引入境外战略投资者是否提升了公司价值——来自H股公司的经验证据

Does Introducing Foreign Strategic Investors Enhance Firm Value? Evidence from H-share Companies

本文从IPO抑价以及长期市场回报的角度，考察H股公司中境外战略投资者的引入能否提升公司价值。研究发现，境外战略投资者的引入能够显著降低IPO首日抑价，降低股权融资成本，因此有助于提升公司价值。在控制了市值规模等因素之后，引入境外战略投资者的公司能够在上市后获得显著更高的经过市场调整的累计超额回报（CAR）。本文研究在丰富相关学术文献的同时，对于我国境内资本市场刚刚开放的境外战略投资者的制度，提供了重要的经验证据。

This paper examines if foreign strategic investors enhance the： value of H-share companies. The results show that foreign strategic investors significantly reduce IPO first-day underpricing and the cost of equity, therefore enhance firm value. Furthermore, we show that the market-adjusted cumulative abnormal returns （CAR） after IPO are higher for companies that bring in foreign strategic investors than those that do not. The paper not only contributes to the literature on strategic investors and firm value, but also provides empirical evidence for recently adopted mechanism of introducing foreign strategic investors into China＇s domestic capital market.