中国企业海外上市的途径与前景-新浪.ppt

* * 中国企业海外上市的途径与前景 The Channels and prospects of Chinese enterprises listing oversea 主讲人：王爱东 Lecturer: Wang Ai-dong 王爱东，男，教授，主要研究领域为财务管理、投资学，在《会计研究》、《中国内部审计》、《企业经济》、《国际石油经济》等刊物发表论文多篇。作为课题负责人完成省部级课题《股份公司内部审计机制、模型研究》和横向课题多项，获得校优秀科技成果一等奖、二等奖多项。 Wang Ai-dong, male, is a professor. My main research area are finance management and investment. I have issued some papers on Accounting Research, China Internal Audit, Enterprise Economy, International Petroleum Economics and so on. As the supervisor, I finished the item, the study of corporate’s internal audit mechanism and model, and some crosswise items. Then I got first-class prizes and second-class prizes of UPC perfect technology achievement. 一、中国企业早期海外上市两种不同的方式 Two different ways of former Chinese enterprises listing oversea 1．国有企业在政府支持下的海外上市 Under the backup of the government, the stated enterprises list oversea. 1993年7月青岛啤酒率先在香港上市 Tsingtao Beer lists on Hong Kong market in July, 1993. 1993年华晨控股（后被界定为国有控股）以存托凭证的方式在美国上市，包括后来的新浪、网易等。 In 1993, Hua Chen Holding Company, later considered as the government holding, listed on the United States market by depository receipt. Then, Sina and Net Ease do in the same way. 2．民营企业自主的海外上市 Private enterprises list oversea. 二、中国企业海外上市的途径 the channels of Chinese enterprises listing oversea 4．买壳上市 Buying a company goes public. 1．中国公司直接海外上市 Chinese enterprises directly list oversea. 2．在海外注册一家投资公司，控股国内的中国企业 It registers an investment company overseas, holding Chinese enterprise in the main land. 3． B股企业以存托凭证的方式在海外二级市场上市 The enterprise issuing B-shares go to the secondary securities market by depository receipt overseas. 三、中国企业海外上市的地点 the address of Chinese enterprise listing oversea 1．仅在香港上市 flotation?only in Hong Kong 2．同时在香港和美国上市 flotation both in Hong Kong and New York 3．同时在香港和伦敦上市 flotation both in Hong Kong and London 4．同时在香港和新加坡上市 flotation both in Hong Kong and Singapore 7．仅在新加坡上市 flo