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The Empirical Study On The Effects The Overseas Listing Of Private Enterprises Have On Financing Constraints

Posted on:2017-05-09Degree:MasterType:Thesis
Country:ChinaCandidate:Q DongFull Text:PDF
GTID:2359330503990254Subject:Finance
Abstract/Summary:PDF Full Text Request
With the rapid development of financial industry and the world integration of economy, the overseas listing of enterprises has become a common phenomenon in business finance. For China, the overseas listing of enterprises has had over 30 years of development history, but while comparing with the western developed countries, it has a late start. Up to now, the private enterprises of China continue to successfully land in the foreign securities market, of which the main purpose is to obtain more international capital.Based on such background, this paper took the empirical study on the effects the overseas listing of private enterprises have on financing constraints as discussion topic, conducted research on the practical impact the overseas listing of private enterprises have on financing constraints, which has important significance whether in theoretical aspect or practical aspect.The research of this paper can be generally divided into theoretical part and practical part these two parts.In the theoretical part, the author collected and organized the foreign research status and domestic research status on the motivation of overseas listing of enterprises, which mainly included investor recognition, liquidity, market segmentation and the discussion on the hypothesis such as financing restrains. Then it analyzed the theory about financing restrains and the related theory which covered the traditional MM theory, enterprise investment theory, FHP model and the theory of investment asymmetry. Meanwhile the research on theoretical part also included the domestic and foreign research on financing constraints and the listing motivation, which lays a solid theoretical foundation for the discussion of the full text. Started from the third part, this paper discussed the status and background of the overseas listing of private enterprises from the aspects of the evolution of financingprocess, the policy background, the motivation, location and distribution of overseas listing. It also conducted analysis on the problems during the overseas listing, including the handling of investor relations, internal control system and the awarenessof the overseas listing of private enterprises.etc.As in the practical part, the empirical analysis of this topic was conducted on the impact the overseas listing of private enterprises have on financing constraints, which was mainly based on LSZ model and FHP model these two models. The sample was mainly chosen as Chinese private enterprises which listed on the main board in Hong Kong Stock Exchange during 2012 to 2014. The result of the empirical analysis showed that after the overseas listing, the sensitive degree of private enterprises on internal capital flow has a certain degree of decline, which means that the overseas listing of private enterprises is good for easing the financing restrains of the enterprise. At the end of the paper, according to the empirical results and practical background, it puts forward specific recommendations and countermeasures for private listed companies and domestic securities regulatory authorities to expect that it will be benefit to the development of private listed enterprises.
Keywords/Search Tags:overseas listing, financing constraints, FHP model
PDF Full Text Request
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