부산대학교 도서관

In 1992, Brilliance Automotive was listed on the New York Stock Exchange in the United States. This is the precedent of Chinese companies listing abroad. After China's entering the WTO, global integration of economy and finance has become a trend. The economy of China has been developing with a high speed continuously, and the financial market has been open to the outside in the world gradually, which becomes a reason for more and more Chinese companies to choose to list abroad to meet the increasing demand for capital. In recent years, the world’s major exchanges have focused on China, and it has been trying to encourage Chinese companies to list on their own exchanges. Listing locations of Chinese companies have covered Korean, Hong Kong, London, New York, Singapore and so on, involving energy, electricity, finance, transportation, machinery manufacturing, raw materials, steel, automobiles, network, science and technology and telecommunications. These companies come from China most important industries with the best industry growth and they contribute the largest part of revenue of the country, which make them an indispensable new force to overseas capital markets. According to the statistic of Zero2ipo Group, there are total of 425 listed companies around the world with a total amount of 82,342 million raised. 201 out of these companies come from China with amount for 48.3% of the total number of companies, and they have raised 26.327 million, which is 32.0% of the total amount of capital. Of all these Chinese companies, 47 companies choosed to list abroad and have raised 980 million. In recent years, the number of Chinese overseas listing companies has increased by leaps and bounds. Listing overseas has been an important way for Chinese companies to get the financing. Although the cost of companies’ listing overseas markets is not competitive when compared with the domestic securities market, they still choose overseas listing. So what is the motivation of overseas listing for these Chinese companies and what are the direct and potential benefits of overseas listing? After the companies‘ decision to list overseas, what kind of important features need to be considered when choosing the location and industry? What are the performances of the domestic companies in the stock markets after the overseas listing? The history of overseas listing for Chinese companies is not long, and the influence and problems of overseas listing which should be paid attention to still need a long time for Chinese companies to explore. Listing overseas means not only a bright future, but also a strange way full of uncertainties, and even risks. Thus are the purposes of the author to write this paper. The main research content is shown as below: The first part is introduction, which mainly introduces the background, purpose, contents and framework of the overseas listing. The second part mainly analyses the motivations and reasons of Chinese companies’ overseas listing. According to the analysis of literature, the motivations are divided into three parts: the first part is financial income, overseas listing could raise more money at a lower cost; secondly, overseas listing can improve companies' reputation, promote company sales profit growth, and improve the industry competitiveness of companies; thirdly, overseas listing can strengthen companies corporate governance, make improvements of the companies corporate governance and promote the value of China's companies. The third part is the study of the present situation of China's companies which had gone public in South Korea, the United States, China and Hong Kong, as well as the listing requirements in these places. Considering the listed industries and domestic enterprise in each exchange has its unique characteristics of industry, companies of different industries need to choose a reasonable stock exchange according to their own size and condition. In the fourth part, the short and long performances of the companies which were listed in Korean, Hong Kong, New York and so on will be analysed. The fifth part is the conclusion part, which will summarize the main findings and points out the limitations of this thesis.