The Strategic Choice Of Chinese Mid And Small High Tech Enterprises' Overseas Listing

In the age of knowledge economic , the centre of the economy development is the high tech industry. It is going to play an very important and profound role on the continuous economic development strategy to build and develop a serious of competitive and effective high-tech enterprises, which needs completely capital market serving on duty. The practice has proved that the NASDAQ has become the babysitter of all American high-tech enterprise. With a developing capital market and lack of help offering from second board on the country's stock market, some high-tech enterprises start to hunt for overseas listing.This paper use the comparison, cases analyses methods to systemly analysize the problems and the oversea listing of small and mid high-tech enterprises, on the basis of which it brings out the counter strategies with the hope of offering some practical guiding meaning to the small and mid high-tech enterprises.This paper consistes four parts: part 1 analyses the relationship between the high tech enterprises' development and financing in the capital market , compares the advantages of oversea listing and offers the points that it is good for our small and mid high tech enterprises' development. Part 2 compares between the general situations of second board on the country's stock market which is good for our small and mid high tech enterprises.(such as Honhkong second board, NASADQ, OTCBB, SESDAQ )and in this part it also analyses the models of overseas listing. Part 3 pays its emphasis on the Inherent and External courses which are bad for the small and mid high tech enterprises, with the deep and inside analyses, it concludes that the Imperfect of Company restructuring, lack of Core technology, improper of Information disclosure are the major inner courses which throw bad influence on the oversea listed of small and mid high tech enterprises, and this part also analyses the courses of policies , Accounting Standards, laws and the system of makets. Based upon the three parts, part 4 offers the counter strategies of promote the oversea listing of small and mid hightech enterprises.