双重上市与市场择时——来自中国“A+H”双重上市公司的经验证据

Abstract

境外上市公司回归境内资本市场双重上市,已成为当前中国资本市场发展中令人瞩目的现象。由于长期以来中国境内外市场的估值水平存在一定差异,在这种情况下,中国境外上市公司必然具有强烈的择时动机,争取回归境内A股市场实现双重上市。研究结果证实,境外上市的H股公司在回归境内市场双重上市过程中存在着市场择时行为:当境内市场相对香港市场表现越好时,境内发行A股的H股公司越多。市场择时所带来的巨大资金效应,是吸引中国境外上市公司回归境内市场双重上市的一个极其重要的原因。

In today's Chinese capital market,a phenomenon is becoming increasingly noticeable,i.e.Chinese overseas-listed companies return to Chinese domestic capital market for dual listing.Due to the long-existing valuation difference between Chinese domestic market and overseas market,it is natural that Chinese overseas-listed companies have a strong market timing motivation when attempting to return for dual listing.As recent research has shown,market timing indeed exists when overseas H-share companies attempt to return for dual listing,that is,when domestic capital market excels Hong Kong market,more H-share companies would issue A-shares domestically.The huge financing effect brought about by market timing is actually one of the key factors motivating Chinese overseas-listed companies to return to domestic market for dual listing.