民营企业境外上市与业绩变动研究——基于内地赴香港上市民营企业的经验证据

Effect of Overseas Listing on Performance of Private Enterprises:Evidence from Chinese Private Enterprises Listed in Hongkong

境外上市能否带来绩效的持续提升是我国民营企业境外上市战略选择的关键点。本文以内地赴香港上市的民营企业为样本,基于IPO效应和捆绑效应视角,实证考察境外上市对民营企业绩效的影响。研究结果表明,我国内地民营企业的业绩在境外上市前大幅上升,在境外上市当年及之后显著下降;从境外上市后较长时间看,境外上市没有带来民营企业绩效的持续提升,即内地民营企业赴香港上市存在显著的IPO效应,但未显现出捆绑效应。本文研究结论对于准备境外上市的民营企业谨慎作出上市决策、已在境外上市的民营企业积极改善公司治理机制、政府监管部门着力拓宽民营企业融资渠道具有启示意义。

Whether overseas listing can bring about continuous performance im- provement is a huge concern for most entrepreneurs. This paper uses samples of Chi- nese private enterprises listed in Hongkong to test the relationship between overseas listing and enterprise＇ s performance change from the perspective of IPO effect and the binding effect. The results show that the financial performance increases rapidly before the initial public offering and drops suddenly in the listing year. Furthermore, the post - IPO performance continues to present a downward trend. This paper thus suggests that enterprises that are to go public should choose the IPO strategy with great caution, and enterprises that are already listed overseas should actively improve their corporate governance, and government should take measures to provide private enterprises with more financing sources.