海外上市民营红筹已具备回归境内创业板的基础.PDFVIP

市场动态 海外上市民营红筹已具备回归境内创业板的基础 1 陈梦瑶2 王晓津 . (1.深圳证券交易所综合研究所，广东 深圳 518028；2.北京大学汇丰商学院，广东 深圳 518055) 摘要： 目前我国在海外上市的互联网、新能源、现代服务等领域的企业已形成明显的行业聚类和规模效应。对纽交所、 NASDAQ、香港联交所和新加坡交易所这四个市场民营红筹的分析表明：（1）民营红筹数量远高于国有红筹，达428家， 占比近80%，2009年末流通市值将近5万亿元人民币，创新型企业数量较多且集中于NASDAQ和港交所；（2）同地上市民 营红筹的两极化发展态势明显，有247家民营红筹达到我国创业板上市条件，其中82家同时符合创业板行业指引；（3） 不符合创业板上市条件的181家民营红筹在整体质量上并不一定弱于我国创业板上市公司，其中不乏创新型企业；（4） 纽交所和NASDAQ的民营红筹成长性较高，危机时体现出较强的抗风险能力，且交易较活跃，获得的投资者溢价也最高， 2009年末的静态市盈率超过40倍。 关键词：海外上市；民营红筹企业；创业板 Abstract: At present, China’s overseas listed companies in the fi elds as internet, new energy, modern services and other areas, have become obvious industry clustering and scale effect. After the analysis of private red-chip enterprises listed in NYSE, NASDAQ, HKEx and Singapore Exchange, we fi nd that: (1) The number of private red-chip companies are much higher than that of the state- owned ones, up to 428 and accounting for nearly 80%; their market capitalization at the end of 2009 was nearly 50 trillion Yuan, with a large number of innovative enterprises mainly listed in NASDAQ and HKEx. (2) There is obvious polarized situation for private red-chip companies, which 247 companies match the conditions to be listed on GEM including 82 of them also comply with industry guidelines of GEM. (3) 181 companies which do not meet the conditions listed on the GEM do not necessarily weaker than the overall quality of companies listed on GEM in China, many of them are innovative enterprises. (4) Private red-chip companies in NYSE and NASDAQ have high growth rate, showing strong anti-risk ability during crisis, and the trading are active, highest premium can be received by investors. The static price-earning ration at the end of 2009 was more