次提出了中国上市公司部分民营化效应也是正向的论据。

In this article we have, by means of accounting data, compared the finance and performance, both before and after listing, of all the H share companies registered in the mainland but listed in Hong Kong. Theoretically, there are two opposite forces impinge on the achievements of the newly listed companies: the positive effect of the reform of 'generalization- of- company'(PEOROGOC) and the positive effect of privatization (PEOP) on the one hand, and the negative effect of IPO on the other. By this case study, we have discovered that, in the two to three years after listing, the operation achievements of H share companies have dropped drastically; but compared with this, the management performance of private enterprises as the control group has plummeted more after listing——this is perhaps because in terms of H share, a part of IPO effect has been offsetted by the PEOROGOC and PEOP. We in this paper have, unprecedentedly, put forward the argument that part of the effect of privatization is also positive.