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我国中小企业赴美上市问题及对策研究
中文摘要
中国经济持续发展，越来越多外国投资者对中国企业产生了浓厚的兴趣，他们希
望共享中国经济发展的成果，世界各国的主要交易所都希望吸引中国的企业到他们的
交易所上市交易；与此同时，越来越多的中国企业选择远赴海外市场上市，如香港、
纽约、伦敦、新加坡等，中国证监会也积极与世界各主要交易所协同合作，为中国企
业海外上市扫清障碍。本文通过对我国中小企业海外上市的动机、优势及现状的研究，
对中美证券市场的比较，分析我国中小企业赴美上市的原因和方式、成效及存在问题，
继而给出我国中小企业赴美上市的策略及调整建议，从而为那些准备到美国证券市场
上市的中国企业的具体上市过程提供可供参考的理论依据和操作建议，具备有益的现
实意义。

本文主要研究以下内容：
第一部分主要介绍本文的研究背景、文献综述、研究意义及创新，和文章的研究
框架；第二部分比较分析了中美两个证券市场；第三部分主要介绍了我国中小企业赴
美上市的原因和方式，赴美上市原因分析围绕五个方面展开，赴美上市的方式分析涉
及了四个方面；第四部分是针对我国中小企业赴美上市的成效及存在问题的研究，存
在问题包括违反信息披露义务和面临信任危机；第五部分提出了我国中小企业赴美上
市策略及调整建议，除了美国上市流程的介绍以外，还涵盖了上市流程中的重点环节
和注意点，包括 IPO 的前期准备、上市市场选择、上市方式的选择、策略调整的建议
以及完善信息披露的建议；第六部分是研究结论部分，对于国内的中小企业而言，赴
美上市依然是好的选择，在美国上市的融资速度非常快，可以解决上市企业的资金瓶
颈问题，相较国内而言，美国前期审核环节较松，后期市场监管与投资者监督较严格。

关键词：中小企业；赴美上市；首次公开发行；反向兼并
作 者：丁珏华
指导老师：万解秋II
Problems and Countermeasures Research on
Chinese SMEs to list in America
Abstract
With China&39;s sustained economic development, more and more foreign investors have
strong interests in Chinese enterprises, and they want to share the fruits of development of
Chinese economy. The world&39;s major exchanges hope to attract Chinese enterprises to list
on their exchanges. At the same time, more and more Chinese enterprises choose to go
abroad and list on foreign markets, such as Hong Kong, New York, London and Singapore.
China’s Security Regulatory Commission is also actively collaborating with the world&39;s
major exchanges to pave the way for Chinese companies listing on foreign exchanges. This
paper studies the motivations, strengths and current situation of Chinese SMEs to list
overseas, compares the Chinese stock market with the American stock market, and
analyses why and how, effectiveness and problems of Chinese SMEs listing overseas.
Then gives strategy and proposed adjustments to those who are ready to list in the U.S.
This paper provides theoretical basis and operational recommendations with useful
practical significance.
This paper studies the following contents:
The first part introduces the research background, literature review, research
significance and innovation, and research framework. The second part compares the
Chinese security market with the American security market. The third part introduces the
reasons and methods of the Chinese SMEs to list on United States stock market. The
reasons have five aspects and the methods have four aspects. The fourth part introduces the
research on effectiveness and problems of Chinese SMEs listing on American stock market,
and the problems includes breaching the information disclosure obligations and facing a
crisis of confidence. The fifth section presents the strategies and proposed adjustments for
Chinese SMEs to list in the United States, and in addition to the introduction of US-listed
processes, it also covers the listing process of the key links and attention points, including
the IPO preparation, choice of market, method of listing, strategic adjustment proposals