中国企业海外上市:财务融资还是战略布局

Why Chinese Firms Listed Abroad: Financing or Strategic Layout?

对比分析了国内上市与海外上市企业之间在资本市场上的表现,结果表明海外上市企业在资本市场的表现并不优于国内上市的企业,从而否定了企业海外上市融资动机的假说。进一步研究发现,海外上市企业在创新投入方面以及吸引海外高端人才方面显著好于国内上市的企业。另外,海外上市企业在开拓国际市场方面也领先于国内上市的企业。这说明,中国企业舍近求远到海外市场上市很可能是出于战略动机的考量。

By comparing the performance of domestic and overseas listed companies in the capital market,this paper shows that overseas listed companies do not have a better performance than their domestic counterparts,rejecting the hypothesis of financing motivation of overseas listings.Further research shows that overseas listed companies are significantly better than domestic listed companies in terms of innovation investment and attracting overseas high-end talents.In addition,overseas listed companies have an advantage in the expansion of international market over domestic listed companies.These findings suggest that there are strategic motives for overseas listed Chinese companies.