境外上市企业回归A股市场首发融资定价研究

Study on the Pricing of IPO in Cross Listing A-share Market of Overseas listed Chinese Companies

在对我国企业境内外交叉上市定价比较的基础上,重点考察了H股回归的定价现状、定价依据,并对目前的定价可能引发的问题进行了分析。研究发现,H股回归A股的首发定价不仅远高于H股当初的发行价,甚至高于其回归前一个月H股的市场均价,而实证分析则发现,造成该现象的根本原因在于目前H股企业回归A股的定价实际上采用的是跟随H股市场价格的定价法。发行人和承销商为了自身收益最大化,而有意混淆企业在原上市地市场增发和到新市场IPO的界限是造成该问题的关键。该定价方法不仅在逻辑存在混乱,而且也存在对内地投资者歧视性定价之嫌,导致了回归企业A股的发行价被H股二级市场价格绑架、内地投资者权益被稀释和利益被输送的问题,并在一定程度上降低了股票的投资价值,助长了内地股市的泡沫。

Based on the comparison of the IPO pricing of Chinese cross -listing companies, this paper focuses on the present situation and the pricing base of the return of H - share to A - share for cross - listing, and analyzes the prob- lems that may arise in the current pricing mechanism. The study finds that the IPO pricing of H - shares return to A - shares is not only much higher than H - shares＇ issue price, but also even higher than the H - shares market average price one month ago before returning, while the empirical analysis finds that the root causes of the phenomenon is that H - share enterprise return to A - shares＇ pricing in fact use the pricing mechanism of pricing following H - shares＇ market price. It is the key to the problem that the issuer and underwriter confuse the boundary between enterprise additional is-sue in the original listing market and the IPO in the new market. The pricing mechanism not only exists logic confusion, but also exists the discriminatory pricing against mainland investors, which led to the problems of return enterprises＇ A - share price kidnapped by the secondary market price of H - shares, mainland investors＇ rights diluted and interests transported, and to a certain extent, reduce the stock investment value, fueling the bubble in mainland the stock mar- ket.