中概股不同路径回归上市的市场表现
Market Performance of Different Pathways for Chinese Concept Stocks Re-listing
魏崔希 1易荣华2
作者信息
- 1. 中国计量大学经济与管理学院
- 2. 中国计量大学现代科技学院
- 折叠
摘要
近年来,在美国监管环境收紧与A股及港股市场制度改革的背景下,中概股回归上市的现象日益增多,如何优化回归上市政策及合理选择回归路径是监管层和上市公司共同关注的话题.本文选取 2015-2021 年间回归A股市场和港股市场的 40 家中概股作为研究对象,运用事件研究法和倾向得分匹配等方法对比分析中概股不同路径回归后的短期市场表现、估值溢价以及长期财务绩效.研究发现,短期市场表现方面,中概股回归A股市场和港股市场都产生了正向的市场效应,其中A股市场对回归事件的反应更加强烈,而港股市场的反应相对较小且具有滞后性;估值方面,更加成熟的港股市场为回归的中概股支付了更高的估值溢价;长期财务绩效方面,港股市场为回归的中概股带来更稳定的财务绩效,尤以多重上市表现最佳,而回归A股市场中概股在回归后出现财务绩效整体下滑.本文结论为拟回归中概股的上市地点和回归路径选择以及监管层的政策优化提供了参考.
Abstract
In recent years,amid tightening regulatory environments in the US and institutional reforms in the A-share and Hong Kong stock markets,the phenomenon of Chinese concept stocks re-listing has increased.Op-timizing re-listing policies and choosing the appropriate re-listing path are key concerns for regulators and listed companies.This study examines 40 Chinese concept stocks that re-listed on the A-share and Hong Kong stock markets between 2015 and 2021.Using event study methodology and propensity score matching,it compares the short-term market performance,valuation premium,and long-term financial performance of these different re-list-ing pathways.The findings reveal that in terms of short-term market performance,both A-share and Hong Kong markets show positive market effects,with the A-share market reacting more strongly to re-listing events,while the Hong Kong market's response is smaller and more delayed.Regarding valuation,the more mature Hong Kong market provides a higher valuation premium for re-listed Chinese concept stocks.In terms of long-term financial performance,the Hong Kong market brings more stable financial performance,especially for stocks with multiple listings,whereas re-listed Chinese concept stocks on the A-share market generally experience a decline in finan-cial performance post-re-listing.These conclusions offer reference points for Chinese concept stocks planning to re-list regarding the choice of listing location and re-listing pathway,as well as for regulatory policy optimization.
关键词
中概股/回归路径/市场表现/财务绩效/估值溢价Key words
Chinese concept stocks/Re-listing pathways/Market performance/Financial performance/Valuation premium引用本文复制引用
出版年
2024
NETL
NSTL
万方数据