| July 15, 1993, Tsingtao Brewery Co., Ltd. pioneered in issuing H shares listing on the Hong Kong stock market ,which is a start that China state-owned enterprises list in Hong Kong. The dissertation introduces three high tides of the major Chinese state-owned enterprises listed in Hong Kong, each period having different characteristics and features. In accordance with the liberal economist's point of view, if the global capital markets are fully integrated, then to choose the locations of listed companies financing is meaningless. Butin fact, in the real life completely global capital market integration do not exist . Therefore, in theory, companies have the nessesarity of choosing the location of financing. In this reseach, impact of state-owned enterprises listed in Hong Kong for the three effects, namely, IPO effect, privatization effect and the effect of foreign listing.This dissertation choosing 31 state-owned enterprises selected listed companies from 62 A + H listing multiple as this final study sample; and in accordance with the time to market, industry and other principles of the status and size to match selected 31 A-share listed companies as the control sample of this group. In the empirical part: first, using MNR method of financial analysis to compare the 31 Hong Kong-listed A-share listed companies before the performance after the listing change, and to compare these 31 Hong Kong-listed Companies in the 31 A-share listed company's performance differences and Wilcoxon rank sum test were used to test the significance of this change; the second step, setting up five multiple regression equations, eventually come to the conclusion that there can no test out the performance of state-owned enterprises listed in Hong Kong for the significant effect change. Furthermore, in policy recommendations drawn, our priority is to continue to establish and improve the capital and securities markets, corporate finance for the state to provide a good environment. |
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