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Research On The Motivation And Effect Of Overseas Listing Of Chinese Private Enterprises

Posted on:2011-11-14Degree:DoctorType:Dissertation
Country:ChinaCandidate:H Y WangFull Text:PDF
GTID:1119360305475296Subject:Business management
Abstract/Summary:PDF Full Text Request
Since 1999, Guangdong Foshan Eagle Brand Holdings Limited has landed overseas capital market as the first private enterprises and stimulated by the background of global economic integration and sustainable increasing of Chinese economy, overseas listing of Chinese private enterprises set off waves of climax. However, after the upsurge of overseas listing of Chinese private enterprises, the theory circle and practical circle have many disputes to the overseas listing of Chinese private enterprises. One side which support this point consider that overseas listing of Chinese private enterprises could solve the bottleneck problems during the development of enterprises and improve enterprises management level according to overseas strict corporate governance, furthermore, it also helps enlarge overseas markets. The other side which oppose this point think that it will lead to pay much attention to getting money and pay less attention to governing, some even facing crisis of honesty and faith because of impure motives of overseas listing of Chinese private enterprises; Moreover, many private enterprises making overseas listing by red chip may accompany the transfer of high quality capital and arouse the flow-out of capital, at last it will lead to the flow-out of national fortunes. Because there are many opinions about overseas listing of Chinese private enterprises, our country turn up repeated change on making policies of overseas listing and don't get clear ideas about whether stimulate or restrict overseas listing of Chinese private enterprises. Therefore, the research on why Chinese private enterprises choose overseas listing and what effect it will bring will help clarify the essence of listing of Chinese private enterprises and provide revelation for those which plan to listing, government supervision departments and the construction of Chinese securities exchange.The researching train of thought of this dissertation is guided by behavioral science. Based on analyzing and commending of relevant researching documents home and abroad about overseas listing of private enterprises, it builds behavioral analyzing mode of overseas listing of private enterprises, brings motivation and effect of overseas listing of private enterprises into the consolidated theory analyzing framework, testifies by empirical tests, discovers motivation and effect of overseas listing of private enterprises nowadays and proposes policy suggestions.On the process of research, this dissertation mainly chooses empirical study method. It states the specialty of the motivation of overseas listing of private enterprises by comparing analyzing method, testifies the motivation of overseas listing of private enterprises by logistic model, descriptive statistics, nonparametric tests and tests of Pearson's Correlation, analyzes the listing effect of private enterprises by statistical analysis, event study, MNR and so on.The whole dissertation is divided into 8 chapters.Chapter one is introduction. It mainly introduces the background and the significance of the study, the definitions of the notions, study ideas, study methods, study framework, the main contents and the innovation of the study.Chapter two is literature reviews. This part review, card and conclude to relative literature about internal and external overseas listing of private enterprises comparatively and systematically from the points of motivation and effect, and based on above, analyze the deficiency of the present literature about internal and external and point out the study position of this dissertation.Chapter three is present situation and character of overseas listing of private enterprises. First it introduces the development process of overseas listing of private enterprises; then it describes present situation of overseas listing of private enterprises from the listing place, listing plate, listing industry, domestic location, listing mode and listing financing by the method of statistical analysis; at last, it discovers the specificity of overseas listing of private enterprises by comparing oversea listing of state-owned enterprises.Chapter four is the theory analysis of overseas listing of private enterprises. First it originates from organizational behavior and builds analyzing mode of the motivation and effect of overseas listing of private enterprises; then it uses theory of ERG to proclaim the coming into being of motivation from the views of internal needs and external environment of overseas listing of private enterprises and then, it puts forward the theory of motivation of overseas listing of private enterprises; finally, it analyzes the direct and indirect effect of overseas listing of private enterprises by the theory of financing and theory of rent-seeking. Chapter five is the empirical analysis of motivation of overseas listing of private enterprises. First it provides motivation hypothesis of overseas listing of private enterprises, sampled as Hong Kong Listed private enterprises, this part tests motivation hypothesis of overseas listing of Chinese private enterprises by using description statistic analysis, non-parametric test and Logistic model. It reveals the real motivation of overseas listing of private enterprises by analyzing the result of empirical study.Chapter six is the empirical analysis of the effect of overseas listing of private enterprises. Firstly, this part investigates the direct result connected with the motivation of overseas listing of private enterprises by statistical analysis; then it testifies the indirect effect of overseas listing from two angles of market performance and outcome performance by using CAR to testify market performance after overseas listing of private enterprises and using ROA,ROE,Tobin'q, those financial indicators to testify outcome performance of overseas listing of private enterprises by the method of MNR.Chapter seven is the further discussion about the empirical analysis of the effect and the research conclusion. First it analyzes the linkage relationships among motivation, direct effect and indirect effect based on summarizing empirical study of motivation and effect; then it analyzes the behavior of overseas listing of private enterprises from the point of theories deeply; then it offers relevant inspirations to those private enterprises planned to listing, government supervise sectors and Shanghai and Shenzhen stock exchange.at last this dissertation draws some meaningful conclusions according to the study of the motivation and effect of overseas listing of Chinese private enterprises. In details, it reveals the specificity of overseas listing of private enterprises, builds the analyzing mode of motivation and effect of overseas listing of private enterprises, testifies motivation and effect of overseas listing of private enterprises by empirical study. It also points out that the motivation of overseas listing of private enterprises still stayed in a low level and performance didn't get significant improved. The main reason is that corporate governance didn't be improved significantly and it finds the roots of overseas listing of private enterprises from the angles of behavior economics, financing theory and the theory of rent-seeking.The creative points of the paper shows:(1) it studies the behavior of overseas listing of private enterprises systematically from the aspect of behavior science and builds behavior analyzing modes of overseas listing of private enterprises; (2) it analyzes the motivation and effect of overseas listing of private enterprises systematically by studying private enterprises and it also enriches the study on the theory of overseas listing of private enterprises; (3) this paper firstly collects and utilizes the data of red chip of private enterprises and makes empirical test to motivation and effect of overseas listing of private enterprises and it also broadens the theory study about overseas listing of private enterprises.
Keywords/Search Tags:Private Enterprise, Overseas Listing, Red Chip, Motivation, Effect
PDF Full Text Request
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