市场时机、海外上市与中概股回归——基于分众传媒的案例研究

Market Timing,Overseas Listing and Return of China Concepts Stock: Case from Focus Media

公司融资择时行为是学术界广为关注的研究话题,然而已有研究大多关注公司在单一资本市场上的资本结构调整,较少结合多个资本市场对公司选择上市地点和上市方式实施融资的话题进行系统研究。本文以分众传媒为案例研究对象,从市场时机视角考察其海外上市、私有化退市以及在中国资本市场反向收购行为,构建了基于市场时机视角公司上市地点与上市方式选择的理论分析框架。本文的研究结论拓展了市场时机理论与公司融资行为领域的研究视野,同时也为上市公司在多个资本市场实施资本运营提供决策参考。

It is widely concerned about the behavior of corporate finance timing in the past literature.Most of the research has focused on the capital operation of the company in a single capital market,but less on the issue how company chooses the location of listing and the implementation of financing in different capital markets.This case study takes the company named Focus Media as the research object,thoroughly investigating the process of overseas listing,privatization from NASDAQ and reverse acquisition in A-share market from the perspective of market timing.In general,this study constructs a theoretical analysis framework based on the theory of market timing.The conclusion of this paper extends the research horizon of market timing and corporate financing,and provides reference for companies planning to be listed about how to choose the location of listing and the method of listing.