中美发行优先股上市公司市场表现对比研究

Comparative study on market performance of issuing preferred stock of listed companies in China and the US

随着2013年《国务院关于开展优先股试点的指导意见》的发布,中国再一次开启了优先股进入中国资本市场的通道。本文对比研究了中国A股、港股和美股发行优先股上市公司资本结构、经营业绩以及公司估值等的变化,发现优先股的发行会对上市公司的资本结构、经营业绩以及公司估值等方面产生重要影响,据此得出:发行优先股的上市公司短期内其资本结构会减少债务结构的比重,发行前经营业绩有下滑趋势,发行后经营业绩出现改善,但不明显,并且发现上市公司发行当年会具有较低的股本市值与账面值的比率等。文章通过研究中国发行优先股的上市公司在发行前的表现,以及美国发行优先股的上市公司在发行前后的表现,分析各自在发行前后的特征,希望对中国发行优先股的上市公司未来的表现做出预测。

Preferred stock, a hybrid security, is both similar and dissimilar to common equity and debt, which partly has the priority of company＇s profit distribution and bankruptcy liquidation. Preferred stock is authorized to be issued only by limited corporations in China. Because of its less risk than ordinary shares and more benefit than ordinary bonds, preferred stock is irreplaceable in the field of investment and financing. However, in China securities market, preferred stock has long been a blind spot, and it is still not completely in a proper legal status now, due to the lack of clear relevant provisions in ＂Company Law＂. With the announcement that the State Council has issued the guidance on carrying out a pilot Preferred Stock, the channel for preferred stock entering into China capital market is open once again. The US preferred stock market is the biggest preferred share market in the world, and has the highest degree of development. Especially after the outbreak of 2008 financial crisis, preferred stock has been the main means for emergency capital to be injected into the banking sector by government. InHong Kong capital market, the issuance of preferred stock is mainly driven by the enterprises＇ spontaneous financing needs, and therefore the issuance motivation is more diversified. This paper mainly uses the method of comparative study and theoretical analysis to analyze the preferred shares issuance environment in China and the US. From the differences in the motivation of preferred stock issuing companies, the background and the current situation of preferred stock issuance in China and the US, it is found that the issuance in China is driven by the impetus of policies, while the issuance in the US is raised by market financing demand. In addition, it also indicates that preferred stock issuance system in China and the US is different mainly due to the different law system and market environment. Finally, this paper studies the preferred stock issuing corporations in China and the US in terms of operating performance and capital structure. At the end, based on the analysis of general characteristics and operating performance of issuing corporations in China and the US, this paper comes up with some recommendations on issuance of preferred stock in China in the summary section. This paper has operated an exploratory study on pilot issuance of preferred stock in China, finished a systemic study in issuance environment, legal system and practice, which will certainly have reference significance for research to understand the issuance of preferred stock.