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论文编号：	532
作者编号：	20022459
上传时间：	2008/6/19 10:51:19
中文题目：	股权分置改革后我国上市公司IPO
英文题目：	Study on the IPO Behavior of C
指导老师：	齐寅峰
中文关键字：	股权分置改革;上市公司;IPO行为<
英文关键字：	Split Share Structure Reform;L
中文摘要：	2005年4月29日，经过国务院批准，中国证监会发布了《关于上市公司股权分置改革试点有关问题的通知》。这标志着我国上市公司再次拉开股权分置改革序幕。伴随着股权分置改革的启动，上市公司的IPO和再融资则全面叫停。直至2006年5月7日，中国证监会颁布《上市公司证券发行管理办法》并于次日全面实施，我国股权分置改革后的股权融资才得以恢复。然而，股权分置改革后融资环境例如证券发行制度、定价机制、监管方式、投资者构成等都发生了很大变化，从而公司IPO行为也应该有所不同。股权分置改革后的IPO具有哪些方式？其行为机理怎样？面对可相互替代的IPO方式，上市公司又应如何选择？本文试图对这些问题进行回答。 本文的研究结构如下。第一章是导论，交代本文的研究背景、选题意义、基本概念、研究框架、研究方法与创新之处。第二章是文献综述，分别从境内IPO、境外IPO、双重IPO、我国关于股权分置改革后的融资行为的特定探讨四个内容进行综述。第三章至第六章探讨股权分置改革后的IPO行为。这四章构成了本论文的主要部分。其中，第三章探讨股权分置改革后的境内IPO行为，第四章是股权分置改革后的境外IPO行为，第五章是股权分置改革后的双重IPO行为，第六章是股权分置改革后IPO的选择行为。第七章对本文的结论进行总结并提出相关政策建议。 本文的研究创新主要有以下几点。 一、境内IPO行为方面。初步询价的对象越多，IPO折价率越高；战略配售比率越高，发行价格越接近真实价格，IPO折价率越低；参与网下配售的询价对象越多，IPO折价率越高；询价制实施后，网上发行的中签率将得到提高；参与网上发行的投资者越多，中签率越低，IPO折价率越高；若从网下向网上回拨，则相对于不启动回拨机制的公司，回拨公司具有较低的IPO折价率；若从网上向网下回拨，则相对于不启动回拨机制的公司，回拨公司具有较高的IPO折价率；对于发行总额超过4亿股的公司，附带绿鞋机制的公司的IPO折价率将降低。 二、境外IPO行为方面。相对于境内IPO，由于境外监管力度较高，境外IPO的折价率相对较低；相对于境内IPO，由于上市公司质量越高，境外IPO的折价率低于境内；相对于境内IPO，由于境外主承销商定价能力较强，境外IPO的折价率低于境内；相对于境内IPO，由于境外投资者更为理性，境外IPO的折价率低于境内。 三、双重IPO行为方面。对于同步IPO的同一公司，境外IPO的折价率要低于境内；但对于非同步IPO，有：先内后外IPO公司的境外IPO的折价率，要低于单纯境内IPO的公司；先外后内IPO公司境内IPO的折价率，要低于单纯境内IPO的公司；股权分置改革后的A股发行价要高于H股发行价，即存在A股溢价。但是，随着股权分置改革后各种旨在消除A、H股市场分割的举措的出台，股权分置改革后的A股溢价将较前股权分置改革前要小，而A股溢价也会有逐步缩小的趋势。 四、IPO的选择行为方面。（一）在境内还是境外IPO的选择上，在上市条件的严格性上，美国>香港>内地>新加坡；在IPO流程的繁琐上，境内>境外；在上市费用的昂贵上，境外>境内；在IPO所耗费时间上，境内外相当；在公司治理和管理上，境外>境内；在融资容量上，境外>境内；在公司知名度上，境外>境内；在产品市场或地域分布上，境内>境外；在不同上市地的行业认同上，境内外各有优缺点；在法律上，境外>境内；在文化上，境内>境外。本国资本市场边缘化与公司境外上市之间可能存在恶性循环：本国资本市场越落后，本国公司越倾向于境外上市；本国公司越境外上市，本国资本市场越落后，最终被边缘化。（二）在境外IPO的上市地选择上，在上市条件上，美国>香港>新加坡；在IPO流程上，美国>香港>新加坡；在上市费用上，美国>香港>新加坡；在IPO所耗费时间上，三者相当；在公司治理和管理上，美国>香港>新加坡；在融资容量上，美国>香港>新加坡；在公司知名度上，美国>香港>新加坡；在产品市场或地域分布上，香港>新加坡>美国；在不同上市地的行业认同上，香港主板偏向大型国有股，香港创业板偏向民营企业，新加坡偏向制造业，美国NASDAQ偏向IT业；在法律上，美国>香港>新加坡；在文化上，香港>新加坡>美国。（三）在单重IPO和双重IPO之间的选择上，双重IPO能够降低公司的融资约束，能够增加公司股票的流动性，能够增加投资者对公司的认可度，能够传递公司高质量的信号，从这些角度出发，可以认为双重IPO要优于单重IPO。（四）在双重IPO的方式选择上，融资约束、流动性、投资者认可度、信号传递等维度无法解释这种选择，而应该将多重IPO各方式之间的选择决策转化为两个独立的决策：决策一：境内IPO和境外IPO之间的选择；决策二：现在市场股权再融资与其它市场IPO之间的选择。关键之处在于对决策二的细分。决策二又可以细分为两种情形：境内股权再融资与境外IPO之间的选择，如果选择境外IPO，则表现为“先内后外IPO”；境外股权再融资与境内IPO之间的选择，如果选择境内IPO，这将表现为“先外后内IPO”。（五）我国企业的先外后内、先内后外、内外同步等双重IPO方式选择，其实并非完全市场选择，更多的是政府安排的结果。
英文摘要：	On April 29, 2005, after the approval by the State Council, the China Securities Regulatory Commission promulgated the " An information on certain problems related to the Split Share Structure Reform of listed companies”, indicating the reform of the listed companies in China was once again opened. With the reform started, the IPO and re-financing of the listed companies were completely halted. Until May 7, 2006, the China Securities Regulatory Commission promulgated the "Management of listed companies to issue securities”, which was entirely implemented next day, and the equity financing after the reform was to resume. However, the financing environment after the share reform, such as the systems of securities issuance, pricing mechanisms, the means of regulations and the composing of investors, has undergone a great change, and consequently the company IPO behavior should be shifted. How many ways of the IPO are there after the reform? What is the mechanism? Faced with alternative ways of the IPO, which should the listed companies choose? This paper attempts to answer these questions. The structure of the paper is as follows. The first chapter is the introduction, which accounts for the background, the significance of the topic, the basic concepts, and methods of the research, the structure, the content, the main conclusions and the innovations of the paper. Chapter Two is the literature review, which summarizes the contents of the cisborder IPO, overseas IPO, double IPO and the specific discussion of the financing behavior after the Split Share Structure Reform in China. Chapter three to Chapter six discuss the IPO behavior after the reform, which make up of the main part of this paper. Thereinto, the third chapter discusses the cisborder IPO behavior after the free change, the fourth chapter discusses the overseas IPO behavior in the period of post-share assignment, the fifth chapter discusses the double IPO behavior in the period of post-share assignment, and the sixth chapter discusses the selective behavior of IPO in the period of post-share assignment. The seventh chapter summarizes the conclusions of this paper and makes some relevant policies and recommendations. The innovations of this paper are mainly as follows. 1. On the aspect of the domestic IPO behavior, the more objects being inquired in the first time, the lower the discount rate of the IPO; the higher the ratio of the strategy distribution and sale, which means the closer the issuing prices to the true prices, the lower the discount rate of the IPO; the more objects participating to the off-line distribution and sale, the lower the discount rate of the IPO; after the implement of the price inquiring mechanism, the on-line issuing rate of being a lucky number will be enhanced; to the contrary, the more investor taking part in the on-line issue, which renders the lower rate of being a lucky number, the higher the discount rate of the IPO; if redialing off-net to the net, comparing to the companies that do not startup the redialing mechanism, the companies implementing the redialing mechanism will have lower discount rate of the IPO; to the opposite, if redialing from the net to off-net, comparing to the companies that do not startup the redialing mechanism, the companies implementing the redialing mechanism will have higher discount rate of the IPO; as for companies of which the total issue exceed 4 billion stocks, the discount rate of the IPO of the ones which attach the Green Shoes mechanism will decrease. 2.on the action of the IPO abroad, contrasting to the domestic IPO, the discount rate of the IPO abroad is comparatively lower because of the stricter supervising mechanism; comparing to the domestic IPO, the higher qualities of the companies coming into the market result in the lower discount rate of the IPO abroad; contrasting to the domestic IPO, the stronger competence of the overseas main consignee on price making contributes to the lower discount rate of the IPO abroad; comparing to the domestic IPO, the discount rate of the IPO abroad is relatively lower due to the fact that the foreign investors are more rational. 3. On the aspect of double IPO. For the same company which synchronous IPO, the discount rate of overseas IPO is lower than that of domestic IPO; but for non-synchronous IPO, the regular patterns are as follows : firstly, the discount rate of the IPO companies whose stock list first in the homeland and then abroad is lower than the IPO companies whose stock list only in the homeland; secondly, the discount rate of the IPO companies whose stock list first abroad and then in the homeland is lower than the IPO companies whose stock list only in the homeland ;thirdly, the A-share issue price before share-trading reform is higher than the price of H-share, it is to say, the A-share premium exists. However, as the introduced of the measures which aim at the elimination of A, H shares market segmentation after the Split Share Structure Reform, the A-share premium after reform will be smaller than that before, and the A-share premium will also be gradually shrinking. 4. On the aspect of the selective behavior of IPO. (A) In choosing IPO inside or outside, and in the strict conditions of listing conditions, the United States> Hong Kong> Mainland> Singapore; in the complication of the IPO process, territory > offshore; in the highness of listing fees, offshore > territory; in the time consumed by IPO, the offshore in correspond to the territory; in corporate governance and management, offshore>territory; in the financing capacity, offshore> territory; in the fame of the company, offshore> territory; in the production market or zone distribution, territory > offshore; in the industry recognition on different sectors listed in, choosing any has both advantages and disadvantages; in the law, offshore > territory ;in the culture, territory> offshore. And there may be a vicious exist between the marginalization of domestic capital markets and the listing on overseas stock markets: the more hanging behind is domestic capital markets, the stronger inclination domestic companies have to offshore listing; the larger number of local companies listed on overseas stock markets, the more backward is domestic capital markets, and then the domestic capital markets is ultimately marginalized. (B)When listing abroad, in regard of the listing conditions, the United States> Hong Kong> Singapore; In the IPO process, the United States> Hong Kong> Singapore; In the listing fees, the United States> Hong Kong> Singapore; In the time-consuming of IPO, the three are almost the same; In regard of corporate governance and management, the United States> Hong Kong> Singapore; In the financing capacity, the United States> Hong Kong> Singapore; In the company awareness, the United States> Hong Kong> Singapore; In the product market or geographical distribution, Hong Kong> Singapore > United States; In industries identity of different listing place , Main Board of Hong Kong inclines towards the large state-owned shares, the Hong Kong GEM is in favor of private enterprises, Singapore inclines towards manufacturing and NASDAQ is in favor of IT industry ; In the law, the United States> Hong Kong> Singapore; In the culture, Hong Kong> Singapore> United States. (C) When making a choice between the single and double IPO, the double IPO is able to reduce the financing constraint, increase the mobility of the company stock, improve the investors’ recognition and transmit signal of high-quality. From these perspectives, we can make the conclusion that double-IPO is superior to the single-IPO. (D) In the way of choosing double-IPO, financing constraints, liquidity, and recognition of investors, signal transmission, and other dimensions can not explain such a choice. So, we should translate various choosing decision-making of double-IPO into two independent decision-making: Decision1: The choice of IPO between mainland and overseas;Decision2: The choice between refinancing of current market equity and other IPO markets. The key point lies in the subdivision of decision2. The decision2 can be subdivided into two situations: the choice between mainland equity refinancing and overseas IPO, it shows “IPO of overseas after mainland” if you choose overseas IPO; the other is the choice between overseas equity refinancing and mainland IPO, it shows “IPO of mainland after overseas” if you choose mainland IPO.(E)The choice of the way of double-IPO among overseas first, mainland first and overseas and mainland synchronization of China's enterprises, in fact, is more the result of government’s arrangement than the choice of market’s.
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