境外上市“中国概念股”特征研究
摘要
国内上市动因研究文献大多为定性的对上市制度的考察，本文试
图通过定性和定量分析“中国概念股”样本的特征，依靠大量数据支
持通过 40 余张图表对其上市动因进行研究。进行的工作包括：
对我国境外上市 20 年历史沿革及监管政策的定性考察；
根据市值排名、IPO 业务活跃程度以及中国企业上市分布，选取
5 大主要境外证券市场的 12 个交易板块，进行上市制度比较；
结合官方网站清单和网络背景调查，人工甄别，形成 807 个“中
国概念股”独立的样本清单；
手工搜集及统计样本的基本指标（上市时间、地点、行业分布、
发行价、现价）、当前财务状况（市值规模、净利率、流动比率、杠
杆）、上市后业绩成长率（资产、收入）、回报率（股息收益率、股价
变动）及市场态度（市盈率、股价成长和权益收益率的相关系数）。

结论是，特定历史时期对国内市场对企业外部融资的限制，以及
境外市场较为灵活的制度设计，是企业境外上市的原因；随着海外市
盈率回归理性，股价并未体现出和业绩增长的较强相关性。对拟上市
企业，建议谨慎考虑、认真准备、上市成功后继续苦练内功，达到当
初投资者的期许。

关键词：境外上市、证券市场上市制度、上市动因THE RESEARCH OF CHINA STOCKS
IN OVERSEAS MARKETS
ABSTRACT
Since most domestic studies on Listing Reasons focus on regulation,
this article intends to study both qualitative and quantitative features of
China stocks using over 40 charts. This article:
Overviewed 20 year history of overseas listing and regulation ;
Screened out 12 boards of 5 major overseas security markets to
compare the listing regulations ;
Manually figured out the study list with 807 China stock samples ;
Collected basic features (listing time, market, industry, IPO ¤t
price), financial status ( market value, profitability, liquidity, leverage),
post-IPO growth (asset, revenue), return (dividend return, price return)
and market attitude (PE ratio, price change relevance to ROE)
The article concluded that the historical limit of domestic market and
flexible regulation of overseas market contributed as the reasons of
overseas listing. Stock price of samples did not present obvious
relevance. Thus enterprises should take prudent consideration of
overseas listing, and continuously make improvement if the decide to go
overseas.
KEY WORDS：overseas listing，listing regulation, listing reasons