上市的区域选择：为什么欧洲企业选择在海外上市？外文翻译.docVIP

外文翻译 原文 The Geography of Equity Listing:Why Do European Companies List Abroad? Material Source: THE JOURNAL OF FINANCE,VOL.LVII,NO.6，DECEMBER 2002 Author:MARCO PAGANO,AILSA A,AND JOSEF ZECHNER Abstract This paper documents the aggregate trends in the foreign listings of companies and analyzes both their distinctive pre-listing characteristics and their post-listing performance relative to other companies.In the 1986-97 interval,many European companies listed abroad,but did so mainly on US exchanges.At the same time,the number of US companies listed in Europe decreased.The cross-listings of European companies appear to have sharply different motivations and consequences depending on whether they cross-list in the United States or within Europe.In the first case,companies pursue a strategy of rapid expansion fuelled by high leverage before the listing and large equity issues after the listing.They rely increasingly on export markets both before and after the listing,and tend to belong to high-tech industries.In the second case,companies do not grow more than the control group,and increase their leverage after the cross-listing.Also,they fail to increase their foreign sales in the wake of the cross-listing.The only common features of the two groups are their large size,high RD spending and high foreign sales before listing abroad.. Keywords:cross-listings,going public,initial public offerings,geography 1. Introduction Foreign listings are becoming an increasingly important strategic issue for companies and stock exchanges alike.As companies become global in their product market and investment strategies,direct access to foreign capital markets via an equity listing can yield important benefits.At the same time,the international integration of capital markets has led to unprecedented levels of competition among stock exchanges.In this competitive struggle,the winners are the exchanges that manage to attract more foreign listings and the attendant trading volume and busi