International Comparison And Research On Chinese Listed Companies In Growing Economic Markets At Shenzhen, Hong Kong And America

This paper mainly dwells on the introduction and comparison of China listed enterprises historical IPO performance and characteristics on Shenzhen Small-and-medium Sized Capital Market, Hong Kong Economic Market and American NASDAQ. There are two principal parts including 4 levels to gradually discuss on the market environment and corporate financing features of China enterprises in these three capital markets from different angles.Firstly, the first part covers the conception, function, background and development of three GEMs. Then it makes a brief comparative introduction of the relationship with bainboard, listing conditions, operation modes, listing procedures, trading regulations, supervision requirements, off-listing policies and cost problems.Secondly, the second part focuses on the positive research on those China enterprises on three GEMs by terms of the financial data and historical IPO performance. This comparison analyses on financing results and P/Es of China enterprises contributes to analyze the different characteristics of China enterprises on different GEMs by means of Factor Function in statistical way, which may come to the conclusion of which advantages of China enterprises is suitable to go public on which GEM.Finally, this paper expresses outlook for IPO financing development of China enterprises on these three capital markets based on the conclusion.