Research On The Overseas Listing Of Domestic Enterprises

The globalization of capital markets and the widespread application of information technology, capital flows and financial transactions in the region has become increasingly blurred, More and more companies have chosen to cross national borders to international capital markets financing. China's rapid economic development, making more and more Chinese enterprises to foreign investors interested in the hope of sharing the fruits of China's economic development.Since 1992, the success of China's first stock market in New York has been an increasing number of companies have chosen to overseas listing. As of December 2008 has reached more than 570 Mainland enterprises listed directly in Hong Kong, the United States, Singapore, the United Kingdom, Japan, listed in Seoul. With the pace of overseas listing of Chinese enterprises continue to speed up through the overseas listing of Chinese companies listed on the motivation and choice of study,For those who are ready to overseas listing of Chinese enterprises operating in the specific process provided a theoretical basis, an extremely useful practical significance.This paper studies the following:The first part introduces the overseas listing of the research background and significance of the content and framework of research, innovation and lack of clear thinking and writing paper studies lay the foundation for the entity;The second part is the part of literature review papers, Summing up both at home and abroad through overseas listing on the theory of literature, research and study to master the progress of refining research ideas and research methods. Although foreign theorists study overseas listing has been quite a long period of time, but the start of the overseas listing of domestic issues is a matter for the past dozen years. This section on the overseas listing of domestic and foreign literature of the theory are reviewed, with emphasis on foreign study and evaluation of the comb, and then were driven by industry and location of Research Study on the characteristics of the evaluation carried out two main lines.The third part is to examine the overseas listing of domestic enterprises of the status quo.In the course of study listed in the course of overseas listing can be divided into four stages, each stage accompanied by some background characteristics of the times, the current stage of China's overseas listing in the fourth stage. Listed the characteristics of the study, chosen from the overseas listing, the listing site selection, choice of three angles listed industry research, by contrast do a large amount of data to support the overseas listing of domestic enterprises to determine the trends and analysis.The forth part focuses on the overseas listing of domestic enterprises of the motives, the motives can be classified into three main categories: earnings for the financial considerations, business receipts, corporate Governance. Subsequently listed in Hong Kong and Chinese companies as an example, the listing of overseas listed companies related factors motivated the analysis of an empirical test of three assumptions:I.Hypothesis: compared with the domestic market and overseas market can be a lot more from the external financial capital.II.Hypothesis: with the domestic market compared to the enterprises listed overseas can result in higher growth businesses.III.Hypothesis: compared with the domestic market, overseas corporate governance of listed companies has been significant improvement in the situation.Based on 2006-2008 data for three consecutive years, through the analysis of panel data methods, the assumption of the above three tests were carried out.The fifth part is the concluding part. Proposed overseas listing of domestic enterprises of the policy recommendations, enterprises should also scale according to their strength, financing needs, the existing market and future development goals, as well as overseas markets to choose the most suitable for their own securities markets overseas.