The Empirical Analysis On Aftermarket Performance Of Jiangsu's Foreign Listing Private Enterprises

Since 1978's reforming and opening-up policy, china's economy has made great achievements. Private Enterprises have become an important component of China's economic development. But difficulty in financing still restrict the rapid development of private enterprises. Under the special domestic macro-economic background, a great many private enterprises choose overseas IPO listing. Among these, Jiangsu's private enterprises are representative. The same with the majority of private enterprises'foreign listing locations, Jiangsu's enterprises choose to list on Singapore and Hong Kong market, whose geographical location and cultural characteristics are similar to China. Some high-tech enterprises listed on NASDAQ in the United States. On the basis of researches, this paper select 48 private enterprises as samples, conducting empirical analysis on aftermarket performance and influencing factors. Empirical results show that one-year aftermarket performance was significantly weak to the market, not better than the local stock market Index or Shanghai Composite Index. Policies become the main factor for oversea listing, which is different from western countries'overseas listing hypotheses. Western countries'reasearches are on the basis of micro-enterprises perspective, mainly on secondary listing, which is different from china's IPO listing. To some extent, this paper riches the researches at home and abroad and also takes a certain reference to other foreign listing private enterprises.