中国企业境外上市动机辨析

On the Motivation of Chinese Companies'Listing Shares Abroad

本文认为,中国企业境外上市是以利用外资为先导,以政府推动和干预为特征的。企业境外上市与国内证券市场的发展以及国有企业的改革三者紧密联系、互相制约,使得中国企业境外上市呈现出特有的复杂性。文章提出,研究中国企业境外上市动机必须有新的视角,不能仅仅关注境外上市带给企业自身的短期利益,只研究企业动机和财务效应,而要结合研究境外上市的政府动机、宏观效应和长远利益,科学、客观和全面地揭示企业境外上市的原因。防止以偏概全,以片面的研究结论对中国企业境外上市的合理性予以全盘否定,同时也应防止过分夸大境外上市的作用,将境外上市当作解决国内市场积弊的灵丹妙药。

In allusion to the disagreements of the motivation of Chinese companies＇overseas listing, the author argues that Chinese companies emerged and developed under the background of underdeveloped domestic stock market and poor corporate governance, which makes Chinese companies＇overseas listing unique among other countries. As a result, the author puts forward that a new perspective should be applied to investigate the motivation of Chinese companies＇ overseas listing; the researchers should investigate not only the companies＇short-term interest, the enterprises＇motivation and financial effects, but also some other factors. And we should not take a part as a whole in researching.